immo!nvest – Die Plattform für Standorte und Immobilien

Tag: Zweitwohnungsgesetz

  • Second Homes Act affects real estate markets less than expected

    Second Homes Act affects real estate markets less than expected

    On March 12, 2012, the Swiss population accepted the second home initiative. The corresponding Second Homes Act stipulates that no additional holiday homes or houses may be built in communities with more than 20 percent second homes. Experts feared that if the initiative were accepted, the prices for corresponding real estate in the tourist areas would explode.

    Ten years later, these fears have not been confirmed, writes the Lucerne University of Applied Sciences and Arts ( HSLU ) in a statement . Researchers at the HSLU have examined the effects of the Second Homes Act in two studies. According to the results, house prices did not increase until 2018, but instead actually decreased.

    “The acceptance of the initiative has led to a panic-like flood of last-minute building applications,” the head of the relevant study, Daniel Steffen, is quoted as saying in the statement. “Ironically, this has caused a temporary oversupply.” It was only with the outbreak of the pandemic that the demand for apartments in the tourist mountain regions increased. “Today, prices are roughly back to the level at which model calculations show they would be even without the second home initiative,” says Steffen.

    The hotel industry and mountain railways also felt only minor consequences of the new regulation, as is further explained in the communication. Only the hotel industry’s model of cross-financing renovations through the construction and sale of second homes is restricted by the Second Homes Act. In the construction industry, however, the researchers identify significant impairments for construction companies active in the affected communities. “In particular, larger, strategically broad-based companies” are already “orientated more towards the valley floor, where orders are not so heavily dependent on the construction of second homes,” the head of the corresponding study, Stefan Lüthi, is quoted in the statement.

    “Looking at all sectors, it can be expected that the effects of the Second Homes Act will only be noticeable in the coming years,” the HSLU researchers state.

  • Federal government is satisfied with the law on second homes

    Federal government is satisfied with the law on second homes

    The population accepted the second home initiative in 2012. This means that no additional holiday apartments or houses may be built in municipalities with more than 20 percent second homes. The Federal Council has now carried out an impact analysis of the Second Homes Act. He comes to the conclusion that the law does not need to be adjusted.

    In its communication, however, the Federal Council emphasizes that it is still too early to conclusively assess the Second Homes Act. For example, there would still be transition effects. Certain construction projects were approved before the law came into force. Overall, the land consumption for newly built second homes in all affected municipalities decreased by around a third from 2013 to 2018 compared to 2007 to 2012. However, the law on second homes did not result in zero growth.

    The federal government does not see any need for reform in the Second Homes Act. However, he sees a need for action in terms of enforcement, the knowledge base and the key terms of the accommodation industry. For example, the tasks and competencies of the cantons are to be specified. In 2025, the federal government will re-examine the effects of the law.

    In a media release, the Intergovernmental Conference of the Mountain Cantons is disappointed with the Federal Council's decision. It is known that the law on second homes is "largely complex in terms of content and not optimally formulated". This leads to problems in the execution. Accordingly, according to the mountain cantons, the law could be improved. You now want to work towards adjustments in parliament. They also emphasize that the impact analysis was carried out two years later than the law provides. If it had already gone that way, the findings from the corona pandemic should have been incorporated.