{
  "id": 17086232,
  "title": "Immobilienmarkt: Die Städte exportieren ihre Probleme aufs Land und in andere Kantone",
  "url": "https://urgent.news/2026/10/29/immobilienmarkt-die-stadte-exportieren-ihre-probleme-aufs-land-und-in",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-29T16:00:00.000Z",
  "source": {
    "name": "NZZ Wirtschaft",
    "slug": "nzz-wirtschaft",
    "url": "https://www.nzz.ch/wirtschaft/immobilienmarkt-die-staedte-exportieren-ihre-probleme-aufs-land-und-in-andere-kantone-ld.10045852"
  },
  "original_language": "de",
  "account": "In the Swiss real estate market, cities are exporting their problems to rural areas and other cantons. Despite a surge in construction, prices for homes continue to rise, though at a slower pace. In Zurich district 4 and St. Johann in Basel, it's common for vacant apartments to go unfilled for short periods, only to be taken back by the administration. Interested parties submit online applications with proof of income, bank statements, and a cover letter in hopes of securing a home. However, with nearly zero vacancy rates, few are accepted. The NZZ.ch website requires JavaScript for essential functions, which many browsers and ad-blockers currently block.\n\nThe rental market in many Swiss cities is not improving: rental prices nationwide were 1.9 percent higher in the third quarter of 2026 than the previous year, and are expected to rise by just 0.9 percent in 2027. This trend is driven by declining net immigration and robust construction activity. In most regions, the trend of rising rents continues. However, Zürich stands out as an exception, with the number of available rental apartments dropping by about 2 percent over the past year. But this is not a cause for celebration. Rather, it's a case of displacement. Nevertheless, Zürich remains the most expensive rental market in Switzerland. The slight decline is due to two main reasons. First, more people are looking for homes in the metropolitan area or neighboring cantons, where supply is better. Second, rents for new apartments have reached a ceiling; few tenants can afford higher prices. Those seeking to buy own homes, whether apartments or houses, have even fewer chances. Home prices rose by 5 percent compared to the previous year. For 2027, economists expect a further increase of over 3 percent in both segments. Several factors keep the boom alive: a robust economy and a strong stock market. Wüest Partner expects employment to grow by 1.4 percent in 2027. Simultaneously, the rise in the stock market provides wealthy households with significant capital gains, often used as down payments for property purchases. Low-interest mortgages remain feasible, with Swiss National Bank keeping the benchmark interest rate unchanged this year. As a result, capital flows into highly competitive market for investment properties and single-family homes. But where are those unable to compete in housing sales? An often overlooked metric provides the answer. Normally, the number of households grows in sync with the population. However, in the last three years, this balance has been disrupted. With limited affordable housing near central locations, population growth no longer closely aligns with new housing construction. People are increasingly living closer together in existing homes. Young adults are staying longer with parents, while separated couples continue to share a home. Cohousing has become the norm due to a lack of alternatives. Between 2023 and 2025, for every new household, an average of 2.1 people were added, compared to 1.65 before the housing crisis. Wüest Partner concludes that roughly 20,000 to 30,000 household formations have been delayed in the last three years. However, demand is far from disappearing. Once more housing becomes available, the demand will become noticeable again. The scarcity of supply and high prices are pushing people out of central areas: Zürich loses about 3,500 net residents to other cantons each year. The largest share goes to Aargau, followed by Thurgau and Schaffhausen. For several years, Zürich welcomed more immigrants from the rest of Switzerland, but today mainly 15-34 year olds either leave or don't move there at all. The cities may not become empty, as Zürich still experiences a net immigration of about 19,000 people annually. However, highly skilled workers are moving abroad. The pressure on peripheral regions remains high. They pay the price as the duration of rental apartments in Aargau, Thurgau, and Schaffhausen halved in three years. Rents increased there by up to 17 percent, significantly higher than the national average. It's clear that the centers are exporting scarcity to other regions. While construction has seen a slight improvement this year, a total of around 45,000 new apartments are expected in 2026, and around 50,000 in 2027. Investments in multi-family buildings are also expected to increase nominally by 10 percent in 2027. However, this apparent growth hides a noticeable increase in costs: while construction labor costs were modest at 1 percent in spring 2026, material prices rose by 1.9 percent in August, and energy and fuel costs surged by 9.2 percent.",
  "summary": "Ein scheinbares Paradox prägt den Wohnungsmarkt: Dieses und vor allem nächstes Jahr wird deutlich mehr gebaut. Trotzdem steigen die Immobilienpreise ungebremst weiter. Bei den Mieten flacht der Anstieg höchstens leicht ab.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}