Press Release: Swiss house prices increase as permit rules are set to...

Press Release: Swiss house prices increase as permit rules are set to change

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House prices in Switzerland have increased this year by more than 4%, according to figures from the Swiss National Bank.

Single-family homes increased by 4.5% in the year from January 2009, and resale rental apartments rose 4.3%.

Andrew Hawkins, head of international at Chesterton Humberts, believes these increases stem from:- a controlled market where ownership is highly regulated and a corresponding level of supply and demand. Switzerland didn’t have a price boom, unlike markets such as the UK or Spain.

“The continued interest from non-resident foreigners has kept house prices rising at a manageable amount. Also, as the economic crisis hit, locals transferred overseas investments into the more stable local property market, driving prices up at a steady level.”

While Switzerland has traditionally been difficult to buy into because of the federal government’s system for issuing permits, from 2010 each canton will have the power to set its own foreign property laws.

“Giving cantons the responsibility for making their own property acquisition rules is a positive for foreign buyers,” says Andrew. “We expect faster transfer times for property titles, making property ownership easier and therefore more desirable, so we expect that prices will continue to steadily increase.”

Chesterton Humberts sells a range of property in Switzerland, including:

Resale apartment in Ovronnaz, Canton Valais, Switzerland

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A three-bedroom duplex apartment constructed in traditional Swiss style and finished in 2005. This is part of the popular Les Chalets de Marie development and located right in front of the thermal spa, two kilometres from the ski slopes.

Price: CHF 878,308 (approx. UK£490,960).

Fully furnished chalet, Vercorin, Canton Valais, Switzerland

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A three-bedroom chalet designed in traditional Swiss style, with modern interiors. This chalet is located in one of the highest spots in Vercorin and offers unparalleled views over the Rhone Valley from Sierre to Sion. The chalet has two terraces, including one with jacuzzi.

Price: CHF 2,000,000 (approx. UK£ 1,118,637).

For more information, please contact: Chesterton Humberts  Tel: 020 3040 8210 or Web: www.chestertonhumberts.com