Prices for residential property fall in the first quarter
Published: Friday, May 3rd 2024, 08:50
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After three consecutive increases, residential property prices in Switzerland fell again in the first quarter. The Swiss Residential Property Price Index (IMPI) fell by 1.0% to 116.3 points in the period from January to March 2024 compared to the previous quarter.
However, there was an increase compared to the same quarter of the previous year. This amounted to 1.5%, as reported by the Federal Statistical Office (FSO) on Friday.
Both the price trend for condominiums (-1.3%) and single-family homes (-0.7%) contributed to the decline in the overall index compared to the previous quarter.
Prices for single-family homes fell particularly sharply in the urban municipalities (-2.6%) of a large conurbation. In contrast, prices rose the most in urban municipalities in a small agglomeration or outside an agglomeration (+4.6%). In the case of condominiums, the sharpest fall in prices was in the category of intermediate municipalities (-4.2%). The largest increase (+0.5%) was recorded in urban municipalities in a medium-sized agglomeration.
The IMPI is a relatively new indicator: it has only been published quarterly since the third quarter of 2020. According to the FSO, it is calculated from an average of around 7,000 transactions from all regions of Switzerland. The FSO obtains data from the 25 largest mortgage institutions in Switzerland. These cover a very large market share, as the vast majority of real estate purchases are financed with a mortgage, it says.
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