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The demand for condominium continues uninterrupted. This applies to both Swiss cities and municipalities in the cluster. This is the conclusion of an assessment by the Swiss Marketplace Group (SMG) in collaboration with the Swiss Real Estate Institute.
Last year, the duration of condominium advertisements in Switzerland fell to 77 from the previous 80 days, according to analysis published on Thursday. This is surprising, especially since mortgage interest rates have skyrocketed over the past year, making home ownership much more expensive to finance.
bid decreases
However, there was also a five percent drop in the supply of 70,000 objects. Therefore, despite high financing costs, demand for condominiums across Switzerland increased in 2022. Apartments remain “a coveted but limited property in Switzerland,” according to the statement.
Overall, however, the market presented itself more regionally than before. Apartments can still be sold the fastest in the Zurich region, that is, within 43 days. This value remained unchanged compared to 2021. In fact, tender times in the other six regions decreased by 5 to 17 percent.
Exceptions Geneva and Ticino
The situation is different in Geneva, where the average ad length has increased slightly by almost 2 percent. Ticino still separates from other regions. Here, as they say, the longest ad length in the previous year has again increased significantly by 7 percent.
The differences in the demand for condominium ownership are not only evident by regions: A clear picture has emerged when the types of municipalities are compared. In municipalities in the narrower agglomeration belt around major cities, an increased demand for residential property was seen in seven of the eight surveyed districts, while a weakening of demand was generally observed in rural suburban communities, according to the information. (SDA)
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.
