Swiss real estate market shows slight easing in February
Published: Tuesday, Mar 5th 2024, 08:10
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The real estate market eased slightly in February. Prices for owner-occupied homes advertised for sale fell slightly overall and rental apartments were also advertised at slightly lower prices, according to the "Swiss Real Estate Offer Index" published on Tuesday by Immoscout24 and real estate consultancy IAZI.
Specifically, there was a decline in the single-family home segment: prices published in advertisements fell by 1.0% in February compared to the previous month. The increase at the beginning of the year has thus been more than reversed. In the longer term, too, this shows a calming of house price trends: over the past twelve months, they have remained more or less stable with an increase of 0.1 percent.
In condominiums, on the other hand, the index shows no change: asking prices for apartments in February remained at the previous month's level. Over the last twelve months, prices in this segment have risen by 2.9 percent. However, after the "exorbitant growth rates in previous years", this market also appears to have reached a temporary limit.
February also brought minimal relief for tenants: Rental apartments were advertised at 0.6 percent lower prices throughout Switzerland. Rents were somewhat more moderate in central Switzerland, the greater Zurich region, Ticino and eastern Switzerland in particular. There was hardly any change in rents in north-western Switzerland, while slightly higher asking rents were observed in the Central Plateau and the Lake Geneva region.
The authors of the study commented that this is a ray of hope for those looking for a home. Last week's announcement that the reference interest rate for rents would remain at its current level also contributed to this. However, with an increase of 3.8 percent over the last twelve months, asking rents are still on course for growth.
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