The Swiss housing market has ground to a halt. Estate agents say the rise in interest rates – and therefore mortgage rates – are keeping buyers away.
Michel Fleury, an economist from Raiffeisen bank, points out rates have doubled since the beginning of last year.
Although activity is down – there’s not an appreciable drop in prices, Fleury tells the Tribune de Genève.
The same lack of interest can be seen by institutional investors. Traditionally, pension funds are big property buyers. At the same time, they don’t want to sell the stock they already have.
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