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Detached apartment prices in Zurich experienced many ups and downs. From May to June 2022, there was a rapid decline of almost 34 percent. In May 2022, the level of CHF 23,000 per square meter will no longer be reached. But since the beginning of 2023, prices have been rising again. According to real estate appraiser Price Hubble, the price per square meter is currently around 17,000 francs. A clear sign of housing shortage.
Singles pay 20% more
Apart from a few ups and downs, single-occupancy rents increased overall in all three cities surveyed. The average rent in Basel today is CHF 27 per square metre. That’s still a four percent increase since the first quarter. The rental price per square meter in Geneva is currently nine percent higher than in 2022, and 20 percent higher in Zurich. It is difficult. And it is no longer affordable for many interested parties.
Offers quickly disappear: single-occupancy apartments in Zurich are on the market for only four days on average. In Basel and Geneva it is eleven days. “With such a short stay in the market, demand is high and has an impact on corresponding rental prices,” says Christian Steinke, Regional Manager for Price Hubble.
Rent instead of buy
Rental price development for family apartments in 2022 was quite different in the three cities. In general, however, rents have risen everywhere. Again, the situation in Zurich is particularly unstable. In the city of Limmat and Geneva, families currently pay 9 percent more rent, while in Basel only 6 percent. Family rental apartments are sold on the market the fastest in Zurich, with an average of four days.
In Basel and Geneva, offers stay a little longer, at six and eleven days. According to Christian Steinke, this is clear: “This also shows that there is a direct correlation between high demand and rising rental prices, and the resulting trend towards renting rather than buying.”
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.
