The New York Times marvels at Switzerland: This is what life is like as a permanent tenant

class=”sc-29f61514-0 dXbCZE”>

Is Switzerland at the forefront of the global real estate market? Many people don’t think so, but the famous New York Times thinks exactly the same thing. And he sends a reporter across the Atlantic to report on the idiosyncrasies of the Swiss real estate scene.

The journalist rubs his eyes when he learns that the ownership rate in this country is low: around 36 percent. “This is the lowest rate in the Western world. It is significantly lower than the average of 70 percent in the EU or 67 percent in the US.

“NYT” wonders how it is possible that two-thirds of residents in one of the richest countries are renters. It doesn’t compare to other countries where lifetime tenants are clearly in the minority.

The young Swiss is a good friend

But that may soon change in the United States and elsewhere, the paper writes. Because the purchasing power of young people, especially young people, is gradually decreasing in preferred residential areas such as the California coast, New York or London.

This also applies to many young people in Switzerland. Anyone who can still afford to own a home at current prices has either inherited it, is very rich, or earns well above the average; even then few people have enough money.

Thai musician Shiwat Chuencharoen, who came to Switzerland as a student in 2010, says, “Buying a house in Switzerland is not for everyone.” “Everything is expensive here, even if you earn well and live well.” This means there is not enough money left to buy a house in Switzerland.

A look at the “post-property society”

An experience that Philip Skiba also had in his own company. The financial analyst employs 30 people who earn over 100,000 francs each. However, so far only two people have managed to become homeowners. Even Skiba prefers to rent a 6,000-franc flat on Zurich’s Gold Coast, not far from the house of the recently deceased Tina Turner (†83). Because he has not yet found a suitable property near the city. “For someone who wants to live in an urban environment, renting is currently the only option.”

Switzerland is a country of tenants. According to “NYT”, our country offers an interesting perspective on the “post-ownership society”, which is becoming increasingly widespread in many countries. Limited space and constant population growth are certainly not just a problem for Switzerland. In many other countries, the middle class cannot afford to buy a house or apartment in an attractive location. (Ah)

Source :Blick