Home prices continue to rise in the 4th quarter
Home prices continued to rise dynamically in the 4th quarter of 2021. This is evident from the Raiffeisen Switzerland transaction price index. Homes were 1.6 percent more expensive and condominiums 1.8 percent more expensive. The strongest price increase was in eastern Switzerland.
The prices for owner-occupied residential property rose significantly in Switzerland in 2021. According to the Raiffeisen Switzerland transaction price index, this dynamic rise in prices continued in the fourth quarter. According to a press release , private homes were 1.6 percent and condominiums 1.8 percent more expensive than in the previous quarter. Calculated for the whole year, i.e. compared to the 4th quarter of 2020, prices for single-family houses rose by 10.3 percent. Condominiums were 7.2 percent more expensive than a year ago.
“The price dynamics on the market for owner-occupied residential property will therefore remain high. Prices are rising across the country and in all types of communities, ”Martin Neff, chief economist at Raiffeisen Switzerland, is quoted as saying. The price development is strongest in tourist regions.
According to the quarterly published index, house prices in tourist municipalities rose by 13.6 percent within one year, much faster than in other types of municipalities. In the case of condominiums, too, prices rose the most in tourist communities, with a plus of 12.3 percent. Condominiums were also 9 percent more expensive in the major centers year-on-year.
Broken down by region, the price pressure is highest in the Eastern Switzerland region with a plus of 13.3 percent, followed by the Central Switzerland region (+11 percent). In the regions of Bern (+5.5 percent) and Lake Geneva (+5.8 percent) the price increase was lower. In the case of condominiums, prices rose the most in the southern Switzerland region, at 9.4 percent. Western Switzerland recorded the lowest price increases of 5.8 percent compared to 2020.