• Germany's news in English
 
app_header_v3

Germans panic-buy over-priced Swiss houses

The Local · 24 Jun 2012, 11:50

Published: 24 Jun 2012 11:50 GMT+02:00

“Do something before the euro finally splutters its last cough and dies, taking your assets down with it.” This is the message Swiss investment companies are sending to wealthy Germans, Die Welt said on Sunday.

“Transfer your assets to the most secure democracy in Europe. To Switzerland, where private assets are respected,” reads one newsletter sent out by one unnamed company quoted in the article.

And in the uncertainty of the crisis, some Germans seem to be open to panic, and decide to convert their euros into bricks and mortar, snapping up Swiss property at any price.

Germans seem willing to pay much more than locals for Swiss property, Phillipe Müller, partner at Zurich-based estate agent Kuoni Müller & Partner (KMP) told the paper.

Popular areas with German investors include the historic city centres of Geneva or Zurich or prominent locations on the shores of Lake Geneva – where property can cost up to €52 million.

Unlike during the housing booms seen across Europe in the past decade, said the paper, buyers are not looking for a short term return on their investment, but for long term security – a solid asset that can be passed onto their children.

“A lot of the time its rich German families, very wealthy industrialists, who have floated their companies on the stock exchange or sold them and now have large amounts of liquid assets,” said Müller.

Story continues below…

The Local/jlb

The Local (news@thelocal.de)

Your comments about this article

20:30 June 24, 2012 by smart2012
Well done merkozy!!!
22:21 June 24, 2012 by IchBinKönig
Well done EUros.

I guess this is what you were talking about, how prices were going to increase for those outside the EuroZone, SmartGuy.
23:53 June 24, 2012 by quiller
This must be Plan B. After that we have Plan C - How to take your money with you after you die ! The old Celtic saying of "there are no pockets in a shroud" still applies for thos who are still concerned.
00:27 June 25, 2012 by smart2012
No no I meant merkozy. People are panicking cause the person who is thinking to lead Europe ie merkel is panicking even for a small pond like Greece
Today's headlines
I’m ashamed of Germany’s refugee failure: Green leader
Cem Özdemir. Photo: DPA

The head of the Green Party has responded angrily to Angela Merkel’s speech on refugees on Friday, saying he feels “ashamed at Germany’s failure".

German satirists mock Erdogan (and his penis)
Photo: DPA

Tempting fate?

Huge pro-Erdogan rally puts strain on Turkish community
Erdogan supporters at a rally in 2014. Photo: DPA

Tens of thousands of supporters of Turkish President Recep Tayyip Erdogan plan to rally in Cologne on Sunday, as tensions over Turkey's failed coup have put German authorities on edge.

Opinion
How the Berlin startup scene is wasting its potential
Photo: DPA

"The truth is, there really isn't a truly successful international Berlin startup."

Five years' jail for German darknet weapons dealer
Photo: DPA

He had sold weapons to known Isis-sympathizers and far-right extremists.

Prickly Bavarian calls out cops on hedgehogs' noisy sex
Photo: DPA

Caught in the act.

International or German state school - which one's best?
Photo: DPA

Deciding between sending your child to a German state school or a private international school isn't easy. Max Bringmann has experienced both.

13 mortifying mistakes German learners always make

Sure-fire ways to get off on the wrong foot in the German language.

Captain Schweinsteiger retires from international football
Bastian Schweinsteiger. Photo: DPA

He has won a World Cup with Die Mannschaft and captained them at Euro 2016. On Friday Bastian Schweinsteiger announced his retirement from the national team.

Woman accused of false rape allegation at Cologne NYE
Cologne on New Year's Eve. Photo: DPA

According to latest reports, the woman was not even in Cologne on New Year's Eve.

Sponsored Article
Why you should attend an international job fair
Travel
Enter if you dare: Berlin's best abandoned haunts
DPA
Gallery
IN PICTURES: How Munich responded to shooting spree
Lifestyle
10 rookie errors all Brits make when they arrive in Germany
Sponsored Article
Why Swiss hospitality graduates are in demand
National
Bavaria train attack: Were police right to shoot to kill?
Sponsored Article
Five things Americans should know about voting abroad
National
How to get German citizenship (or just stay forever)
Technology
Brexit will turn Berlin into 'Europe’s startup capital'
Travel
Six soothing day trips to escape the bustle of Berlin
International
'Germany needs to make UK come to its senses'
Sponsored Article
Why expats choose international health insurance
Features
Six odd things Germans do in the summer
Travel
These 10 little-known German towns are a must see
Sponsored Article
Health insurance for expats in Germany: a quick guide
Features
How two gay dads cut through German red tape to start a family
National
Five things to know about guns in Germany
Culture
10 things you need to know before attending a German wedding
National
Eight weird habits you'll pick up living in Germany
Sponsored Article
Why Swiss hospitality graduates are in demand
Lifestyle
Six reasons 'super-cool' Berlin isn't all it's cracked up to be
Society
Only one country likes getting naked on the beach more than Germany
Sponsored Article
Why you should attend an international job fair
Lifestyle
23 ridiculously fascinating things you never knew about Berlin
Culture
8 German words that perfectly sum up your 20s
Lifestyle
Can't make it past the door at Berlin's most famous club? Help is at hand
Business & Money
Why Frankfurt could steal London's crown as Europe's finance capital
Features
6 surprising things I learned about Germany while editing The Local
10,786
jobs available
Toytown Germany
Germany's English-speaking crowd