Swiss housing prices rose to their highest level in at least six years — stoking concern that the market is becoming overheated.
The government’s residential property price index increased to 116.1 in the third quarter, Switzerland’s statistics agency said Tuesday. That’s 1.3% more than a year ago and the highest reading since the data series began in 2017.
In recent years, the price growth of condominiums was slightly less pronounced than that of single-family homes.
Hiring by multinationals like Alphabet Inc. has propelled house prices in Zurich past levels in Paris and London — even as the Swiss National Bank has significantly raised interest rates. Local supply squeezes are also keeping a floor under prices.
Such trends prompted SNB President Thomas Jordan to warn last week that house prices may drop — echoing earlier concerns that real estate may be overvalued. ...