Zurich: Prices for residential properties rise sharply
Statistics City of Zurich has taken a close look at the transactions of residential buildings in the city. In the last ten years, prices have doubled, the analysis shows.
According to Statistik Stadt Zürich, the evaluation of residential property transactions in the city in the years between 2008 and 2018 (mid-year) shows strong price growth. Especially from 2008 to 2012 and again since 2015, a striking upward trend could be observed. However, prices have developed differently in the city quarters.
The average price of residential properties (excluding new buildings and condominiums) in the city of Zurich is currently CHF 11,000 per square meter of floor space. This is the result of an analysis of nearly 2,800 changes of ownership from 2008 to 2018, of which 91 are from the current year. The median price per square meter of floor space more than doubled between 2008 and May 2018, the statisticians report. "The continuing very low interest rates in combination with the high demand for housing thus seem to have a strong impact on the city of Zurich's real estate market," the city concludes.
Comparing the median price per square meter of floor space from 2008 to 2012 with the median price from 2013 to 2018 shows a 32 percent increase citywide. The increase in prices per square meter of floor space was particularly high in districts 1 and 6, with an increase of 75 percent in district 1, but this figure is based on relatively few transactions, according to Statistik Stadt Zürich. More changes in ownership and also above-average price increases were observed in the neighborhoods of Unterstrass (+50%), Oberstrass (+47%) and Wipkingen (+46%). (ah)
