Despite its high cost of living, Zurich is a fantastic place to reside. However, the population's purchasing power remains strong due to competitive salaries. Housing, on the other hand, is a significant concern when relocating to Switzerland. What is the real estate market like in Zurich? How can I efficiently find accommodation?
Zurich is among the top choices for expatriates in Switzerland, primarily due to its vibrant financial, pharmaceutical, and information and communication technology industries.
Real estate prices in Zurich
According to the Swiss Federal Statistical Office, the rent index in Switzerland increased by 1.5% in 2022, followed by a 1.6% rise in 2023. Forecasts suggest that this trend will be even more pronounced in 2024.
As expected, Zurich remains one of Switzerland's most expensive cities for housing. What are the latest real estate market statistics for Zurich?
The median monthly rent for a house in zurich
Based on data compiled by RealAdvisor, the median monthly rent for houses in Zurich is CHF 4,180.
The median annual rent per square meter in Zurich is CHF 431. For instance, renting a 100-square-meter apartment would amount to CHF 3,591 per month (median price).
Median monthly rent for an apartment in zurich
The median monthly rent for an apartment in Zurich is CHF 2,200. The median annual rent per m² in Zurich is CHF 487.
To give you a clearer idea, here are the median monthly rents concerning the number of rooms in a given apartment:
- 2-room apartment CHF 2,400;
- 3-room apartment CHF 2,900;
- 4-room apartment CHF 3,600;
- 5-room apartment CHF 4,400.
Good to know:
Although rents are high overall, there are variations by neighborhood.
Neighborhoods in Zurich
The most popular neighborhoods in Zurich, based on the availability of rental properties, are Altstetten, Oerlikon, and Seebach. Altstetten is situated near Zurich's historic center, whereas the other two are located a bit farther away.
The least expensive districts
The most affordable districts for renting in Zurich are Saatlen, with a median price of CHF 327 per square meter per year, along with the districts of Schwamendingen-Mitte and Affoltern. These areas are typically situated between 20 and 40 minutes away from Zurich's historic center via public transportation.
The most expensive districts
The priciest properties in Zurich are predictably found near the historic center, particularly in postal codes 8008, 8003, and 8001. In the lakeside district of 8008 Zurich, the median price is CHF 585 per square meter per year.
Numerous residents are willing to commute a significant distance from Zurich to secure slightly more affordable rental prices. For instance, the city of Zug, which is approximately a 30-minute public transport ride from Zurich, is quite popular. Due to traffic conditions, the commute time to work is often comparable to living within the city itself.
How to find accommodation in Zurich
What does your employment contract say about housing?
If you plan to relocate to Switzerland, your contract may include housing assistance provisions or rent compensation. If not, considering the rising costs of property in Zurich, it would be advisable to discuss this matter with your employer.
In terms of securing accommodation, typical expatriate contracts often involve the services of a relocation agency, which provides various support services to assist you in settling into the country, or the guidance of a real estate agent to navigate the process.
Define your search criteria
To increase your chances of success, it's advisable to conduct thorough research on the real estate market and clearly define your search criteria in advance. Consider factors such as location and proximity to your workplace, nearby amenities and services, budget constraints, and more.
While budget is a crucial factor, it's important not to overlook the other criteria that contribute to a pleasant living experience in a particular location.
Check out real estate agencies and websites
Keep an eye on specialized real estate websites, such as:
Another option is to explore the RealAdvisor website, which consolidates listings from various real estate agencies.
Hiring a real estate agent is a common practice in Switzerland. In Zurich, their fees typically range from 6 to 10% of the annual rent paid by the tenant to the landlord.
Get help from expat groups or online forums
Utilize your personal and professional connections in Zurich—inform your friends, colleagues, and business contacts of your housing search. They might offer recommendations or leads to assist you in finding accommodation.
Explore expat forums focused on housing in your desired country. These platforms provide valuable insights into accommodation options, neighborhoods, precautionary measures, and more. Additionally, consider joining community groups on social media, like Facebook, where you can access a wealth of self-help resources and real estate groups.
Things to consider when renting property in Zurich?
Gather supporting documents in advance
Prepare a comprehensive file to increase your chances of securing a rental property. Landlords often request various documents during the rental process.
Prospective renters are typically required to complete a registration form provided by the landlord or management company. The Federal Housing Office website provides an example of such a form.
Other information and documents you may be asked to provide include:
- Proof of monthly income;
- Your employment contract;
- Your residence permit or settlement permit;
- A certificate from the debt collection register (this document tells the landlord whether you have any outstanding debts). You can obtain it directly from your local council or online);
- A copy of your civil liability insurance policy.
Deposits and other term
In Switzerland, like in many countries, a deposit is required when renting accommodation, typically not exceeding three months' rent.
Similar to the practice in Germany, this deposit is placed in a designated bank account called a rental guarantee account in the tenant's name. Upon the tenant's departure, the deposit, along with any accrued interest, is returned to them.
Review other terms of the contract, including the notice period, clauses related to rent adjustments, and any specific arrangements such as pet ownership rights.
As a non-Swiss resident, it's important to familiarize yourself with the internal regulations of the property, especially if you are part of a community living arrangement. These regulations outline communal living guidelines with other tenants, which may vary from your previous experiences (e.g., rules on shared spaces, quiet hours, laundry usage, etc.).
In case of disputes regarding the lease agreement, tenants and landlords have the option to seek resolution through the Conciliation Authority.
Should you buy or rent property in Zurich?
We've assumed that, as an expatriate, you may prefer renting a property in Zurich. According to a study by the Federal Housing Office (FHO), the percentage of owner-occupied housing in Zurich is just 27.6%. Switzerland ranks low compared to other European countries regarding home ownership. Various factors contribute to this, including historical restrictions that prevented apartment block ownership before 1965.
Are you considering purchasing property in Zurich? Expat.com has you covered.
As a general reference, the median price per square meter for a property in Zurich is CHF 16,087. Prices can vary significantly based on factors such as location and the property's condition.
It's important to note that specific conditions apply depending on your country of origin if you are considering becoming a property owner in Switzerland. For instance, if you are a citizen of a country outside the European Union (EU) and the European Free Trade Association (EFTA), you must hold a residence permit for Switzerland, and the property must serve as your primary residence to qualify for home ownership.
We do our best to provide accurate and up to date information. However, if you have noticed any inaccuracies in this article, please let us know in the comments section below.
