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The dream of ownership is alive! Especially when you read the current real estate barometer for the third quarter 2023 published by Zürcher Kantonalbank (ZKB). Black and white says: Real estate in Lake Zurich and the city of Zurich is getting cheaper for the first time since 2017! But they should never be cheap.
And yet: house prices in the entire canton of Zurich fell by 0.1 percent compared to the previous quarter. ZKB writes that this is primarily due to the development of the attractive “lake” zone (-1.8 percent). This includes the city of Zurich and the lakeside communities of Zurich. The noble Gold Coast with low-tax communities such as Zollikon and Küsnacht, as well as the Pfnüsel Coast (Kilchberg and Richterswil) on the left bank of the lake.
“This resulted in a reversal in the maritime region against stronger than expected price growth in the previous quarter,” ZKB writes. However, price growth remains strong, with an increase of 2.5 percent compared to the previous year. “Even after the first negative sign since 2017, a general decline in prices is far from visible in the Zurich domestic market,” real estate experts at ZKB write.
Home buyers cannot hope for prices to fall sharply: the supply situation remains tight. And it limits the scope for negotiation for attractive properties. Vacancy rates for residential properties increased only minimally. Owner-occupied homes have an extremely low rate of 0.4 percent.
What about apartments? The number of vacant rental apartments has decreased. It currently accounts for only 0.6 percent of all rental apartments. This is the lowest value since 2003. This has consequences: difficulties finding a suitable rental apartment, rising net rents and, most importantly, the security offered by one’s own four walls indirectly supports the homeownership market. This means that prices continue to rise according to ZKB.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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