Foreclosure auctions in Graubünden: chalet, cabin or holiday apartment?

Graubünden in Focus: Alpine Specialties Shaping Returns

Between Engadin, Surselva, and Prättigau, the forced auction market of Graubünden (GR) appears as a niche market with profile: manageable case numbers, a pronounced share of holiday apartments, and significant price differences per micro-location. For investors thinking in terms of return on chalets, huts, and holiday apartments, this results in a clear advantage: more time for due diligence, more precise calculations – and selective discounts compared to market value for properties in need of action.

Data Situation 2021–2024: What the Numbers Reveal About Graubünden

Switzerland recorded 610 forced auctions in 2024, with a total volume rising to around 670.9 Mio. CHF; particularly many new dates were set in June and October. Residential homes and condominiums accounted for about 75% of all cases.

In 2023, there were nationwide 644 auctions; peak dates were in March and June. Condominiums and residential homes together accounted for approximately 68%; the volume amounted to around 560.7 Mio. CHF.

For Graubünden (GR), the price levels per property type are particularly illuminating: in 2023, residential homes averaged around 2.213 Mio. CHF, condominiums at about 483 Tsd. CHF. In 2022, residential homes with around 2.456 Mio. CHF marked the highest value nationwide, while condominiums stood at around 835 Tsd. CHF. In 2021, the typical sample volatility in alpine cantons showed: very high average values for condominiums (around 1.821 Mio. CHF) while simultaneously low average values for residential homes (around 233 Tsd. CHF).

Indicator	2021	2022	2023	Comment
CH: Number of FAs	854	622	644	Moderate activity with clear seasonality (early summer/autumn).
CH: Volume (CHF)	~904 Mio.	~744 Mio.	~561 Mio.	Decline 2022/2023, rebound 2024 (see text).
GR: Ø Condominium	~1.821 Mio.	~0.835 Mio.	~0.483 Mio.	Alpine premium locations vs. small samples explain the spread.
GR: Ø Residential Home	~0.233 Mio.	~2.456 Mio.	~2.213 Mio.	Strong fluctuations due to individual cases and rare large properties.

---

What Alpine Micro-Locations Have to Do with Returns

Holiday Resorts & Accessibility

The success of a chalet or holiday apartment in Graubünden hinges on short distances: walking minutes to the cable car, public transport frequency, snow reliability, and proximity to amenities, schools, and basic medical care. Locations with good connections to St. Gallen (SG) or towards Zurich (ZH) score with a broader base of demand; additionally, classic second home destinations draw purchasing power from Ticino (TI), Vaud (VD), and Valais (VS).

Property Types: Chalet, Hut, Holiday Apartment

• Chalet: Often larger plots, higher Capex intensity (roof, facade, wood protection), but strong demand in popular ski resorts.
• Hut/Small House: Often off the beaten path, simple technology, ideal for value-add (expansion, insulation, heating).
• Holiday Apartment: Usually standardized floor plans; marketable if land registry, special usage rights, and house regulations are clear.

Seasonality & Bidding Dynamics: Timing it Right

At the cantonal level, a clear pattern emerges: new dates accumulate in early summer and autumn (2024: June/October; 2023: March/June). For investors, this means: bringing forward financing limits and property assessments to be able to bid during peak phases.

In Graubünden, those who accurately translate micro-location, technology, and income value into numbers win – the market value is a guideline, not a target price.

Technology & Capex in the Alpine Region: Where Investments Make Sense

• Snow & Wind Load: Check roof statics, covering, avalanche and slope water management; often retrofit needs for huts.
• Heat & Operation: Replacement of outdated oil heaters, heat pump/pellet, hydraulic balancing, windows & shell – this reduces vacancy risks through improved usability quality.
• Energy & PV: Calculate south-facing orientation, roof area, and connection capacity for PV; self-consumption increases attractiveness for holiday use.
• Access: Consider access roads, winter service, parking spaces, and height of underground garages (SUV, roof box).

// Backward calculation (simplified model for holiday properties)
Annual net rent = Weekly rent_peak * Weeks_peak + Weekly rent_off * Weeks_off
Income value = Annual net rent / Discount rate
Capex = Shell + Heating + Interior development + Additional costs
Safety discount = 10%–20% (micro-location, occupancy risk)
MaxBid = min(Income value, Market value) - Capex - Safety discount

Comparison & Regional Positioning

In the nationwide view, southern cantons like Ticino (TI), Valais (VS), and Vaud (VD) are particularly active; urban cantons like Zurich (ZH) and Geneva (GE) are naturally further back per capita. For GR, this means: less competition in the bidding hall, but greater price spread per location – an ideal environment for selective strategies.

Benchmark Table: Quickly Comparing Price Levels

Region	Property Type	Ø Market Value	Classification
Graubünden (GR)	Residential Home	~2.213 Mio. CHF (2023)	Top level; rare bulk lot effects possible.
Graubünden (GR)	Condominium	~0.483 Mio. CHF (2023)	Clearly below home level; good entry properties.
Valais (VS), Ticino (TI), Vaud (VD)	All	High activity (nationwide)	Holiday & second home demand supports liquidity.

---

Practical Guide: Step by Step to the Award

Screening & Preparation

1. Appointment Radar: Use peak months (June/October or March/June) for intensive screening; quiet phases for deep examination.
2. Documents: Check land registry, servitudes, building lines, special usages (for STWE) early on.
3. Financing: Set limits, payment deadlines, fees (assignments, change of ownership, publications) in advance.

Assessment & Bidding Strategy

• Micro-location Matrix: Cable car distance, public transport frequency, altitude, snow reliability, parking, gastronomy/retail.
• Capex Plan: Transfer roof/shell/house technology into a 3-5 year action plan; Monte Carlo scenarios for rent/reoccupancy.
• Price Discipline: Derive MaxBid from income value (backward calculation), strictly adhere to safety discount.

FAQ – Frequently Asked Questions in the Alpine Context

How do I deal with fluctuating average values?

Alpine cantons have small sample sizes – individual high or low prices distort. Therefore, bring multiple comparative properties and income values into consideration.

Which properties are suitable for entry?

STWE in good micro-locations with clear regulations and stable demand. Chalets with planable Capex offer value-add potential.

When is the right time to bid?

Finalize financing before peak months and plan reserves for Capex + fees; in calmer phases, the chances for disciplined awards increase.

Conclusion: Graubünden Rewards Systematic Approaches and Vision

Those who accurately assess micro-locations, consistently leverage technical levers, and align bidding with income values can form sustainable investments from forced auctions in Graubünden (GR) – from cozy chalets to simple huts to marketable holiday apartments. The data from 2021 to 2024 shows: the market is small, but valuable – ideal for investors with a plan.