And since last week's move by the Swiss National Bank to peg the Swiss franc to a ceiling of SFr1.20 to the euro, buying has become a lot cheaper. 

“Tuesday’s decision was unsurprising, if not dramatic. It is welcome news for European buyers who have been holding off investing in Switzerland because of the Swiss franc’s strength. A duplex apartment that cost £630,000 at the beginning of the week now costs £572,000," said Jeremy Rollason, managing director of Savills’ Swiss associate, Alpine Homes.

Although there have been grumbles from the hedge fund community, the move provides a welcome fillip to second homes buyers and property owners in Switzerland. Years of an ever-appreciating Swiss franc were pricing buyers out of the market and discouraging trade and tourism. Since June 2007, the Swiss franc had appreciated by 50 per cent against sterling, while the Swiss franc appreciated by 20 per cent against the euro in the last 12 months. 

Alex Koch de Gooreynd, head of Switzerland at Knight Frank, said he expects those potential buyers who held off making a purchase this year to now make their move in the coming months.

He says this view has been reliably informed by banking contacts who say people are already playing the currency market, moving their money into Swiss francs with a view to buying property. 

Until now, those looking to sell have apparently been worried that they would have to reduce their asking prices significantly to balance out the issue with the exchange rate, added Koch de Gooreynd.

Alpine Homes reckons that sales volumes of second homes in the Alps are down by up to 60 per cent from the peak in 2007, as potential investors sought to preserve their capital and reduce debt, and cautious sellers sat on the fence. But now this may change. “The interesting thing to note about Switzerland is that despite the onerous exchange rate, similar to currency speculators, property investors continue to view Swiss property as a long term hedge," added Rollason. 

And getting a mortgage will not cost the earth. Borrowing costs in Switzerland remain the cheapest in Europe, with the 3 month Swiss Libor at just 0.005 per cent.