Prices for residential rents rising in all regions
Published: Friday, Apr 26th 2024, 11:11
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Rents for apartments continued to rise in all regions of Switzerland in the first quarter of 2024. In contrast, the picture for rents for office space is mixed.
Market rents for new contracts for newly built apartments rose by 1.5 percent in the first quarter compared to the previous quarter. The increase was slightly lower at 1.2 percent for apartments in older buildings, according to the real estate consultancy Fahrländer Partner Raumentwicklung (FPRE) on Friday.
Rents rose in all regions of the country. The strongest increase for new-build apartments was in the regions of Southern Switzerland (+4.5%), Basel (+2.1%) and Mittelland (+1.7%).
The increase is even more pronounced over the year as a whole. Compared to the first quarter of 2023, market rents for new-build apartments rose by 7.5% and for older apartments by 4.6%.
According to analyst Stefan Fahrländer, the trend towards higher market rents is likely to continue. "After years of overproduction, too few rental apartments are being built against the backdrop of rising immigration in recent years. At the same time, there are no signs of a revival in construction activity," he explains.
Office market with major regional differences
Contract rents for new office space also increased. Compared to the previous quarter, the increase was 1.8% and even 5.8% compared to the same period last year.
However, the development of contractual rents varied considerably from region to region. While the Basel and Zurich regions recorded quarter-on-quarter increases of 3.8% and 3.1% respectively, the regions of Southern Switzerland and Lake Geneva saw office rents fall by 5.0% and 2.3% respectively.
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