The rise and fall of a pricey Swiss housing market

Cologny saw rapid price increases a few years ago, which triggered a major correction

TRD New York TRD WEEKEND EDITION /
Jun.June 16, 2018 03:00 PM

(Credit: Wikimedia Commons, Pixabay)

The luxurious Swiss town is a buyer’s market for the time being, but the tides can turn quickly as local agents know.

Several years ago, a new policy, forfait fiscal, allowed residents whose business interests were held elsewhere to only pay tax on annual expenses instead of worldwide income and wealth, according to Mansion Global. The introduction of forfait fiscal in part drove people and prices up in Cologny.

“There was a peak in prices from 2011 through 2013 or ’14, then after that there was a real correction,” Dino Moschovis of Cardis Sotheby’s International Realty told the outlet.

Prices fell “anywhere from 15% to 25%, depending on the property,” he continued, due to Brexit and the potential for changes to forfait fiscal. The average house price is just over $10 million while the average apartment goes for around $3 million. [Mansion Global]Erin Hudson


Related Articles

arrow_forward_ios
155 West 11th Street and 1100 Park Avenue (FXFOWLE; Google Maps)

Manhattan luxury market shows tentative signs of activity

Manhattan luxury market shows tentative signs of activity
Clockwise from bottom left: Robert Reffkin of Compass, John Gomes, Scott Rechler of RXR Realty, Rich Barton of Zillow, Gary Keller of Keller Williams and Don Peebles of The Peebles Corporation (Getty)

“America is in crisis:” Real estate leaders address George Floyd protests

“America is in crisis:” Real estate leaders address George Floyd protests
16 Sutton Place (Credit: Google Maps)

Sutton Place co-op in turmoil over terrace fees

Sutton Place co-op in turmoil over terrace fees
Molly Townsend (Getty, iStock)

Ex-Douglas Elliman sales manager Molly Townsend joins Triplemint

Ex-Douglas Elliman sales manager Molly Townsend joins Triplemint
New home listings in Manhattan are up for the 4th week in a row. Contract signings, not so much. (Getty; iStock)

Manhattan resi listings are up while contracts “limp along”

Manhattan resi listings are up while contracts “limp along”
The process for challenging property assessments is so antiquated, officials won’t do Zoom meetings. (iStock)

“A recipe for disaster”: Fighting property taxes in a pandemic

“A recipe for disaster”: Fighting property taxes in a pandemic
102 Prince Street and Jho Low (Credit: Modlin Group; Low by Michael Loccisano/Getty Images for New York Times)

Jho Low’s former Soho condo sells at a discount

Jho Low’s former Soho condo sells at a discount
(Credit: iStock)

Loan applications to buy homes rise for fifth week

Loan applications to buy homes rise for fifth week
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...