Second-Home Markets: The Cultural Capital & Global Appeal of Zürich
A stable economy, a healthy attitude toward work-life balance, and endless cultural goings-on make this city in Switzerland an attractive location for a second or third home
In the “A to Z” of international cities, Zürich may linger toward the bottom of the list alphabetically, but this compact urban center in Switzerland consistently ranks in the upper echelons of global quality-of-life surveys. Housing the headquarters for a large concentration of private banks and luxury brands, it is also home to journalist, tastemaker, and Monocle magazine editor-in-chief Tyler Brûlé, who famously splits his time between London and the Swiss financial capital. But there is so much more to this attractive city on the banks of the Limmat river. Long a magnet for artists and intellectuals, Zürich’s cultural capital endures.
Where to get a culture fix
Reasons to visit this year include an early look at David Chipperfield Architects’ long-awaited extension to Kunsthaus Zürich, the venerable modern art museum on Heimplatz, the city center square that’s also home to the Schauspielhaus theater, making the area a “gateway to the arts.” The annual Zürich Film Festival (September 27–October 7, 2018) is another cultural highlight, attracting more than 98,000 visitors in 2017.
Over in Zürich-West, designers, artists, and independent retailers have transformed the former industrial zone into a creative neighborhood filled with fashion, homeware, and furniture boutiques. Dotted with cafés and restaurants, and bookended by the buzzy IM VIADUKT market hall and the charming Frau Gerolds Garten, Zürich-West is a model of urban regeneration that draws comparisons with trend-setting Brooklyn and East London.
Where to stay
The picturesque Old Town, with its cobbled streets and chic boutiques, still thrums with the avant-garde spirit of Dada, whose founding artists found refuge, community, and a new artistic movement in the notorious Cabaret Voltaire. Just steps from the fabled venue—still thriving with exhibitions and performances—is the Marktgasse Hotel Zürich, a hip boutique property in a historic 600-year-old structure, and home to one of the city’s best cocktail lounges, Baltho Bar. The spacious rooms have a modern, understated, Scandinavian-inspired aesthetic that sits in a surprisingly harmonious contrast with the architectural quirkiness of the centuries-old building.
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Art lovers can also get a dose of culture at Art in the Park, an exhibition hosted annually since 2003 by the historic Baur au Lac hotel, one of the oldest five-star hotels in the world, on the shores of Lake Zürich. Family-owned for six generations, the pristine white villa with its lush gardens, Michelin-starred restaurant, and vintage Rolls-Royce Phantom has hosted artists, writers, royalty, and performers, including Audrey Hepburn and Sophia Loren. Coinciding with the start of Art Basel (June 14-17), this year hotel guests and visitors to Art in the Park can view sculptures and installations by artist Donald Baechler, whose work is part of several major collections including at the MoMA and the Guggenheim in New York.
Related: Visit a Hotel in Zürich that has Housed Famous Guests
Where to dine
For a city with a relatively low population, there is an abundance of excellent restaurants, from Michelin-standard to traditional brasserie style, and plenty of authentic local options.
Herbert Wüst, owner of Wüst und Wüst AG, the exclusive of affiliate of Christie’s International Real Estate in Zürich, has been a resident for more than 35 years. He nominates the storied Kronenhalle as one of his favorites. Open since 1924, the traditional bar and restaurant was known as a meeting place for luminaries of the day, including Coco Chanel, Pablo Picasso, Alberto Giacometti, and James Joyce.
Related: Find Out Why Zürich is One of the World’s Greenest Cities
Also in the Bellevue area and just steps from Kronenhalle is the Odeon café, a buzzy Art Deco room with an equally starry history, where customers can while away an afternoon over coffee, debate, and people watching. And in Helvetiaplatz, a much more contemporary dining experience awaits at Bank—a restaurant, bar, and bakery on the site of a former bank, where the kitchen turns out inventive sharing plates accompanied by exquisite made-on-site bread.
Why stay longer
Wüst praises the city for its quality of life: “Zürich has so many advantages—it’s close to the mountains and lakes, world-class medical and wellness facilities, and a very high number of excellent international schools.”
Zürich has so many advantages—it’s close to the mountains and lakes, world-class medical and wellness facilities, and a very high number of excellent international schools
The annual Mercer Quality of Living survey, which ranks destinations for expat employees, placed Zürich in second place for 2017 and 2018, after Vienna. Its safety, natural spaces, well-served international airport, and stable economic backbone continue to attract businesses, including health and biotech, communications, entertainment, software, and fintech enterprises.
This kind of growth is having a positive effect on the property market, says Wüst, with stable prices being achieved for older villas in the Zürichberg and Dolder areas, as well as modern new builds in the suburbs and around Lake Zürich.
And while Switzerland’s Lex Koller law puts a number of restrictions on non-Swiss nationals wanting to buy a home, owning a second or vacation home is possible with special permission and on meeting a variety of factors concerning occupancy and surface area. Knowing the ins and outs of Lex Koller is a fine art in itself, and it’s worth seeking advice at the start of any property search.
