Single-family homes and rents slightly cheaper in July
Published: Wednesday, Aug 7th 2024, 08:00
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Prices for single-family homes in Switzerland fell slightly in July, as did asking rents. Condominiums, on the other hand, continued to rise in price.
Prices for single-family homes published in advertisements fell again in July following the increase in June. The price reduction compared to the previous month is 1.1 percent, according to the "Swiss Real Estate Offer Index" published on Wednesday by Immoscout24 and real estate consultancy IAZI.
The decline is therefore significant, according to the report. Prices for houses have fluctuated in various waves in recent months. In most cases, a month of increase has been followed by a period of decline. This indicates that sellers are searching for the optimum transaction price.
At the same time, prices for condominiums rose by 0.6%, continuing their upward trend. In contrast to condominiums, which are a good 2% more expensive than a year ago, the price level for houses is only slightly higher year-on-year.
Nevertheless, a detached house remains difficult to afford for many potential buyers. A condominium, for which higher prices per square meter are paid but which has less living space, is a possible alternative. According to Immoscout24 and IAZI, demand is therefore shifting towards the apartment segment, which in turn has an effect on the price development of both property types.
Renting is becoming cheaper
There is good news for tenants for once. The advertised prices for rental apartments fell in all regions of Switzerland compared to June. With a drop in asking rents of 2.2 percent on a national average, the specialists speak of "noticeable relief". However, rental prices are still 0.9 percent higher than a year ago.
Geographically speaking, rental prices have fallen the most month-on-month in Ticino, Central Switzerland and the greater Zurich region, and the least in Northwestern Switzerland, the Central Plateau and Eastern Switzerland.
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