The rise and fall of a pricey Swiss housing market
Cologny saw rapid price increases a few years ago, which triggered a major correction
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