House prices pause in February – Trend reversal or just a temporary interlude?

For the first time in several months, advertised prices for residential property across Switzerland have stopped rising. Instead, February saw a slight correction, with both single-family homes and condominiums on the market at slightly lower prices. However, significant regional differences lie behind the national average. This is shown by the latest figures from the ImmoScout24 Purchase Index.

In February 2026, single-family homes are being offered at prices that are on average 0,4% lower than in the previous month, while sellers’ price expectations for condominiums have fallen by 0,1%. This is shown by the ImmoScout24 Purchase Index, which is calculated in cooperation with the real estate consultancy IAZI. This means that, for the first time since last summer, advertised prices for residential properties are moving sideways or even slightly downwards. The increased supply compared to the previous month is also striking – both for single-family homes and condominiums. “Whether these developments represent a trend reversal or merely a brief pause remains to be seen,” concludes Martin Waeber, Managing Director Real Estate at SMG Swiss Marketplace Group.

Regional housing market: Greater Zurich area makes significant correction
The trend in the Greater Zurich area is particularly striking for single-family homes. In the country’s most expensive market, asking prices for single-family homes are falling significantly, by 2,2%. There are also noticeable declines in Eastern Switzerland (down 1,7%). The Swiss Plateau, on the other hand, recorded only a moderate decline of 0,7%. In contrast, Northwestern Switzerland (up 2,1%) and Ticino (up 1,0%) saw increases. The Lake Geneva region (up 0,3%) and Central Switzerland (up 0,2%) remained largely stable. 

Condominiums: Central Switzerland slows momentum
In the case of condominiums, it is Central Switzerland, with its recently particularly dynamic real estate market, that is providing at least temporary relief: Prices are down 2,3% compared to the previous month. The region is thus contributing significantly to the nationwide stabilisation of asking prices in February. Slight declines were also seen in the Swiss Plateau (down 0,7%) and Eastern Switzerland (down 0,3%). This contrasts with price increases in the Greater Zurich area (up 1,1%) and, to a lesser extent, in the Lake Geneva region (up 0,7%) and Northwestern Switzerland (up 0,4%).

“Concrete gold” as a stable asset in uncertain times
Dynamic and persistent geopolitical tensions are leading to extremely volatile financial markets. While this is also reflected in the real estate sector in other countries, this market remains an anchor of stability for many investors in Switzerland in this environment, as Martin Waeber knows: “Residential property is traditionally regarded as ‘concrete gold’, a tangible asset with substance that promises long-term value retention and is therefore less susceptible to short-term market turbulence.” This aspect of security becomes even more important in times of increased uncertainty. Combined with structurally high demand for housing in economically strong regions, a limited supply of building land and demographic trends, this leads to price stability regardless of temporary fluctuations.

Date 28 February 2026

Purchase offers for single-family homes throughout Switzerland (CHF/m²)

	01.02.2026	28.02.2026	Change	in %
Month	7941.3	7913.4	-27.9	-0.4%
	28.02.2025	28.02.2026	Change	in %
Year	7578.1	7913.4	+335.3	+4.4%

Purchase offers for condominiums throughout Switzerland (CHF/m²)

	01.02.2026	28.02.2026	Change	in %
Month	9373.5	9366.0	-7.5	-0.1%
	28.02.2025	28.02.2026	Change	in %
Year	8951.2	9366.05	+414.8	+4.6%

Values may show rounding differences.