Expats cause demand for properties and rent prices in Switzerland to increase
Real estate consultants in Switzerland are reporting a higher demand for property, particularly in the popular Lake Geneva and Zurich regions, along with a steady increase of inward migration from abroad has pushed rent prices higher.
An increase of 2.3% was recorded for the average rent price in 2012, and a further increase of 1.6% is forecast for 2013. It is expected that the increase in rent should slow down due to an increase in property construction, a measure that was introduced to meet the demand for properties as a result of the increased population.
It is also reported that since 2005 average rents have risen by 25%, which has initiated an increase in people buying houses rather than renting, although this is not always a realistic option for expats who are working in the country for a designated length of time. Switzerland has also seen an upwards curve for buy-to-let investors who are seeing the increase in average rent as an opportunity too good to miss.
Switzerland has long been an attractive destination for migrants due to the tax regime that promotes and encourages business and a corporate environment, along with being the wealthiest contry in the world in terms of per capita. Zurich was ranked as the worlds 2nd highest quality of life in a 2012 report by Mercer, falling just behind Vienna and above Auckland.
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