New-build flats in Zurich mainly go to locals not ‘rich expats’
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New-build flats in Zurich mainly go to locals not ‘rich expats’
Most new-build flats in canton Zurich go to existing residents, not to so-called "rich expats". This is shown by a study on the housing shortage, which was published on Friday.
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Only 8% of new-build flats in canton Zurich are rented to foreigners who are new residents; 92% are rented to locals – mainly to people from the same neighbourhood or the surrounding region.
These are the findings of a residential survey conducted by the opinion research institute Sotomo on behalf of the Zurich Chamber of Commerce. This is because the Swiss have more opportunities to explore the housing market. This also means that they become aware of new construction projects in their own neighbourhood.
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‘Rich expats’ in overpriced flats
The “rich expats” often have little time to look for accommodation and are not familiar with local conditions. They are also used to the high prices of international metropolises.
“They then take the overpriced, completely renovated flats and are ripped off by landlords,” said opinion researcher Michael Hermann at the presentation of the study to the media. In the Zurich area, completely renovated flats are 25% more expensive than new-build flats.
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However, it is not only newcomers from rich countries who end up in overpriced renovation projects due to a lack of alternatives. “Those from poorer countries also pay more rent than the Swiss,” Hermann continued. Obviously, there are hurdles on the housing market for newcomers without a Swiss passport, he said.
According to study author Hermann, new builds do not lead to the displacement of the local population. “On the contrary, new buildings are the prerequisite for less displacement.”
Translated from German by DeepL/ts
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