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The luxury real estate sector in Geneva is not experiencing the effects of the Covid-19 health crisis. Since 2019, this buoyant sector has continued to grow in properties such as villas, buildings and office space.
Despite the Covid crisis, luxury real estate sales continue to climb in Geneva and are causing the market to soar. Indeed, according to data compiled by the RTS programme “TTC”, all luxury real estate sales have reached the record sum of 9 billion francs, representing an increase of 62% between 2019 and 2021.
For example, a sumptuous villa located a few metres from the village of Cologny, the Villa Courbe, which overlooks Lake Geneva, was sold for 60.5 million francs last September. Designed by the South African architectural firm Saota, this villa illustrates a market boosted by the health crisis.
In another example, Thierry Stern, CEO of the luxury watchmaking company Patek Philippe, acquired a villa of over 770 m² in Chêne-Bougeries for 52 million francs lea aquí. Houses like Rolex are investing in real estate, to the tune of 363 million francs in 2021. The Rotschild bank has acquired several buildings in the new Etang district for 138 million francs.
“The health crisis has boosted the high-end residential market both in terms of valuation and demand,” said Maxime Dubus, Director of SPG One – Christie’s International Real Estate. Also according to Dubus, for properties valued between 10 and 20 million francs, there were 8 transactions in 2020 compared to 22 transactions in 2021.
This performance can be explained by the fact that Switzerland has been spared certain strict measures, unlike its neighbours, according to Valentine Barbier-Mueller, Director of SPG One.
“It is a niche market, we are talking about unique properties. Who can say what a house or a castle is worth? They are worth what the buyers are prepared to pay”, adds Valentine Barbier-Mueller. This real estate “madness” is not ready to stop growing.
Read also > LUXURY REAL ESTATE OFFERS IN MANHATTAN EXPLODED IN JANUARY 2022
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The luxury real estate sector in Geneva is not experiencing the effects of the Covid-19 health crisis. Since 2019, this buoyant sector has continued to grow in properties such as villas, buildings and office space.
Despite the Covid crisis, luxury real estate sales continue to climb in Geneva and are causing the market to soar. Indeed, according to data compiled by the RTS programme “TTC”, all luxury real estate sales have reached the record sum of 9 billion francs, representing an increase of 62% between 2019 and 2021.
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The luxury real estate sector in Geneva is not experiencing the effects of the Covid-19 health crisis. Since 2019, this buoyant sector has continued to grow in properties such as villas, buildings and office space.
Despite the Covid crisis, luxury real estate sales continue to climb in Geneva and are causing the market to soar. Indeed, according to data compiled by the RTS programme “TTC”, all luxury real estate sales have reached the record sum of 9 billion francs, representing an increase of 62% between 2019 and 2021.
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