The short answer to Gstaad vs Andermatt is that they solve different problems. Andermatt is the one Swiss resort where a non-resident can buy a new apartment or house inside the resort project without Lex Koller authorisation, and resell it freely. Gstaad is the deeper, older, more established market, with a far larger stock of chalets, an international community that goes back generations, and prices to match. If legal freedom and new construction are your priority, Andermatt is worth a serious look. If you want a village with a settled social life, schools and long-term value, Gstaad remains the reference.
We advise in the Saanenland, not in Uri, so read this as an honest view from Gstaad rather than a pitch for either.
At a Glance
| Gstaad (Saanen, Canton Bern) | Andermatt (Canton Uri) | |
|---|---|---|
| Village altitude | ~1,050 m | ~1,440 m |
| Lex Koller for non-residents | Authorisation needed, quota and size limits | Resort project exempt until end of 2040 |
| Second Homes Act | Applies; new second homes largely restricted | Resort project reported as exempt |
| Typical stock | Chalets, apartments, a few historic farmhouses | Mostly new apartments, some resort chalets |
| Recent prime growth | Steady, long-term | 14.6% in the latest Knight Frank year |
| Skiing | ~200 km, Glacier 3000 nearby | SkiArena Andermatt-Sedrun-Disentis, Gemsstock to ~2,960 m |
| Drive from Zurich | ~2h 30min to 3h | ~1h 30min |
| Drive from Geneva | ~2h to 2h 15min | ~3h 30min or more |
The Lex Koller Difference
This is the reason most international buyers look at Andermatt at all.
In 2006 the Federal Council exempted the Andermatt tourism project from the authorisation requirement under the Federal Act on the Acquisition of Real Estate by Persons Abroad. The exemption was initially due to expire at the end of 2030. On 24 February 2021, following a request from Orascom Development and Andermatt Swiss Alps AG, the Federal Council extended it to the end of 2040. The legal basis is narrow: the federal government must see a national interest in the project, and conditions are attached.
In practice, a buyer from the United States, Singapore or the Gulf can buy a property within the resort project with no quota, no size cap and no authorisation process, and later sell it to anyone. Knight Frank reports that US buyers are the most active group.
In Gstaad, the same buyer needs an authorisation from Canton Bern under the holiday-home quota, and the property must stay within the size limits set by law. Saanen's quota is small relative to demand. We explain the process in our guide to Lex Koller, and the restrictions in practice in restrictions for foreign buyers in Gstaad.
Two caveats on Andermatt:
- The exemption is tied to the resort project, not the whole village. Older houses and apartments in Andermatt's historic centre are generally subject to the ordinary rules.
- The Lex Koller reform consulted on in 2026 is aimed at tightening the law. We have not seen anything stating that Andermatt's existing exemption would be withdrawn, but the political direction is worth watching.
Prices and Price Growth
Gstaad
Knight Frank's 2026 Alpine Property Report again places Gstaad as the most expensive Alpine resort it tracks. Its measure is how much prime space one million euros buys: about 22 square metres in Gstaad, against 44 in Davos and 102 in Morzine. For detail by village and property type, see our Gstaad price per square metre guide.
Andermatt
Andermatt is cheaper and has been rising faster. Knight Frank recorded 14.6 percent annual prime price growth for Andermatt, the highest of any Alpine destination in its index, against an index average of 3.3 percent and a Swiss average of around 5 percent. Aggregated data from RealAdvisor put the average apartment price in Andermatt at roughly CHF 16,000 per square metre in mid-2026, with the Piazza Gottardo area higher. New resort residences are typically priced above that average.
How to read the numbers
One very strong year in a small market is not the same as a long track record. Andermatt's growth comes from a low base and is closely tied to one developer delivering its plan: hotels, lifts, a concert hall, new quarters. Gstaad's values have been built over decades by a large number of private owners and a planning regime that makes new supply scarce. Our article on property appreciation in the Saanenland looks at that longer history.
What You Are Actually Buying
In Gstaad
Mostly resale property. Chalets in Oberbort, Ried and around the Wispile, apartments in the village centre, farmhouses in Lauenen and Gsteig, and a handful of new builds on the rare plots with valid permits. Much of the best stock changes hands privately, which we describe in off-market chalets in Gstaad. Character, privacy and plot matter as much as square metres.
In Andermatt
Mostly new construction within planned quarters, built and sold by the developer, with hotel services available in some buildings. The advantage is a turnkey product with modern energy standards. The trade-off is less variety and less individuality. Resale competes with the developer's own new inventory.
Skiing and Summer
Andermatt's skiing is higher and more snow-sure. The Gemsstock rises to close to 3,000 metres and is known for steep, serious terrain, and the area links to Sedrun and Disentis. Vail Resorts took a majority stake in the lift company in 2022, which brought investment and a place on the Epic Pass.
Gstaad's roughly 200 km of skiing is lower and gentler, spread across Wispile, Eggli, Wasserngrat, Rellerli and the Saanenmöser and Zweisimmen sectors, with Glacier 3000 twenty minutes away for reliable snow. Our Gstaad skiing guide covers each area.
In summer, Andermatt has an 18-hole golf course in the valley floor and the high passes on its doorstep: Furka, Oberalp, Gotthard. Gstaad has the Menuhin Festival, the Swiss Open tennis, the polo and a long hiking and lake season. See summer in Gstaad.
Access
Andermatt is central. It sits roughly an hour and a half by car from Zurich and is well placed for Lucerne, Ticino and Milan. Gstaad is closer to Geneva, around two hours, and further from Zurich. Gstaad also has Saanen airfield for private flights in season. Our guide to getting to Gstaad has the detail.
Community and Schools
This is where the two differ most, and where many families decide.
Gstaad's international community is old and layered. Families have returned for three and four generations. Le Rosey moves its campus to Schönried each winter, there are international schools and English is widely spoken. Social life runs through private chalets, a few hotels and clubs, and has a rhythm that takes time to join.
Andermatt's international community is newer and largely formed around the resort. For some buyers that is an advantage: everyone arrived recently. For others, it lacks the depth they are looking for.
Tax
Gstaad is in Canton Bern, which is not a low-tax canton. Uri's overall tax burden is generally lower, although the gap depends heavily on your income, wealth and residence status. For non-residents, the difference is mainly in wealth tax and property-related taxes, and both cantons are adjusting to the end of the Eigenmietwert in 2029. In Bern, a municipal second-home tax of up to 3 per mille is under consultation, as we explain in our article on the new second-home tax in Canton Bern. For residents, compare the full cantonal picture with your advisor.
Which Should You Choose?
Andermatt may suit you if:
- You are a non-resident and want a straightforward purchase and free resale
- You want new construction with services
- Zurich, Lucerne or Milan access matters more than Geneva
- You prioritise high-altitude skiing
Gstaad may suit you if:
- You want a chalet with land, privacy and character
- You value an established international community and schools
- Long-term stability of value matters more than recent growth
- You are resident, or can buy within Lex Koller rules
For a wider comparison, see our ranking of the best Swiss ski resorts for property and our Gstaad vs St. Moritz analysis.
Frequently Asked Questions
Can foreigners buy property freely in Andermatt?
Within the Andermatt Swiss Alps resort project, yes. The Federal Council exempted the project from Lex Koller authorisation in 2006 and extended the exemption to the end of 2040. Older properties in Andermatt village outside the project remain subject to the normal rules.
Is Andermatt cheaper than Gstaad?
Yes, considerably. Aggregated data from RealAdvisor put Andermatt's average apartment price at around CHF 16,000 per square metre in 2026, while Knight Frank's Alpine report ranks Gstaad as the most expensive Alpine resort, with roughly 22 square metres of prime property per million euros.
Which has better price growth, Gstaad or Andermatt?
Over the most recent year measured by Knight Frank, Andermatt led European Alpine resorts with 14.6 percent prime price growth. Gstaad's growth has historically been steadier and less dependent on a single development, so the two are not directly comparable.
Is Andermatt or Gstaad better for skiing?
Andermatt has higher, more snow-sure terrain on the Gemsstock and a link to Sedrun and Disentis. Gstaad offers around 200 km of varied, lower-altitude skiing plus Glacier 3000. Serious skiers often prefer Andermatt's terrain, families often prefer Gstaad's gentler slopes and village life.
If you are weighing Gstaad against Andermatt or another resort, we are happy to give you a candid view of what the Saanenland can and cannot offer for your situation. Get in touch.
Sources:
- Knight Frank: Peaks and prices, Alpine Property Report 2026
- Canton Uri: Government response on extension of the Andermatt Lex Koller exemption (2021)
- RealAdvisor: Property prices, Andermatt 6490
- Swissinfo: The Swiss Alps ski village luring Americans
For a confidential conversation about your search or sale, contact The Gstaad Collection.