For a long time, Zurich’s Goldküste (‘Gold Coast’) was a preferred destination for the well-to-do Swiss and expatriates alike, who appreciated this prosperous area on the lower eastern shore of Lake Zurich.
It has not lost its appeal completely, but another conglomeration, lying directly across the lake on the left bank, has been usurping the Goldküste's dominance: the Pfnüselküste.
"The left side of Lake Zurich is more sought-after than ever," said Niki Thomet, who has been selling luxury properties in the communities of Kilchberg, Thalwil, Rüschlikon and Horgen, all of which which lie on the Pfnüselküste, for Engel & Völkers realtors for six years.
“Old money resides on the Goldküste, but the new money resides on the Pfnüselküste – and there is further growth in it,” he noted.
How much does living on the Pfnüselküste cost?
If you earn an average wage, you’d better sit down.
In Thalwil, for instance, which is located directly on the shores of Lake Zurich, properties are currently reaching sales prices of over 5 million francs.
And that's not even the tip of the iceberg.
In Thalwil, for instance, Thomet is marketing a 5.5-room, 186-square-metre flat for 6.28 million francs — that means it costs 33,000 francs per square metre. (As a comparison, a ‘typical’ per-square-metre price elsewhere is Zurich is about 15,900 francs, according to real estate company Neho).
But Thomet is not worried that such high prices will dampen the demand.
"The high immigration alone will ensure that demand between the towns of Kilchberg and Horgen will continue to increase," he said.
In fact, it already has.
Beat Nüesch, the mayor of Horgen, confirms the high number of foreign residents in his community.
"I conduct 100 to 120 naturalisation interviews every year," he said.
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And the international presence is felt elsewhere on the Pfnüselküste as well.
In Thalwil, for instance, the population has become more diverse in the last two years. "English is spoken every day at the counters of our municipal administration," according to Hansruedi Kölliker, the town’s mayor.
Why are international residents buying properties on the Pfnüselküste?
They may not be able to pronounce its name, but (very) rich foreigners are flocking to this area, despite the property prices that only those in highest income brackets can afford.
But the fact that the area is scenically located is not the main consideration (since many other locations in Zurich are picturesque as well).
The decisive factor is that the left bank is well connected by both public transport and the motorway to places that are strategic for these high-earners: there are good connections to the rest of Zurich, as well as to nearby cantons of Zug and Schwyz.
"These are all locations where highly qualified expats usually work," said Lan Anh Nguyen, Engel & Völkers’ real estate agent.
And the fact that three campuses of the Zurich International School are all located on the left bank is also an important factor in the expats’ decision-making process, she said.
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