What is the local housing market doing, and what impact has confinement had? What are the different types of property prices doing?
Thanks to Harriet Kibbe from Engel and Volkers Nyon, we have an update of the changes over the past few months and an idea of what to expect going forward. If you have any questions or want some more information you can always pass by their offices located by the lake in Nyon!
“Since March 2020 many clients and partners have asked what we expect in terms of repercussions of the global pandemic on the local housing market. Our position has always been that we expect a slight change but nothing significant. The reason for this is the consistently high demand experienced in the Geneva area. Six months down the line we see that in fact, demand remains high and those waiting to see a drop in property prices have been sorely disappointed.
According to the Swiss properly consulting firm Wüest Partners’, mid 2020 transaction figures show a 14% nationwide increase in demand for single family homes. This is a direct effect of the confinement and has led to a 2% price increase in asking prices for single family homes as well as a 0.6% decrease in asking for apartments.
Fear of a second confinement period, or a renewed appreciation of the quality of life at home, along with the normalisation of remote working, have all led to an increase in demand for secondary residences, with a 3.6% increase in asking prices.
If you’ve been holding back on selling your house, we hope this news will reassure you. And if you have been thinking of buying a little getaway, you may want to do it quickly!”