Today in Switzerland: A roundup of the latest news on Tuesday
Foreign press calls Credit Suisse collapse "a long descent into hell"; Switzerland's real estate boom is expected to wane; and other news in our roundup on Tuesday.
The crash of Credit Suisse still dominates the news
The takeover of the country's second-largest bank by UBS on Sunday continues to make news in Switzerland and beyond.
While the Swiss government said that it was a necessary move for the Swiss economy, it is not seen as a positive move abroad.
In Germany, Spiegel noted that the takeover is the “end point of a long descent into hell – and perhaps the prelude to an even greater crisis.”
As for the Wall Street Journal in the United States, it points out that UBS never wanted this “forced marriage” to happen because of the “long list of scandals and problems” that weighed on Credit Suisse.
READ MORE: Is the UBS takeover of Credit Suisse good for the Swiss economy?
Switzerland’s real estate boom is over, experts say
Analysis from the consulting firm Wüest Partner shows the Swiss property boom is waning.
While finding accommodations in high-demand regions will continue to be difficult, prices will fall in early 2024.
However, no big crash in expected.
“What we estimate is two or three years of decline,” the company said, adding that the period of contraction could last be a little more or a less, depending on the evolution of Switzerland’s economy and the labour market.
And speaking of housing...
Only the well-off can afford to rent in new buildings
A study carried out by the Federal Polytechnic Institute (ETH) in Zurich has shown that when the city’s old buildings are renovated, or demolished altogether to make place for new construction, tenants who used to live there can no longer pay the rent in the refurbished dwellings
The phenomenon, called ‘displacement’, "is three times as high among foreigners, low-income people, as well as single-parents".
"The weakest in society are affected more often than average because they can’t find housing in their price category," the study found.
According to research, tenants would have to be earning 3,623 francs more each month to be able to afford the refurbished flat.
Just how happy are the Swiss?
Once again, Switzerland has ranked among the 10 happiest nations in the world, according to the “World Happiness Report” released on Monday by the United Nations.
Switzerland lands in eighth place, where it slipped from the fourth position from the previous year. It is behind the Scandinavian countries, as well as Israel and the Netherlands.
Switzerland ranked particularly well in terms of GDP per capita, social support, as well as freedom of choice categories.
READ MORE: 'Positive vibes': Why a Swiss company wants to employ a happiness officer
If you have any questions about life in Switzerland, ideas for articles or news tips for The Local, please get in touch with us at [email protected]
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The crash of Credit Suisse still dominates the news
The takeover of the country's second-largest bank by UBS on Sunday continues to make news in Switzerland and beyond.
While the Swiss government said that it was a necessary move for the Swiss economy, it is not seen as a positive move abroad.
In Germany, Spiegel noted that the takeover is the “end point of a long descent into hell – and perhaps the prelude to an even greater crisis.”
As for the Wall Street Journal in the United States, it points out that UBS never wanted this “forced marriage” to happen because of the “long list of scandals and problems” that weighed on Credit Suisse.
READ MORE: Is the UBS takeover of Credit Suisse good for the Swiss economy?
Switzerland’s real estate boom is over, experts say
Analysis from the consulting firm Wüest Partner shows the Swiss property boom is waning.
While finding accommodations in high-demand regions will continue to be difficult, prices will fall in early 2024.
However, no big crash in expected.
“What we estimate is two or three years of decline,” the company said, adding that the period of contraction could last be a little more or a less, depending on the evolution of Switzerland’s economy and the labour market.
And speaking of housing...
Only the well-off can afford to rent in new buildings
A study carried out by the Federal Polytechnic Institute (ETH) in Zurich has shown that when the city’s old buildings are renovated, or demolished altogether to make place for new construction, tenants who used to live there can no longer pay the rent in the refurbished dwellings
The phenomenon, called ‘displacement’, "is three times as high among foreigners, low-income people, as well as single-parents".
"The weakest in society are affected more often than average because they can’t find housing in their price category," the study found.
According to research, tenants would have to be earning 3,623 francs more each month to be able to afford the refurbished flat.
Just how happy are the Swiss?
Once again, Switzerland has ranked among the 10 happiest nations in the world, according to the “World Happiness Report” released on Monday by the United Nations.
Switzerland lands in eighth place, where it slipped from the fourth position from the previous year. It is behind the Scandinavian countries, as well as Israel and the Netherlands.
Switzerland ranked particularly well in terms of GDP per capita, social support, as well as freedom of choice categories.
READ MORE: 'Positive vibes': Why a Swiss company wants to employ a happiness officer
If you have any questions about life in Switzerland, ideas for articles or news tips for The Local, please get in touch with us at [email protected]
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