High-end properties in such internationally well known spots as Gstaad, in the canton of Bern, or Davos and St. Moritz in the canton of Graubünden have fallen, says Handelszeitung in a report issued this week.
The journal cites data from British real estate agents Knight Frank showing that prices for upscale chalets in St. Moritz have plunged 7.2 percent from a year ago.
In Crans-Montana in the canton of Valais prices fell 4.5 percent, it says.
Even in Gstaad, known as a magnet for international movers and shakers, prices dipped by two percent, according to the report.
Liam Bailey, of Frank Knight, told the publication the strong Swiss franc was partly responsible for the slump.
Also, an initiative approved by Swiss voters to limit holiday homes to a maximum of 20 percent of residences in municipalities has created uncertainty for foreign investors, Bailey indicated.
In this situation, wealthy clientele appear to prefer France where prices for luxury chalets at top resorts have jumped.
Prices for top chalets in Val d'Isère, the home town to champion skier Jean-Claude Killy in the Savoie region, have jumped six percent, for example.
In Méribel, prices rose 4.5 percent.
Wealthy Russians now favour Courchevel over St. Moritz pushing the French Alpine resort on track to overtake the Swiss resort with holiday homes hitting 30,000 francs per square metre, Handelszeitung said.