In 2023, residential property prices in Switzerland continued to increase, though the growth rate slowed due to interest rate hikes. The Swiss Real Estate Institute’s analysis, based on actual sales prices from the Swiss Real Estate Data Pool, found that:
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Single-family homes saw an average price increase of 3.6%, outpacing the general inflation rate of 2.1%. Flats, however, only experienced a slight price increase of 0.4%.
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Central Switzerland had the most expensive detached houses, averaging CHF 1.64 million, a 5.1% increase from 2022. Zurich was the second most expensive region.
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The largest price increases were in Eastern Switzerland (8.2%) and Ticino (6.7%). This is attributed to a catch-up effect and relatively more affordable financing options in these regions.
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Bern and Solothurn were the only regions with declining prices, with a 2.1% decrease and the lowest average selling price for single-family homes at CHF 920,000.
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In the flat market, Zurich overtook Central Switzerland with an average price increase of 1.8% to CHF 1.14 million. Bern and Solothurn saw the most significant decrease in flat prices, dropping by 8.8%.
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The municipality of Erlenbach in the canton of Zurich had the highest average price for detached houses at CHF 5.16 million.
Overall, the Swiss residential property market showed varied trends across different regions and types of properties, with some areas experiencing significant price increases while others saw declines.