Market Trends of Switzerland Luxury Residential Real Estate Industry
Existing Home Sales Witnessing Strong Growth
Existing home sales, including single-family homes, townhomes, condominiums, and cooperatives, account for more than 85% of the market. Meanwhile, new home sales represent the remaining 15% of the market. The sales of existing homes are measured nationwide.
According to the National Association of Realtors, the sales are varied by price ranges. In 2021, most of the sales saw significant growth in price range by more than 42%.
Furthermore, sales of existing homes are leveraged by increasing first-time buyers, investor interest, cash sales, etc. Also, in 2022, more sales were registered as compared to 2021, with month-on-month growth of 6.7% and year-on-year growth of more than 2.3%. where the median sales price accounts for a growth rate of 15.4% compared to 2021.
Demand For Housing Market To Remain Elevated
The pandemic had a significant impact on the residential real estate market, but despite this disruption, the housing market is resilient, with rising home ownership in this sector.
Also, in the fourth quarter of 2021, there were enough housing units to meet consumer demand. More than 89% of these units were occupied by owners or renters.Additionally, the majority of the country's older and middle-aged citizens contribute to the sector's sales.For instance, people aged 45 to 65 will account for more than 70% of homeownership rates in the country in the first four quarters of 2021.
Most of the demand in this sector comes from condominiums and apartments. Apartments are likely to dominate the sector when compared to condominiums. Because more than 10,000 apartment units will be completed in Q2 2021, which is more than condominiums.
