May 11, 2015 / Market Insights

Market Spotlight: Zürich, Switzerland

As part of our Luxury Defined report, we spotlight a Global Economic Hub: Zürich, Switzerland

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Switzerland’s largest city, Zürich is a major global financial center and consistently ranks as one of the cities with the best quality of life in the world. As home to numerous Swiss banks and the Swiss Stock Exchange, Zürich is a hub for HNWIs, both as a primary residence and as a place to frequent for business. Due to strict overseas ownership laws, however, non-resident international buyers are unable to purchase a second home in the city.

Spectacular Penthouse, Zurich, SwitzerlandSpectacular Penthouse, Zurich, Switzerland

“There has been high pressure on the market due to historically low interest rates, although newly onerous buying and financing restrictions have slowed opportunities for robust luxury market growth,” says Michael Blaser of Wüst und Wüst, noting that prices have remained high, particularly in the city’s downtown areas.

A recent influx of newly constructed high-end apartments in the downtown area have inundated inventory, although the planning for new developments has slowed. “We currently have more supply than demand — this should lead to attractive conditions for buyers,” added Blaser.

 
 What defines luxury:  $4 million+
 Record sale price in 2014:  $18.9 million
 Highest square foot sale price in 2014:  $2,541
 Average days on market for luxury homes:  200

 

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