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Immigration Boosts Property Market

The Credit Suisse Bank’s Real Estate Report 2008 has concluded that Switzerland's decision to open its borders to European Union workers has boosted the real estate sector by creating more demand for property. Last year saw a net inflow of more than 80,000 foreign permanent residents, reinforcing an upward trend since the Swiss-EU bilateral agreement on the free movement of people that came into force in 2002.

This surge of new people will absorb the expected 42,000 residential units built this year. And Credit Suisse head of real estate analysis, Fredy Hasenmaile, believes the trend is sustainable in the short term.
"Immigration is much more volatile than the difference between birth and death that used to determine changes in population. But the fundamental economic conditions in Switzerland continue to be strong and this should attract more migrants for at least the next two years," said Hasenmaile.