ORDINARY mortals find the cost of a single pizza in Switzerland staggering – friends reported having to pay SFR50 for one in Verbier a few weeks ago. Indeed, with the Swiss franc having appreciated by 20 per cent against the euro in the last 12 months alone, the Swiss economy has felt the effects on trade and tourism.
But for property hunters and sellers, the pegging of the soaring Swiss Franc to the euro last week was a comfort. Agents have reported a surge of life in the property market, a slew of good properties coming to market – and interest from buyers, too.
Alex Koch de Gooreynd, of Knight Frank’s Swiss desk, says: “Until now, those looking to sell have apparently been worried that they would have to reduce their asking prices significantly to balance out the issue with the exchange rate.”
A property costing a certain amount last week now costs a fraction this week: “If a British buyer were looking to purchase a property costing 20m Swiss francs late last year, it would have cost them around £12.5m. Buying the same property a week ago, before this move by the authorities, would have cost them closer to £17m or £18m. The capping of the franc last week means that same property would now cost just under £14.3m.”
Jeremy Rollason, managing director of Savills’ Swiss Associate, Alpine Homes, commented: “Tuesday’s decision is welcome news for European buyers who have been put off, or have been holding off investing in Switzerland because of the Swiss Franc’s strength.”
We’ve chosen some of the most appealing properties to consider now that prices have sunk.
EMERALD LIVING, LUGANO
Nestled on the slopes of Monte San Salvatore, enjoying dramatic views of Lugano and its lake. Contact: www.knightfrank.com/switzerland, tel: 020 7629 8171
ALPHA GRAND DUC, NENDAZ
Spacious three-bedroom apartment in a chalet located in the heart of Nendez, with gorgeous mountain views and close proximity to the shops and restaurants of the resort. Contact: Savills, www.alpinehomesintl.com, tel: +41 27 323 7777
Indoor pool and spa, wine cellar, cinema room, billiards room and an ultra-luxe contemporary look created by mature timber, granite, slate and upholstered leather. Contact: Savills, www.alpinehomesintl.com, tel: +41 27 323 7777
PETIT-SACONNEX, RIGHT BANK, GENEVA
A 5 bedroom property with staff accommodation and swimming pool located in the highly sought after leafy suburb of Geneva’s right bank. Contact: Knight Frank, www.knightfrank.com/switzerland, tel: 020 7629 8171