Home prices continue to rise in the first quarter
Published: Friday, Apr 12th 2024, 09:20
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Prices for single-family homes continued their upward trend at the start of 2024. However, according to a survey, prices are falling in some regions.
Single-family homes rose in price by an average of 1.8 percent in the first quarter of 2024 compared to the previous quarter, as announced by the consulting firm Fahrländer Partner Raumentwicklung (FPRE) on Friday. The price increases affected all segments. Over the year as a whole, prices for single-family homes have risen by 5.5%.
According to the FPRE survey, prices for condominiums rose by 0.8% from January to March compared to the previous quarter. Apartments in the lower segment increased in price by 1.9%, while the lower and middle segments rose less sharply (+0.5% and +0.9% respectively). Over the year as a whole, the price of owner-occupied apartments rose by 3.9%.
Regional differences
According to FPRE, regional differences in price trends are noticeable - in the middle segment of condominiums. For example, transaction prices were lower than in the previous quarter in the Basel (-2.3%), Jura (-1.2%) and Lake Geneva (-0.9%) regions.
The strongest growth in this segment was recorded in Southern Switzerland (+2.9%), the Alpine region (+1.8%) and the Central Plateau and Eastern Switzerland regions (both +1.1%).
Looking ahead, Fahrländer expects prices for residential property to continue to rise in the medium term. High demand and low construction activity will remain the drivers. The surprising interest rate cut by the Swiss National Bank in March will probably have a positive effect on demand.
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