INVESTMENT SOLUTIONS & PRODUCTS Swiss Economics Real Estate Monitor Switzerland Q2 2017 The end of an era Owner-occupied housing Digitization Property valuations Single-family dwellings Real estate goes mobile Depicting uncertain- take the lead ties in the DCF model Page 5 Page 8 Page 12 Imprint Publisher Burkhard Varnholt Vice Chairman IS&P +41 44 333 67 63
[email protected] Fredy Hasenmaile Head Real Estate Economics Tel. +41 44 333 89 17 E-Mail:
[email protected] Publication deadline 24 May 2017 Publication series Swiss Issues Immobilien Visit our website at www.credit-suisse.com/immobilien Copyright The publication may be quoted providing the source is indicated. Copyright © 2017 Credit Suisse Group AG and/or affiliated companies. All rights reserved. Authors Fredy Hasenmaile +41 44 333 89 17
[email protected] Brice Hoffer +41 44 333 92 97
[email protected] Fabian Hürzeler +41 44 333 73 14
[email protected] Thomas Rieder +41 44 332 09 72
[email protected] Dr. Fabian Waltert +41 44 333 25 57
[email protected] Denise Fries Drilon Kastrati Real Estate Monitor I Q2 2017 2 Editorial Dear readers The era of relentless upward price spirals for owner-occupied housing is now a thing of the past. At the end of 2016, prices for owner-occupied housing were for the first time lower than they had been a year earlier. This phase of price growth lasted an exceptionally long 14 years. Many real es- tate agents have never been confronted by falling housing prices in their professional career, and must adjust to the new constellation.