Swiss laws restrict foreigners who do not hold residential permit to
buying vacation properties only in designated areas. Fortunately
these areas are where tourists want to buy. You can buy apartments and individual houses
which we call villas, although most people prefer apartments because of their
price and convenience.
PPE or Propriété Par Etage - Ownership by Floor - is the Swiss
name for condominiums. You own your apartment, garage and cellar plus a share of the
common parts of the buildings. You have to pay charges every year to cover maintenance of
the building as well as the purchase price.
Swiss law allows people to buy apartments in special buildings which
are half-hotel, half-residential housing. The deal involves your buying an apartment but
allowing the hotel manager to rent it to other people when you are away. This is a system
which is losing popularity and we advise our customers to avoid it as it involves more
constraints and hassles than it's worth.
For a simple studio without any special view, the minimum price is
around SFR 100,000; for a good three-room flat with a good view, you'll pay around SFR
400,000. The best locations usually command prices in excess of SFR 800,000. Keep in mind
that Swiss buildings are built to last centuries and that you can resell later.
Prices are very low right now, following a speculative bubble which
burst in the late 80's. So you have to keep in mind that some owners will be selling to
you at less than what they bought a few years ago, and so they won't be eager to lower the
price any further. At these prices, property here makes an interesting investment.
In Vaud and Valais, we count each bedroom and the living room as one
room a piece. So in a 3-room flat you will get 2 bedrooms, a living room, one or two
bathrooms and a kitchen. In Geneva and some other cantons, the kitchen counts as a room if
it's big enough. Rooms in average apartments will be around 15 square meters, that is,
about 160 square feet. So first ask for the surface and then room disposition.
1 square meter is about 10 square feet, so if you think in feet just
multiply the area by 10.
Many people from the USA or Japan like to live in new
buildings. There are many apartments for sale in new buildings, but you should realize
that in Europe old buildings command the best location and generally have more character.
The important question is: has it been renovated recently?
You will always have either a cellar or an attic attached to your
apartment. If it is possible, we advise you to buy a parking place or an indoor garage -
they usually cost between SFR15,000 and SFR 25,000 each - even if you don't drive, in case
you want to resell and the next owner needs it. Every recent Swiss building also has a
mandatory nuclear shelter, complete with food supplies and air filtering systems because
of fear of the Russians during the Cold War.
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