Just a few months ago, potential buyers for flats and houses met at interview appointments.
The chance for a proposal was almost hopeless. Unless they lower their expectations or spend more money. Even “slow sellers” found buyers among real estate.
Rent is cheaper
With the end of negative interest rates, the financial advantage of owning a home over a rented apartment disappeared within a few weeks.
With a five-year mortgage and an 80 percent loan-to-value ratio, the living costs of a house in Zurich are now at the level of a comparable rental flat. This is what Zürcher Kantonalbank ZKB writes in the current real estate barometer. Apartments to rent in expensive locations in Zurich are slightly cheaper.
Home buyers are more careful
Reason enough to be picky. This can be seen in the housing market: objects for sale are no longer selling as quickly as before.
According to ZKB, multiple auctions are often required to find a buyer. Partly with a lower price offer in the second round.
slowed price increases
This is good news for home buyers: ZKB expects the rise in apartment and house prices in the Zurich area to continue to decline.
Zurich house prices rose slightly again in the third quarter of 2022. However, the price development is clearly falling. Annual growth fell below 10 percent with 7.9 percent. (SDA/dvo)
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.
