Hello,
My name is Chris Spillane and I'm a reporter for Bloomberg News. I'm trying to interview people working in Switzerland about how expensive it is to live in cities like Geneva, Zurich and Basle. I was wondering if anyone had encountered high property prices (rental and buying) and was free for a quick chat?
Hello,
My name is Chris Spillane and I'm a reporter for Bloomberg News. I'm trying to interview people working in Switzerland about how expensive it is to live in cities like Geneva, Zurich and Basle. I was wondering if anyone had encountered high property prices (rental and buying) and was free for a quick chat?
Christopher SpillaneNov 12, 2012 @ 14:30
Chris, your question sounds a bit naive. Everyone who has bought or rented in the areas you name has encountered high prices - that's simply the way it is. Or are you referring to prices that appear to be have deliberately inflated for foreigners/expats..? Anyway, good luck with your research.
Chris, your question sounds a bit naive. Everyone who has bought or rented in the areas you name has encountered high prices - that's simply the way it is. Or are you referring to prices that appear to be have deliberately inflated for foreigners/expats..? Anyway, good luck with your research.
geoffrey, Nov 12, 2012 @ 14:51
Hi Chris,
I've plenty to say on the matter and have been a homeowner in both Australia and the US. Send me a private message and we can set a time.
Sean Carroll
Hi Chris,
I've plenty to say on the matter and have been a homeowner in both Australia and the US. Send me a private message and we can set a time.
Sean Carroll
Sean C, Nov 12, 2012 @ 15:12
I'll shoot you a note shortly
Hello,
Thanks for your comments. I'm specifically looking at the impact of high property prices on people in Switzerland and the decisions that they are making because of that, foreign or otherwise.
Mant thanks,
Chris Spillane
Hello,
Thanks for your comments. I'm specifically looking at the impact of high property prices on people in Switzerland and the decisions that they are making because of that, foreign or otherwise.
Mant thanks,
Chris Spillane
Christopher Spillane, Nov 12, 2012 @ 15:48
Try Zug as well.... apparently the local Farmers cant afford to live there anymore and the cafe's are all English speaking... it annoys the bejaysus out of the locals...
Here in Geneva, rental quality is poor and prices are high... but its much the same as London to be fair (with a shorter commute here) ... but what is the real kicker here is that most apartments when rented via a estate agent ("Regie") have 10 to 15 applicants for each space.. So regies pick and choose depending on most "suitable" future tenants... ie who has the biggest pay cheque, best/longest work permit etc etc....
On the buying front... I pisses me off I cant afford that 12 bedroom chalet in Verbier anymore ... the price went up from CHF12m to 15m , due to the recent building ban....
(that was a joke btw... not the prices, but the fact I would consider to buy a chalet up there for that price, the skiing aint that great...)
Try Zug as well.... apparently the local Farmers cant afford to live there anymore and the cafe's are all English speaking... it annoys the bejaysus out of the locals...
Here in Geneva, rental quality is poor and prices are high... but its much the same as London to be fair (with a shorter commute here) ... but what is the real kicker here is that most apartments when rented via a estate agent ("Regie") have 10 to 15 applicants for each space.. So regies pick and choose depending on most "suitable" future tenants... ie who has the biggest pay cheque, best/longest work permit etc etc....
On the buying front... I pisses me off I cant afford that 12 bedroom chalet in Verbier anymore ... the price went up from CHF12m to 15m , due to the recent building ban....
(that was a joke btw... not the prices, but the fact I would consider to buy a chalet up there for that price, the skiing aint that great...)
Charlie, Nov 12, 2012 @ 15:49
Hi, I can also respond. There are a few things to say about this topic.
For one, there are many in Geneva working as expats who get housing allowances from their jobs which probably inflates prices.
There are public options, for pretty affordable housing (small flats, and you have to apply to the housing, but you can find housing that way too). If you move out of the city- and I mean WAY out, there are also options.
But in terms of bang for the buck...you are right, you don't get a lot for your money here.
Hi, I can also respond. There are a few things to say about this topic.
For one, there are many in Geneva working as expats who get housing allowances from their jobs which probably inflates prices.
There are public options, for pretty affordable housing (small flats, and you have to apply to the housing, but you can find housing that way too). If you move out of the city- and I mean WAY out, there are also options.
But in terms of bang for the buck...you are right, you don't get a lot for your money here.
simone h, Nov 12, 2012 @ 15:51
Hi Chris,
I'm available for your inquiry, too. Send me a private message and we can meet.
Hi Chris,
I'm available for your inquiry, too. Send me a private message and we can meet.
TheOmegaMan, Nov 12, 2012 @ 17:30
Try Zug as well.... apparently the local Farmers cant afford to live there anymore and the cafe's are all English speaking... it annoys the bejaysus out of the locals...
Here in Geneva, rental quality is poor and prices are high... but its much the same as London to be fair (with a shorter commute here) ... but what is the real kicker here is that most apartments when rented via a estate agent ("Regie") have 10 to 15 applicants for each space.. So regies pick and choose depending on most "suitable" future tenants... ie who has the biggest pay cheque, best/longest work permit etc etc....
On the buying front... I pisses me off I cant afford that 12 bedroom chalet in Verbier anymore ... the price went up from CHF12m to 15m , due to the recent building ban....
(that was a joke btw... not the prices, but the fact I would consider to buy a chalet up there for that price, the skiing aint that great...)
Nov 12, 12 15:49
15m?!?! Jeeeez, that's more than what most geneva bankers make in a week!
15m?!?! Jeeeez, that's more than what most geneva bankers make in a week!
G___, Nov 12, 2012 @ 17:34
Just to restart the thread on property prices. According to some recent reports, property prices in Geneva are expected to take a dramatic fall. Some commentators are predicting drops of up to 20%. In its latest quarterly magazine, UBS has already reported a 4.9% drop. It would appear that much of this is being attributed to the recent change in immigration sentiment, with many international companies now cutting back on recruitment. A number of companies have already started to close shop in Geneva, with concerns over the focus on corporation tax....just look at how many empty office blocks there are. That said, it looks like there might be plenty of negotiating room for anyone looking to buy.
Just to restart the thread on property prices. According to some recent reports, property prices in Geneva are expected to take a dramatic fall. Some commentators are predicting drops of up to 20%. In its latest quarterly magazine, UBS has already reported a 4.9% drop. It would appear that much of this is being attributed to the recent change in immigration sentiment, with many international companies now cutting back on recruitment. A number of companies have already started to close shop in Geneva, with concerns over the focus on corporation tax....just look at how many empty office blocks there are. That said, it looks like there might be plenty of negotiating room for anyone looking to buy.
Anthony Hemsley, Nov 26, 2014 @ 16:26
Property prices rose in most major cities due to the low level of interest rates worldwide. Take a look at Hong Kong, London, New York, etc and Switzerland is no exception.
This said I agree with Anthony that we will see a correction on the BUY side, not so much on the RENT side, mostly because there are new restrictions regarding the minimum amount of equity you must inject in the purchase (in the past you could only use your pension savings as equity, it's no longer the case). And also because international companies are disinvesting from Geneva (P&G, Merck Serono, etc) due to high costs and because the banking & commodity trading industries are shrinking here.
However, I don't expect a dramatic fall downtown Geneva as there is a shortage of homes anyway. The most affected zones will be those villages back in Geneva / Vaud countryside, where developers built like crazy and where public transportation & services are scarce.
Property prices rose in most major cities due to the low level of interest rates worldwide. Take a look at Hong Kong, London, New York, etc and Switzerland is no exception.
This said I agree with Anthony that we will see a correction on the BUY side, not so much on the RENT side, mostly because there are new restrictions regarding the minimum amount of equity you must inject in the purchase (in the past you could only use your pension savings as equity, it's no longer the case). And also because international companies are disinvesting from Geneva (P&G, Merck Serono, etc) due to high costs and because the banking & commodity trading industries are shrinking here.
However, I don't expect a dramatic fall downtown Geneva as there is a shortage of homes anyway. The most affected zones will be those villages back in Geneva / Vaud countryside, where developers built like crazy and where public transportation & services are scarce.
Olivier Gaillard, Nov 26, 2014 @ 16:41
in fact when you want to rent an appartment you can pass the waiting line quite easily by paying a relocation agent to prioritze your application. It shows you how corrupt the agencies are.
in fact when you want to rent an appartment you can pass the waiting line quite easily by paying a relocation agent to prioritze your application. It shows you how corrupt the agencies are.
mika80, Nov 26, 2014 @ 20:51
in fact when you want to rent an appartment you can pass the waiting line quite easily by paying a relocation agent to prioritze your application. It shows you how corrupt the agencies are.
Nov 26, 14 20:51
But with such entrenched practice, what's the alternative?
Just to restart the thread on property prices. According to some recent reports, property prices in Geneva are expected to take a dramatic fall. Some commentators are predicting drops of up to 20%. In its latest quarterly magazine, UBS has already reported a 4.9% drop. It would appear that much of this is being attributed to the recent change in immigration sentiment, with many international companies now cutting back on recruitment. A number of companies have already started to close shop in Geneva, with concerns over the focus on corporation tax....just look at how many empty office blocks there are. That said, it looks like there might be plenty of negotiating room for anyone looking to buy.
Nov 26, 14 16:26
Really anthony? I have been doing research for a paper and its actually true some companies are leaving but then there are also many that are coming in. Its mostly the corporate offices that are being based here with fewer emplyoees and then the other office in say frankfurt with more employees. But these figures keep changing no depending on where you look
Really anthony? I have been doing research for a paper and its actually true some companies are leaving but then there are also many that are coming in. Its mostly the corporate offices that are being based here with fewer emplyoees and then the other office in say frankfurt with more employees. But these figures keep changing no depending on where you look
Marcy S, Nov 27, 2014 @ 11:29
Is not the whole a question of supply and demand?
When the demand exceeds the supply, then prices rise dramatically with any commodity.
Over here, on the "poor" side of the lake {Leman that is} our prices have also risen dramatically, as those fortunate frontaliers with a G Permit all wish to live within striking distance of the regular CGN Bateaux and available land is taken up with more and more housing.
Is not the whole a question of supply and demand?
When the demand exceeds the supply, then prices rise dramatically with any commodity.
Over here, on the "poor" side of the lake {Leman that is} our prices have also risen dramatically, as those fortunate frontaliers with a G Permit all wish to live within striking distance of the regular CGN Bateaux and available land is taken up with more and more housing.
sheila c, Nov 27, 2014 @ 13:52
Well, here in Fribourg I have noticed a huge demand for housing. I placed an ad to look for a tenant and in less than a week, the regie had already 8 files to choose from... and still counting. It seems there is a shortage of apartment rentals everywhere, and this just increases prices on the long run.
Well, here in Fribourg I have noticed a huge demand for housing. I placed an ad to look for a tenant and in less than a week, the regie had already 8 files to choose from... and still counting. It seems there is a shortage of apartment rentals everywhere, and this just increases prices on the long run.
Jean-Jacques B, Nov 27, 2014 @ 19:53
When the demand exceeds the supply, then prices rise dramatically with any commodity.
I "demand" a house in Geneva too. But I have no capability. This is going to be the reality when interest rates (eventually) normalise. People can demand all they want but when the monthly nut becomes unaffordable they'll keep renting or buy elsewhere.
The same "buy now or be priced out of the market forever" psychology works in reverse; when negative sentament sets in, watch out.
When the demand exceeds the supply, then prices rise dramatically with any commodity.
I "demand" a house in Geneva too. But I have no capability. This is going to be the reality when interest rates (eventually) normalise. People can demand all they want but when the monthly nut becomes unaffordable they'll keep renting or buy elsewhere.
The same "buy now or be priced out of the market forever" psychology works in reverse; when negative sentament sets in, watch out.
richardm, Nov 27, 2014 @ 22:18
so it means switzerland (especially the big cities) are heading towards housing crisis, Rents are increasing and quality is decreasing. new neghbiours are pain in the ass. Buying a house is tooo expensive even in small cantons and a long term commitment
who knows! future would be like this..
so it means switzerland (especially the big cities) are heading towards housing crisis, Rents are increasing and quality is decreasing. new neghbiours are pain in the ass. Buying a house is tooo expensive even in small cantons and a long term commitment
who knows! future would be like this..
waqas s, Nov 27, 2014 @ 22:27
Really anthony? I have been doing research for a paper and its actually true some companies are leaving but then there are also many that are coming in. Its mostly the corporate offices that are being based here with fewer emplyoees and then the other office in say frankfurt with more employees. But these figures keep changing no depending on where you look
Nov 27, 14 11:29
Surely that is going to result in the same thing - fewer employees and therefore reduced demand?
Surely that is going to result in the same thing - fewer employees and therefore reduced demand?
Jim Howard, Nov 28, 2014 @ 14:30