• Germany edition
 
Germans panic-buy over-priced Swiss houses
Photo: DPA. 5 star hotel near Vevey, Lake Geneva

Germans panic-buy over-priced Swiss houses

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

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
UN climate talks shuffle to a close in Bonn
Photo: DPA

UN climate talks shuffle to a close in Bonn

Concern was high at a perceived lack of urgency as UN climate negotiations shuffled towards a close in Bonn on Saturday with just 14 months left to finalise a new, global pact. READ  

Berlin slams Italy Nazi claims court ruling
Italy's National Partisans' Association welcomed the court decision. Photo: DPA

Berlin slams Italy Nazi claims court ruling

Italy's constitutional court has ruled that victims of Nazi-era war crimes can sue Germany in Italian courts, rejecting a UN ruling and provoking a strong reaction from Berlin on Friday. READ  

Expats reveal another side of Berlin Wall
Photo: Paul Sullivan

Expats reveal another side of Berlin Wall

Two expats who walked the Mauerweg - the 160-kilometre trail that runs the length of the former Berlin Wall - have written a book about forgotten aspects of its past and present. READ  

Karstadt closes six stores to stay afloat
Photo: DPA

Karstadt closes six stores to stay afloat

Germany's biggest department store chain Karstadt will close at least six stores, putting around 2,000 jobs at risk, in a drastic bid by its new boss to return it to profit. READ  

Quiz
How well do you know Germany?
Photos: DPA/Shutterstock

How well do you know Germany?

Do you know your Saxony facts from your Saxony-Anhalt ones? Test your knowledge of Germany's federal states in The Local's quiz. READ  

Climate chief hails Bonn greenhouse gas deal
Pollution from a coal-fired power station in Frimmersdorf, North Rhine-Westphalia. Photo: DPA

Climate chief hails Bonn greenhouse gas deal

The UN's climate chief hailed a European agreement in Bonn on greenhouse gases on Friday as providing "valuable momentum" for a world pact to be inked in Paris next year. READ  

Germany gets €780m EU rebate for poor growth
Photo: DPA

Germany gets €780m EU rebate for poor growth

Germany will get an early Christmas present of around €779 million from the EU, thanks to weaker than expected GDP growth. READ  

Stay inside after blast, Ludwigshafen told
Photo: DPA

Stay inside after blast, Ludwigshafen told

It will take several days to find out what caused a massive explosion on Thursday which rocked a town on the Rhine, killing a builder and injuring 26 others. READ  

German helicopter fleet 'not fit for Nato'
An NH90 helicopter. Photo: DPA

German helicopter fleet 'not fit for Nato'

Germany's fleet of NH90 helicopters is undergoing engineering checks after one of them suffered a serious engine failure, in the latest blow to the country's military capabilities. READ  

Ex-boss of Berlin Airport farce gets €1.2m
Rainer Schwarz at a court hearing in September into the case. Photo: DPA

Ex-boss of Berlin Airport farce gets €1.2m

The man who was blamed for Berlin's miserable attempt to build a new airport must be paid more than €1 million - after being fired. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Photo: DPA
Politics
Satirist lives the dream on EU gravy train
Photo: DPA
Gallery
PHOTOS: Huge explosion rocks Ludwigshafen
Photo: DPA/Shutterstock
Gallery
Which high school cliche is your German city?
Photo: DPA
Gallery
Storm hits southern Germany
Sponsored Article
An international school unlike any other : School on the Rhine
Photo: Fitzpatrick family
Society
'We still don't know what happened to Matthew'
Photo: Mariana Schroeder
Munich
Special Report: Hope and chaos at Munich's refugee shelters
Photo: DPA
Culture
Can you top our history quiz leaderboard?
Photo: DPA/Shutterstock
Gallery
11 things Germans are afraid of...
Photo: DPA
Business & Money
JobTalk: All you need to know about working in Germany
National
Share news tips with The Local Germany
Sponsored Article
Bilingual education from nursery to graduation at Phorms
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

3,524
jobs available
Toytown Germany
Germany's English-speaking crowd