Apartment and house prices move in opposite directions in December
Published: Tuesday, Jan 9th 2024, 07:40
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Housing in Switzerland continues to become more expensive. This applies at least to rental apartments and the purchase of condominiums. On the other hand, there is a certain degree of stagnation, at least for single-family homes.
As a result, asking prices for rental apartments rose again by 0.9% in December, according to the Swiss Real Estate Offer Index published on Tuesday, which is compiled by the Swiss Marketplace Group (SMG) in collaboration with the real estate consultancy IAZI and the online real estate marketplace ImmoScoout24. As in the previous year, the increase for the year as a whole amounted to 4.4 percent.
However, large regional differences were observed. Prices rose particularly sharply in Zurich, central and eastern Switzerland in 2023, while the smallest increase was recorded in Ticino.
Condominiums on the rise
Prices for condominiums also continued to rise. They rose by 0.6% in December, with prices rising by 2.6% in 2023 as a whole.
"Sellers of condominiums are hoping that potential buyers will purchase an affordable condominium unit rather than a single-family home, which means that this form of home ownership remains in high demand. This is currently driving asking prices even higher," says Martin Waeber, Managing Director Real Estate at SMG Swiss Marketplace Group, explaining the trend.
In contrast, prices for single-family homes have apparently peaked for the time being, the report continues. This is because the still very high purchase price level, together with the rise in mortgage interest rates, is leading to a decline in demand. Accordingly, asking prices for single-family homes fell by 0.4 percent in December and by 0.7 percent year-on-year.
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