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Despite the health crisis, luxury real estate is booming in Switzerland according to the annual UBS Luxury Property Focus 2021 study.
The UBS Luxury Property Focus 2021 study by UBS’s Chief Investment Office (CIO) GWM released on Wednesday examined the state of the luxury real estate market in Switzerland. According to the report, luxury property prices in Switzerland are growing at more than double the market average.
“In 2020, the increase in demand in the luxury segment drove prices up by 9%, which is significantly higher than the average of +4.4% recorded in the Swiss market for owner-occupied housing,” said Katharina Hofer, real estate expert at UBS.
The number of transactions for luxury real estate in Switzerland has tripled in five years, and more than doubled between 2019 and 2020. This growth is highlighted in the report by the Swiss banking group UBS, which emphasizes the safe haven that this market has represented during the pandemic.
The most expensive region in the Swiss confederation for luxury real estate is the Geneva commune of Cologny. Prices for high-end properties start at 36,000 Swiss francs per m2. To buy a villa in the town, you will have to spend at least 14 million Swiss francs according to UBS.
Prices have soared in the space of a year, with an average increase of 16%, which varies according to the region. In mountainous regions, prices for luxury real estate have even jumped by 10%. This price growth is less significant in Central Switzerland or near Lake Zurich, regions which show an average increase of 6%.
Pandemic as the main cause of the boom
The new buyers of luxury real estate in Switzerland are mainly foreign clients, whose arrival UBS attributes to the pandemic. These buyers are mainly from Europe, and most of them are coming from France, Italy or Great Britain, countries that have introduced strong health restrictions during the crisis.
“This clientele also anticipates that countries that have put in place extremely strict sanitary measures have also become heavily indebted, and this debt will weigh on future taxation, which is likely to increase sharply, which is less the case in Switzerland,” added Thomas Veraguth, real estate expert at UBS during a televised appearance.
In its report, UBS compares the state of the Swiss real estate market to other foreign markets, such as London and New York, destinations that are usually popular with luxury real estate buyers, but which have not experienced the same boom as the Swiss Confederation this year, due to the application of restrictive measures to contain the pandemic.
The quality of the Swiss health care system was also cited as one of the reasons for the popularity of luxury real estate in Switzerland. “Whoever in the global luxury markets is looking for stable institutions and recognized high-end locations is probably increasingly considering Switzerland as a place to settle,” concludes Katharina Hofer.
Read also > THE FRENCH LUXURY RESIDENTIAL REAL ESTATE MARKET IS DOING WELL
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Despite the health crisis, luxury real estate is booming in Switzerland according to the annual UBS Luxury Property Focus 2021 study.
The UBS Luxury Property Focus 2021 study by UBS’s Chief Investment Office (CIO) GWM released on Wednesday examined the state of the luxury real estate market in Switzerland. According to the report, luxury property prices in Switzerland are growing at more than double the market average.
“In 2020, the increase in demand in the luxury segment drove prices up by 9%, which is significantly higher than the average of +4.4% recorded in the Swiss market for owner-occupied housing,” said Katharina Hofer, real estate expert at UBS.
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Despite the health crisis, luxury real estate is booming in Switzerland according to the annual UBS Luxury Property Focus 2021 study.
The UBS Luxury Property Focus 2021 study by UBS’s Chief Investment Office (CIO) GWM released on Wednesday examined the state of the luxury real estate market in Switzerland. According to the report, luxury property prices in Switzerland are growing at more than double the market average.
“In 2020, the increase in demand in the luxury segment drove prices up by 9%, which is significantly higher than the average of +4.4% recorded in the Swiss market for owner-occupied housing,” said Katharina Hofer, real estate expert at UBS.
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