Rising residential property prices in the third quarter
Published: Monday, Oct 7th 2024, 15:40
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Prices for owner-occupied residential property in Switzerland rose in the third quarter. While prices for single-family homes rose by 1.6 percent compared to the previous quarter, prices for condominiums increased by 0.9 percent, Raiffeisen Switzerland reported on Monday.
Compared to the third quarter of 2023, single-family homes cost 3.3 percent more and condominiums 2.8 percent more. The strongest price increases within a year were recorded for single-family homes in city centers and urban regions, the report continued.
In a comparison of the regions, single-family homes in Central Switzerland (+14%) and Southern Switzerland (+6.2%) recorded the strongest price increases over the last twelve months. In the Bern region (-2.1 percent) and around Lake Geneva (-3.4 percent), on the other hand, house prices have fallen slightly.
Prices for condominiums in Central Switzerland (+7.9 percent) and Eastern Switzerland (+6.6 percent) saw the sharpest year-on-year increases. In southern Switzerland (+1.7 percent) and on Lake Geneva (+0.4 percent), they rose only moderately.
"The price momentum on the Swiss home ownership market has not weakened any further recently and its low point should be behind us", Fredy Hasenmaile, Chief Economist at Raiffeisen Switzerland, is quoted as saying in the press release. "The already significantly more favorable financing conditions and the prospect of further interest rate cuts should boost demand for residential property."
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