Residential property prices soar in Zurich and Geneva

Hike in property prices over the past five years have made home ownership a luxury, according to a UBS study published on Tuesday. Buying your own home in Zurich costs almost 25% more in real terms than it did five years ago, the highest increase of any European city according to the UBS bank. Over the last four quarters, the Swiss business capital also recorded one of the highest rent increases (+25%) of all the cities evaluated in the study. + Get the most important news from Switzerland in your inbox "Due to the limited availability of property, home ownership in Zurich is increasingly seen as a luxury good," note UBS analysts. They estimate that only 15% of the population is in a position to buy a property. In Geneva, house prices have risen by 10% over the past five years, "but have stabilised over the last four quarters", said the experts. On the shores of Lake Geneva, "rents have risen more strongly than incomes over the last four quarters", they noted. Zurich real estate ...