Global Market Insight: Geneva

Proudly serving communities in over 30 countries, Engel & Völkers advisors come equipped with both local and global expertise—allowing them to create unmatched, bespoke real estate experiences. Whether in the Americas, Europe, Asia, Africa, or somewhere in between, there is an Engel & Völkers connection to be made and this month we’re featuring the lakefront hotspot of Geneva, Switzerland. 

Geneva is famous for its unique cosmopolitan flair and beautiful lakefront, lined with some of the city’s most prestigious buildings, most notably the European headquarters of the United Nations. Between its status as Switzerland’s second largest city, and its desirable location on the southwestern tip of Lake Geneva, it is not only a wonderful place to live but also an exciting real estate market.  With lakes and water sports to enjoy in the summer, and access to the Alps and world-renowned ski resorts for the winter, it’s no wonder that Geneva’s has solidified itself as one of the world’s most sought-after locations. 

Unsurprisingly, Geneva’s quality of life ranks amongst the highest in the world. However, it also ranks as one of the Top 10 most expensive cities, and rent in Geneva is the highest in Switzerland. With that in mind, the city is also among the top 20 cities in the world with the highest number of millionaires, and the average monthly net income of residents is 5,452 Swiss francs, or $6,070 USD. 

Engel & Völkers Geneva | Most Expensive Properties

Sophisticated Living & Modern Ambiance

Engel & Völkers Geneva opened its office at the beginning of 2023 and has already brokered a premium property in the prestigious Collonge-Bellerive district. The sale price of the property was 3,500,000 million Swiss francs, approximately $3,900,000 USD. The modern elements and bright interiors of this new villa are particularly impressive. The property offers three bedrooms and three bathrooms, an outdoor pool, a wine cellar, and a double garage. It also notably meets the highest of building standards and was built with energy efficiency in mind—making it an enticing option for buyers interested in environmentally friendly homes.

Elegant Villa in the Heart of Cologny

This contemporary residence offers 5,400 of light-flooded interior square feet with six bedrooms, several bathrooms, a home cinema, and premium kitchen. The high-quality materials which finish the living and dining areas set an impressive standard which pair perfectly with the magnificent panoramic views of Lake Geneva. The villa also boasts an outdoor pool and is located in the heart of Cologny, one of the most sought-after residential areas of Geneva.

The asking price is 11,000,000 Swiss francs, nearly $12,200,000 USD.

Geneva’s Sought-after Residential Districts

Champel

This upmarket residential district boasts a number of parks and green open spaces which offer the opportunity for a peaceful home base with close proximity to the city center. Champel is also home to the famous Tour de Champel, the Parc Bertrand, and the university campus—and as such, its real estate offerings cater mostly to the middle and upper segments of the market.

Cologny

Since the end of the 17th century, magnificent and substantial country properties have been springing up in Cologny featuring a strong influence on the aesthetic flair of the city. Many of the properties include picturesque views of Lake Geneva and are among the highest-priced properties in Geneva. Its proximity to the city and overall beauty have attracted famous individuals from all across the world, including the British poet Lord Byron.

In fact, the Villa Diodati was rented by Lord Byron and is now regarded as a place of cultural significance in literary history. Cologny is also home to the headquarters of the World Economic Forum (WEF) and is one of the wealthiest municipalities in Switzerland.

Collonge-Bellerive

Another highly desirable district is Collonge-Bellerive, north of Cologny and situated on the shores of the lake. Prestigious residences can be found here, of which nature enthusiasts will adore for their unparalleled views of the water, swimming spots, and lush green surroundings.

Geneva’s Buyer Profile

Geneva is primarily a first-home market and the majority of buyers are Swiss nationals.

However, with many multinational company headquarters and the promise of a cosmopolitan lifestyle, Geneva does cater to an international audience as well. Typically, expatriates opt to rent as buying a property in Switzerland requires individuals to meet certain requirements, one of which is proof of primary residence.

Accordingly, a small proportion of property buyers in Geneva come from France, Belgium, and the United Kingdom.

Average Home Prices

In the most sought after markets, such as Cologny, prices per square meter for apartments average at approximately 17,900 Swiss francs (about $815 USD per square foot), and homes 24,000 Swiss francs (nearly $2,500 USD per square foot).

Rare and exceptional premium properties, such as those on ‘Chemin de Ruth’ in Cologny, can exceed 30,000 Swiss francs per square meter, approximately $3,000 USD per square foot. Homes such as these enjoy unrivaled views of Lake Geneva.

The British superstar Robbie Williams owned a sprawling estate near Cologny and Vandœuvres from 2021 to 2022. The mansion spanned over 350 square meters and reportedly cost approximately 29,000,000 million Swiss francs ($32,300,000 USD).

Market & Homebuying Trends

New construction of premium properties

New construction projects in desirable neighborhoods are among the most sought-after properties in Geneva, including a number of developments that are currently in the process of completion.  Building laws in Geneva change regularly, and are typically announced in July to identify where new construction will be permitted. Undeveloped plots of land are incredibly rare, making it more common to see the redevelopment of older structures into detached houses and luxury apartment buildings. 

Modernization of old buildings

Buyers in Geneva have historically found success in acquiring older apartments and renovating them to their unitque specifications, notably energy efficiency. While this in itself is not a new trend, it is an ongoing strategy for those homebuyers looking to relocate in Geneva. 

Prices continue to rise

Prices continue to rise in Geneva and represent a growing and stable market. Whether buying an apartment or house, prices have risen by around 12 percent per square meter since 2017, and by a further 1 percent from the first quarter of 2022 to 2023, year-over-year. 

Geneva’s residents not only appreciate the magnificent scenery and the well-developed infrastructure, but especially its peace and tranquillity. Compared to other countries, privacy is still very highly valued and respected in Switzerland; even stars like the Italian actress Sophia Loren can live here and can go for a relaxed walk without being asked for a photograph.

I have been operating in this exciting real estate market with my Engel & Völkers team since the beginning of 2023 and we work according to one principle: there is a buyer for every property—our mission is to find them.

Costas Dambassinas, Director Engel & Völkers Geneva

Contact

For further information about the property market in Geneva and/or referrals please contact:

Costas Dambassinas
Director, Engel & Völkers Geneva
Phone: +41 79 437 40 70

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