Zürich City Real Estate Info
Zürich City Real Estate Info
Calm yet vibrant, historical yet modern, local yet cultural. With its scenic lake and snow dusted mountains, wide boulevards and chic boutiques, it is no wonder that Zürich, a city that is on the forefront, that keeps pushing boundaries while remembering its past has always been labelled as a world class city.
Being a world class city means having a high quality of living. A high quality of living unsurprisingly often comes with a hefty price tag, hence the reason why Zürich is also tagged with being one of the most expensive cities to live in the world.
With a median price of 12,250 francs per square meter in the real estate market, home ownership remains a dream beyond reach for many average households in the urban centers and sought-after residential areas.
Only around 30% of people own their homes in Switzerland, as most people opt for renting.*
Zürich City Real Estate Info
However, with capital constantly flowing into the Swiss real estate market, the construction of new apartments continues to rise. On the other hand in an interesting twist, after 14 years of unstoppable price growth and substantial gains, over the year ending in March 2017, property prices across Switzerland has dropped by 6.8%.
“High price levels and stricter financing requirements have allowed fewer and fewer Swiss households to fulfill their dream of home ownership. As a result, demand has fallen and price growth has come to a standstill.” Credit Suisse stated in a report.
Single family homes and mid to high-end apartments seems to be the most affected with a fall of around -4.3%. Locations outside large towns and cities are in particular affected as well. But despite slightly falling prices, Zürich’s investors and ownership segment still remains in pretty calm waters as there are no oversupply of properties yet foreseeable. The problem lies more in the demand force, as people simply can’t seem to afford the price tags despite a low interest in mortgage offered by the government.
But as long as the period of low interest rates continues, more and more high-income tenants will switch to ownership segment. This will however uncompromisingly wield a negative impact on the demand for rental apartments of the mid to high priced segments, as vacancies continues to rise. The average monthly rents on apartments of 3 and 3.5rooms in Zürich is 2,324 francs.
Looks like its just never going to happen? Be patient, Swiss residents themselves knows that finding the right property at the right location and the right price can take a lot of time, but it doesn’t mean it will never happen! If open for compromises, there are also always options to cut back on space requirements, switching to less expensive areas or to buy used properties.
Wondering about your rights as a foreigner to buy properties in Switzerland? If you are an EU citizen living in Switzerland, you have the same rights as Swiss citizens do when it comes to buying real estate. However if you are from countries outside the EU, certain rules do apply, in order to buy a main residence i.e. a single family house or flat, you would need a valid residence permit and preferably have been living in the canton for five years or more, along with additional proof that you will live in that residence for as long as you hold ownership. You are also allowed to buy land if you build on it within one year after the purchase. However for holiday apartments, housing units in hotels or a second home, you would require a special license depending on each canton. Owning a real estate also does not entitle you to a residence permit, and for foreigners living abroad and wishing to invest in real estate, there may be further restrictions, most requiring you to obtain a permit which can be swiftly done by establishing a business in Switzerland and becoming the director of the company.
Need some help with decision making, buying, selling or renovating your home? Whether here in Albstadt, Lake Constance or a cross over to Zürich, get in touch and we are ready to provide you with our services in every step along the way. : )
Sending you warm regards in this beautiful winter,
wohnraumbitzer.de
References:
https://www.thelocal.ch/20170831/zurich-is-the-most-expensive-place-to-buy-a-home-in-switzerland
https://www.thelocal.ch/20170209/why-nows-the-time-to-buy-a-home-in-switzerland
https://www.thelocal.ch/20160422/zurich-rents-are-priciest-in-switzerland
http://lenews.ch/2017/04/18/fall-in-swiss-property-prices-accelerates/
https://www.ch.ch/en/real-estate-foreign-national/
http://www.swissprivacy.com/swiss-real-estate/
Zürich City Real Estate Info
Unser hauseigener Handwerksbetrieb:
___
1. Contents of the website
All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. The owner will not be liable for any errors or omissions in this information nor for the availability of this information. The owner will not be liable for any losses, injuries, or damages from the display or use of this information.
The contents of this website were written with due diligence and by the author’s best knowledge. We can be held liable only by general laws, especially for our own contents acc. § 7 TMG (German law on tele-media) and for external contents acc. §§ 8 – 10 TMG. As a Provider of tele-media we can be held liable for external contents only once we have knowledge of a concrete infringement of law. We reserve the right to change or delete contents of this webpage which are not subject to any contractual obligation.
2. Links on external Websites
Contents of external websites on which we are linking direct or indirect (through „hyperlinks“ or „deeplinks“) are beyond our responsibility and are not adopted as our own content. When the links were published, we didn’t have knowledge of any illegal activities or contents on these websites. Since we do not have any control on the contents of these websites, we distance ourselves from all contents of all linked websites, which were updated after the setting of the links. For all contents and especially damages, resulting of the use of the linked websites, only the provider of these linked websites can be held liable. If we receive knowledge of illegal contents on these linked websites, we will delete the according links.
3. Intellectual property rights
All content of this website, especially texts, pictures, images, graphical presentations, music, trademarks, brands and so forth, are subject to copyright laws. The use, reproduction and so on are subject to the individual rights of the respective owner of the copyright or administrator of these rights. If you want to use such content, please let us know and we will establish contact with the respective owner/administrator.