Monday, December 5, 2022

Price explosion for Swiss luxury real estate

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The corona pandemic triggered a boom in demand for Swiss luxury real estate. This upward spiral continues to this day. Properties in the most luxurious locations in Switzerland were offered at around 10 percent higher prices in 2021 than in the previous year.

This is shown by figures from the latest real estate study by UBS. The increase was three times as high as the average for the last decade. Compared to the market as a whole, real estate prices in the luxury segment rose around twice as much in 2021.

Nouveau riche provide new impetus

According to the study, luxury real estate has become more expensive in all regions. Above-average price increases were recorded in the top locations in Central Switzerland. In and around Geneva, prices rose by around 10 percent on average. In Zurich and the surrounding area, they even rose by 12 percent.

“The considerable increases in assets due to a very good year on the stock market were largely responsible for the strong market development in the luxury segment,” explains UBS real estate economist Katharina Hofer (34). According to the real estate expert, this led to an increase in interest in the price category in the mid to high single-digit million range.

The Upper Engadin is the most expensive

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