Home prices rise in the first quarter
Published: Monday, Apr 8th 2024, 15:50
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Home ownership remains an expensive commodity in Switzerland. In the first quarter of 2024, prices continued to rise compared to the same quarter of the previous year. This is according to the Raiffeisen Transaction Price Index calculated by Raiffeisen Switzerland.
Specifically, prices for single-family homes rose by 3.9% and for condominiums by 3.1% in the first quarter of 2024 compared to the same quarter of the previous year, Raiffeisen Switzerland reported on Monday. Compared to the previous quarter, however, the picture is mixed. Single-family homes were 1.4 percent more expensive in the first quarter. Condominiums, on the other hand, became slightly cheaper by 0.3 percent compared to the previous quarter.
Thanks to the interest rate cuts by the Swiss National Bank (SNB), buying is once again somewhat more attractive than renting a comparable apartment, writes Raiffeisen. This will increase the recently declining demand for residential property again and thus support price momentum, Raiffeisen chief economist Fredy Hasenmaile is quoted as saying in the press release.
Large regional differences
Year-on-year, single-family homes in the Lake Geneva region (+7.0%) and in Western Switzerland (+5.9%) recorded the highest price increases. By contrast, prices in Eastern Switzerland stagnated.
Prices for condominiums rose the most year-on-year in Northwestern Switzerland (+7.2%) and Central Switzerland (+4.9%). In Eastern Switzerland (+0.7%) and in the Lake Geneva region (+0.9%), condominium prices rose only slightly compared to the previous year.
In the central municipalities, house prices rose particularly sharply compared to the previous year (+7.1%). However, rising prices were also registered in all other types of municipality.
In the condominium segment, urban municipalities recorded the highest price increases (+4.4%). Meanwhile, prices for condominiums rose the least in the city centers at 1.0%.
The Raiffeisen Transaction Price Index is published quarterly at the beginning of a new quarter. It measures the price development of owner-occupied residential property in Switzerland on the basis of Raiffeisen's change of ownership data and the Swiss Real Estate Datapool (SRED).
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