What has happened? The housing market in Switzerland remains more or less stable despite rapidly rising interest rates, rising construction costs and a slowing economy.
The numbers. The nationwide private apartment price index rose by a modest 3.9% in the first quarter of 2023 from a year earlier, after a year-on-year increase of 3.63% in the fourth quarter of 2022, 73% in the third quarter, 1.88% in the second quarter and 1.4% in the first quarter, according to data from the Swiss National Bank (SNB). However, when adjusted for inflation, prices rose by only 0.68% over the same period.
Prices changes for apartments in different regions:
- In Lake Geneva,the average transaction price for private apartments rose by 1.6% in the first quarter of 2023 compared to a year earlier, but fell slightly by 0.1% from the previous quarter.
- In Zurich, private apartment prices rose by 4.4% year-on-year in the first quarter of 2023. Compared to the previous quarter, prices rose by only 0.2%.
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Central Switzerland recorded the largest year-on-year increase in prices for private apartments, up 6.5%. On a quarterly basis, apartment prices rose by 2.4%.
- In Southern Switzerland prices increased by 6.3% in the first quarter 2023 from a year earlier, and by 1.4% from the previous quarter.
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Eastern Switzerland’s apartment prices were more or less steady, recording an increase of 1.1% year on year and a slight decline of 0.1% on a quarterly basis.
- In Northwestern Switzerland, private apartment prices increased by 1.6% in Q1 2023 compared to a year earlier and by 0.3% compared to the previous quarter.
- In Western Switzerland, prices have increased by 1.8% year-on-year and by 0.5% quarter-on-quarter.
- Berne’s apartment prices have gone up by 1.8% year-on-year in Q1 2023 but declined by 0.1% on a quarterly basis.
Source: Global Property Guide
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