Switzerland: Geneva the most exclusive residential address in the country

8 years ago - Published in Finance, Technical Analysis

Geneva recorded the most expensive house prices in Switzerland, according to a report Thursday by real estate brokerage Engel & Völkers, based on sales data. The city’s cosmopolitan flair is reflected too in the level of demand from international clients, with around 40% of interested buyers resident beyond the borders of Switzerland. 

The French-speaking city registered the highest price in the Alpine country, CHF70,000 ($70,807) per square meter. The data used in the ranking is based on residential property brokered by the company or transactions recorded on the market during 2016.

“The highest priced residential addresses can be found in the Old Town. On the Rue des Granges, for example, prices can reach up to CHF70,000 per square meter,” said Marie-Chantal von Büren, director of the Engel & Völkers’s Lake Geneva office.

Nearby locations such as Cologny and Bellevue are also highly sought after, resulting in prices as high as CHF45,000 (US$45,477) per square meter and CHF35,000 (US$35,370) per square meter, respectively. Villas close to the lake with interiors upwards of 250 square metres and a pool are particularly desirable here. 

The second most expensive city in the ranking was Zurich, with average property costs reaching as much as up to CHF30,000 (US$35,399) per square meter.

Here, foreign buyers account for around 25% of sales, with German, French and British investors the most active in the market. Kurhausstrasse, Aurorastrasse and Susenbergstrasse on the Zürichberg (a wooded hill overlooking Lake Zürich) rank among the most exclusive addresses in the city.

“Absolutely top properties only rarely come onto the market in Zurich,” said Lars Keller, Managing Partner of Engel & Völkers Zürichberg, adding, “Demand is especially great at present for freehold apartments of 150 square metres and more, as well as for Zürichberg villas dating from the late 18th and early 19th century.”

Zug ranked third, where prices can reach up to CHF30,000 ($30,314) Swiss francs per square meter.  Besides its lakeside position, Zug benefits in particular from its attractive tax rates and good transportation links, according to the report. At least 70% of clients are Swiss nationals.