Andermatt Swiss Alps increases real estate sales
Destination developer Andermatt Swiss Alps reports record property sales of over CHF 150 million for 2022. This corresponds to an increase of almost a quarter.
A total of 70 apartments were sold, and the average price per square meter increased by 12 %, according to the company. Since 2012, the square meter prices in Andermatt Reuss have increased by more than 50 %; the respective highest square meter prices per year even significantly more. At the end of the last financial year, 650 of a total of 665 apartments and hotel residences completed or under construction had been sold.
Four new apartment buildings were put on the market during 2022. The apartments were sold out in just a few weeks, it says. A total of 68 apartments were handed over during the year. At the same time, the expansion of the infrastructure base by 20,000 sqm with 230 car parking spaces was completed, it said. The measure will enable the addition of another 15 apartment buildings.
"Attractiveness of the destination increased"
Andermatt has not only benefited from the general real estate boom, but above all from the increased attractiveness of the destination, says CEO Raphael Krucker. In addition, Vail Resorts' investment in Andermatt-Sedrun Sport AG and its Andermatt-Sedrun ski arena, with the associated investments for the further expansion of the region's ski area, will provide additional impetus, he adds. "Investments of around CHF 500 million in further development in the coming years will further increase the attractiveness of the destination and thus the value of the properties," Krucker said.
Large construction volume 2023
In 2023, among other things, the construction of six apartment buildings and initial work for the new lifestyle and sports hotel are planned. In the village part Andermatt Reuss, a new shopping and gastronomy mile will be built by the end of 2024. This will include twelve areas for retail trade and three areas for gastronomy. (aw)
