Some areas of Switzerland are seeing real estate values stabilising with investors no longer willing to buy at any price, says global agent Engel & Völkers
Property prices in some areas of Switzerland have hit a peak, suggests a leading luxury agent.
The most expensive location in Switzerland is the luxurious ski resort of Gstaad in the Bernese Oberland and some areas of Geneva, where prime property are reaching 50million Swiss francs (almost €41million).
For exclusive freehold apartments, prices per square metre of between 8,000 Swiss francs (€6,547) and 50,000 Swiss francs (€40,921) are being reached, with those in very good locations reaching around 20,000 Swiss francs (€16,368), according to the Market Report Switzerland published by international agent, Engel & Völkers.
Foreign buyers – which are only allowed to buy in certain areas – make up 30% or more of all second home purchases in ski resorts and up to 20% of in principal residence areas, a company spokesperson tells OPP Connect. Among popular areas for foreign buyers of holiday homes is Brunnen, Lake Lucerne.
Jörg Schmittschneider, Managing Director of Engel & Völkers Switzerland, says, “Whilst we are anticipating further price rises for some locations, other submarkets are seeing a levelling out of prices having …read more