Switzerland has one of the world’s tightest housing markets. Vacancy rates in cantons like Geneva (0.42%) and Zurich (0.53%) are extremely low. By comparison, the rate in New York City (1.4%) is around three times higher. The vacancy rate across Switzerland (1.15%) as a whole is lower than NYC. © Fizkes | Dreamstime.comWith such a shortage of housing, one hope is that more family homes will come on the market as the population ages and people downsize. However, a report by Zurich...
Read More »Migration between Swiss cantons – gainers and losers
The population is growing exceptionally fast in Switzerland. The nation draws many migrants from the EU and takes in proportionally high numbers of refugees. Over the last 20 years, the nation’s population has risen by 20%, far more than in France (10%), Austria (12%), Italy (3%) and Germany (2%) over the same period. In addition to these large inflows of people from outside, cantons with the highest growth rates have been exporting people to other cantons, according to figures published by...
Read More »Swiss house prices fall in the first quarter of 2024
After increasing for three quarters in a row, residential property prices in Switzerland fell during the first quarter of 2024, according to data from the Federal Statistical Office (FSO). Photo by Louis on Pexels.comThe Swiss residential property price index (IMPI) fell by 1.0% in the period from January to March 2024. At the same time prices remained 1.5% higher than they were a year earlier. The prices of both apartments (-1.3%) and single-family homes (-0.7%) contributed to the...
Read More »The Swiss canton with the highest crime rate
Data published this week reveal Switzerland’s cantonal crime hotspot, a phenomenon connected to geography. Basel Police © Neydtstock | Dreamstime.comIn 2023, after a sharp rise, the canton of Basel-City recorded the largest number of violent crimes and the highest per capita rates of theft and burglary. The rate of violent crime reached 13.2 per 1,000 residents in the city in 2023. The number of property crimes, which includes theft and burglary rose to 21,329 in 2023, a figure 18%...
Read More »Recent Swiss fire deaths prompt calls for fire detectors
Across much of Europe, smoke detectors are a legal requirement. In Switzerland, they are not. The recent death of two people in a fire in Pfaffnau in the canton of Luzern has prompted calls to change the rules, reported SRF. © Andrey Popov | Dreamstime.comOn 19 March 2024, shortly after midnight, rescue workers were called to a burning apartment in Pfaffnau. Seven people were evacuated, three of whom were sent to hospital because of likely smoke inhalation. Two missing people were...
Read More »No rise in Switzerland’s rent rate this quarter
After two increases in a row the reference interest rate used for adjusting rents remains unchanged this quarter. Photo by Expect Best on Pexels.comAfter two rises from 1.25% to 1.75% last year, many tenants in Switzerland will be breathing a sigh of relief. Many economists forecast no increases in the rate this year. Every quarter the rate of interest used to set the rents in Switzerland is reviewed. If it goes down some renters have the right to request a decrease in rent. If it...
Read More »Swiss home prices up in 2023
This week, the Federal Statistical Office (FSO) published the Swiss residential property price index for 2023, which showed an annual price increase of 2.2%, with a rise of 1.1% in the fourth quarter. Photo by PhotoMIX Company on Pexels.comThe average price of single-family homes rose by an average of 1.9% last year and the prices of apartments rose by an average of 2.4%. In the fourth quarter of 2023, both the prices of single-family homes (+0.5%) and those of apartments (+1.7%) were...
Read More »High Swiss rent – little support for rent controls
Rents have risen significantly in Switzerland, something potentially affecting the 61% of the population living in rented accommodation. A survey by Deloitte places rent control at the bottom of a list of solutions. Photo by ILOVESwitzerland on Pexels.comThe survey, which questioned 1,900 people across Switzerland, found rent controls to be the least preferred solution to dealing with rising rents – only 4% of those with an opinion chose this option. Cities such as Berlin have introduced...
Read More »Swiss set to vote on changes to rental laws
Changes to Swiss law on renting recently passed by parliament have met with public resistance. This week, enough signatures were collected to trigger a vote aimed at overturning the work of parliament on rental law reform, according to RTS. Apartment Switzerland © mikechapazzo | Dreamstime.comThe two changes, which would make it easier for landlords to move into their own properties and require written approval to sublet, are viewed by some as a cynical move to weaken the hand of tenants....
Read More »Swiss rents set to rise after mortgage rate rise
On 1 December 2023, Switzerland’s Federal Housing Office announced the reference mortgage interest rate for rental agreements will rise from 1.50% to 1.75%. © Denis Linine | Dreamstime.comThe reference rate is mentioned in many Swiss tenancy agreements. If the rate goes up landlords can increase rents. If the rate goes down tenants can demand lower rent. The rate is based on the average mortgage interest rate. Essentially, total mortgage interest paid divided by the total outstanding...
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