Switzerland, renowned for its picturesque landscapes and high quality of life, also hosts some of the most competitive housing markets in Europe.
At the end of 2023, there were 1.79 million buildings with residential use and 4.79 million apartments in Switzerland. Switzerland is a country of tenants: the vast majority of households live in rented accommodation (2.4 million). In contrast, a good third of households live in their own four walls, with the proportion of owners declining slightly in recent years. In 2022, there was an average of 2.2 people per home. In 1970, there were still 2.9 people per home.
In 2022, the average rent for 3- to 4-room apartments amounted to CHF 1,478 per month. Average rents were highest in the cantons of Zug, Zurich and Schwyz, and cheapest in the cantons of Jura and Neuchâtel. Rents also vary greatly depending on the location and characteristics of the rental property.
With its urban charm surrounded by a beautiful nature, cities such as Basel, Zurich, Lucerne, and Bern are popular destinations for both locals and expatriates. However, house hunting in these cities poses unique challenges. In general, in Zurich there are the highest rents to pay, followed by Geneva and Basel. An underrated but upcoming city with affordable prices is certainly Biel, or Bienne – as its one of the communities with two official languages (German and French). It’s lying on the east end of the Bieler lake which is part of the three lakes region and lies below the Jura mountains. That gives this city the same attraction as Zurich with its big range of outdoor activity opportunities. It has a picturesque old city with a nice night life, hosting various cultural events. So, if you are free in choice, or Biel is an option, I recommend taking a look at it.
In the following you find some basic information about the 10 biggest cities in Switzerland.
1. Zurich: Switzerland's Financial Epicenter
Pricing: Zurich boasts the highest real estate prices in Switzerland, driven by its status as an economic powerhouse. With an influx of international businesses and expatriates, rental and purchase prices are among the highest in the country.
Supply and Demand: The demand significantly outstrips supply, exacerbated by Zurich's appeal as a global city. Finding affordable housing can be a challenge, especially in the more desirable neighborhoods.
Availability: Despite ongoing construction projects, high demand means that properties are snapped up quickly, often before they even hit the market officially.
2. Basel: The Growing International Hub
Pricing: Basel's proximity to international borders makes it a popular spot for both Swiss residents and cross-border commuters. Commuters live in the cheaper French and German communities next to Basel, but often wait for a good opportunity to change their place of residence from “abroad” to “Swiss”. Housing prices have seen a steady increase. The average rental prices for apartments are slightly lower than Zurich but can still be quite high, especially in the city center.
Supply and Demand: With a strong pharmaceutical and finance sector presence, demand in Basel is consistently high, leading to tight competition for available properties.
Availability: The supply of new housing is limited due to geographical constraints and strict planning regulations, making available properties a sought-after commodity.
3. Lucerne: The Picturesque Yet Tricky Market
Pricing: While generally more affordable than Zurich or Basel, Lucerne's prices are rising due to its appeal as a scenic and cultural hub. The balance of affordability and beauty makes it an attractive option for many.
Supply and Demand: The smaller size of Lucerne means fewer properties are available, creating a competitive market. The demand for properties with scenic views and proximity to the lake further drives up prices.
Availability: The city’s efforts to preserve its historical charm can limit the amount of new construction, impacting housing availability.
4. Bern: The Laid-back Capital
Pricing: Bern offers comparatively lower pricing options than Zurich and Basel, although prices have been climbing steadily. It provides a more budget-friendly option for those wanting to live in a city environment.
Supply and Demand: The demand for housing in Bern is stable, reflective of its role as the administrative capital. However, affordability attracts people from more expensive cities, increasing competition.
Availability: Generally better availability compared to Zurich and Basel, but the market can still be competitive for properties in prime locations.
5. Geneva: The International Spotlight
Pricing: Known for its high cost of living, Geneva's housing market is one of the priciest in Switzerland. The presence of numerous international organizations and multinational companies inflates demand, resulting in high rental and purchase prices.
Supply and Demand: Demand consistently outpaces supply due to the city’s global appeal, resulting in a competitive market where properties, especially those in desirable areas, are quickly taken.
Availability: With limited land for expansion and strict zoning regulations, the availability of new housing is restricted, making it difficult for newcomers to find suitable accommodations.
6. Lausanne: The Cultural and Academic Hub
Pricing: Lausanne offers relatively high real estate prices, influenced by its role as an educational and cultural hub, along with its picturesque setting on Lake Geneva.
Supply and Demand: The presence of universities and international companies drives a robust demand for housing. This demand, coupled with a limited supply of new builds, tightens the market.
Availability: The market is competitive, with good availability for higher-end properties but limited options for more affordable housing due to high demand from students and professionals.
7. Winterthur: A Quiet Residential Option Near Zurich
Pricing: Winterthur provides more affordable housing compared to Zurich, making it an attractive option for those commuting to the larger city. Prices are lower, reflecting its more residential and quiet nature.
Supply and Demand: The city’s proximity to Zurich increases demand, especially for families and young professionals seeking more space at a lower cost.
Availability: Generally better availability than Zurich, though demand continues to rise as more people look for quieter living environments near major urban centers.
8. St. Gallen: The Eastern Gem
Pricing: St. Gallen offers some of the most affordable housing options among Switzerland’s larger cities, appealing to those who prioritize affordability and a smaller city feel.
Supply and Demand: Demand is moderate with a stable local economy, largely driven by the education and service sectors. Less competition than in western Swiss cities, yet growing interest could tighten availability.
Availability: Good availability with ongoing development projects aimed at increasing housing stock.
9. Lugano: The Swiss-Italian Charm
Pricing: Situated in the Italian-speaking canton of Ticino, Lugano features slightly more affordable prices compared to other major Swiss cities. However, its appeal as a picturesque and cultural spot can drive prices in central areas.
Supply and Demand: The blend of Swiss quality of life with Italian culture creates a unique demand, particularly among retirees and expatriates seeking a Mediterranean climate.
Availability: Availability is generally good, though like other scenic areas, prime locations can be competitive.
10. Biel: The Bilingual Bridge
Pricing: As a bilingual city (German and French), Biel offers affordable housing options compared to larger Swiss cities, attracting a diverse population.
Supply and Demand: Moderate demand with a strong industrial and watch-making sector driving the economy. Its affordability and cultural diversity are key attractors.
Availability: Reasonably good availability with ongoing housing development initiatives to cater to a growing population.
Conclusion
When it comes to house hunting in Switzerland, understanding the nuanced dynamics of each city is crucial. Geneva and Zurich lead with high prices and demand, making the market highly competitive. Cities like Basel and Lausanne also present challenges with high demand and limited supply, although they offer different lifestyle attractions. Lucerne, with its natural beauty, commands increasing prices, while Bern provides a more affordable market with its own competitive aspects. Meanwhile, cities like Winterthur, St. Gallen, Lugano, and Biel provide more affordable options with varying levels of demand and availability based on their unique local attractions and economic drivers. Depending on your priorities, from proximity to work to lifestyle preferences, each city offers different advantages and challenges for house hunting. And don’t forget, a lot of people in Switzerland are commuting, which is totally doable due to the functioning public transport system.
For house hunters, understanding these dynamics is crucial in navigating the Swiss real estate landscape. Successful house hunting requires patience, flexibility, and often local assistance to find the best opportunities.
The following chart gives you an idea about the approximately rents to pay in several Swiss cities.
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