Sellers of Single-Family Homes Must Have More Patience
Published: Thursday, Sep 21st 2023, 09:41
Aktualisiert am: Freitag, 13. Oktober 2023, 14:12
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The number of single-family homes for sale in Switzerland has increased slightly. From July 1, 2022 to June 30, 2023, around 55,700 single-family homes were listed, an increase of 11 percent compared to the previous year. However, sellers in many regions have to wait longer to find a buyer, with the average listing time increasing from 60 to 66 days. The differences between regions are large, with houses in the canton of Ticino taking the longest to sell at 136 days. In Zurich and Central Switzerland, sellers only have to wait 42 and 46 days respectively, although this is still a quarter longer than last year. In the West of Switzerland, the listing time has remained largely unchanged at 78 days in the region of Waadt/Wallis and 64 days in Geneva. The longer waiting times indicate a decrease in demand for single-family homes, particularly in financially weaker suburban areas and in the agglomeration. This is due to the higher proportion of external financing in these areas, which has become more expensive due to the rise in mortgage rates. However, the market is still in a robust condition and the interest rate increases of the Swiss National Bank have not had a significant impact on demand. The future development of demand will depend on the future interest rate policy of the SNB and when the interest rate cycle is completed. The SNB's decision not to take another interest rate step on the day of the report is likely to further support demand and calm the market.
©Keystone/SDA
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