Despite persistently higher interest rates, prices for owner-occupied homes have continued to grow overall, according to Raiffeisen Switzerland. Only the price level for single-family homes fell slightly in the first quarter of 2023, the bank writes, based on its own transaction price index. In summary, the Raiffeisen bank reports that condominiums cost 2.4 percent more in the first quarter of 2023 than in the previous quarter. The strongest price increases within a year for single-family homes were recorded in Central Switzerland and Eastern Switzerland, and the prices for condominiums rose the most in the last four quarters around Lake Geneva.

Quelle: SRED, Raiffeisen Economic Research

Prices for owner-occupied housing; Source: SRED, Raiffeisen Economic Research

The market for owner-occupied residential property remains robust in the first quarter of 2023 despite persistently higher interest rates. The price of condominiums was 2.4% higher than in the previous quarter. Single-family house prices fell only slightly, by 0.3 per cent. Compared to the first quarter of 2022, single-family homes now cost 6.1 per cent more and condominiums 7.5 per cent more than a year ago. “The higher mortgage interest rates continue to keep the Swiss home market on its toes. However, given the current interest rate expectations, a weakening of the price dynamics for owner-occupied residential property is now to be expected. However, price collapses, such as can be observed abroad in some cases, remain unlikely, as supply is too scarce in this country,” explains Francis Schwartz, economist at Raiffeisen Switzerland.

High price dynamics for single-family homes in Central Switzerland and Eastern Switzerland

Compared to the previous year, single-family homes in Central Switzerland (+14.7%) and Eastern Switzerland (+14.1%) recorded the largest price increases. In contrast, prices rose less strongly in Zurich (+2.1%) and southern Switzerland (+3.1%). In condominium ownership, prices rose most in the Lake Geneva region (+8.7%). Western Switzerland recorded the lowest price increases compared to the previous year (+4.7%).

Property in centres and urban communities particularly in demand

The breakdown of price development by municipality type shows that house prices in urban municipalities rose more strongly than in other municipality types by 7.5 per cent within one year. In the condominium segment, on the other hand, central municipalities recorded the strongest price increases (+8.5%). With an increase of 5.0 per cent, condominium prices in tourist communities rose the least strongly.

About the Raiffeisen Transaction Price Index

The Raiffeisen Transaction Price Index is published quarterly at the beginning of each new quarter. It measures the price development of owner-occupied residential property in Switzerland, based on data from Raiffeisen and the Swiss Real Estate Datapool (SRED). Further information on the Swiss real estate market is available at