Why is Switzerland a Great Location for Purchasing a Property?
Switzerland is a very stable country, which provides high standards of living. Recently, a new study has revealed that Switzerland also represents a great location for persons who want to purchase a property (with an emphasis on the first time buyers). Persons who are taking into consideration to purchase a property in Switzerland should accomplish a set of specific steps stipulated by the local legislation. At the same time, our team of lawyers in Switzerland also recommend performing the due diligence procedures prior to the transaction itself, to verify if the respective property may have any hidden flaws.
Purchase a property in Switzerland
Those who are taking into consideration the acquisition of a property in Switzerland should know that the country is one of the best locations for this action, due to an increase in the level of salaries (increase of 2.5%). At the same time, buyers should know that the average prices have decreased by 0.68%. Overall, the level of salaries in Switzerland is one of the highest at a European level, varying from CHF 43,000/year to CHF 273,000/year.
Our team of attorneys in Switzerland can offer an in-depth presentation on the main rules of law related to the employment contract.
Another relevant aspect which makes Switzerland a great location for purchasing a property refers to the fact that the interest rates on mortgages is very low, of only 1.5%, applicable for a contract of ten years.
An important aspect related to the property market in Switzerland is that only a small percentage of the population owns real estate here (30%), as most of the persons prefer to rent the place they are currently living in.
The cost of properties in Switzerland
Those who are interested in opening a company in Switzerland in the field of real estate could have good business prospects here. The price of a property accommodating a family in Zurich was estimated in 2016 at CHF 1.62 million.
The price of an apartment in Zurich is estimated at CHF 11,250/square meter, while in Genoa the price is estimated at CHF 11,710.
Before purchasing the property, it is necessary to verify the provisions of the sale/purchase contract, but also to start the due diligence procedures. However, it is important to know that due diligence is a recommended procedure, as the Swiss legislation does not impose it to local or foreign buyers.
Persons who are interested in finding out more details on how to purchase a property in one of the Swiss cities are invited to contact our law firm in Switzerland.