From Swiss Watching, by Diccon Bewes.
“Ironically, the recent economic crisis affected the Swiss far less than many G20 members, mainly because the housing market is as stable as the franc. No big booms or crashes because most people rent not buy. Only 35 per cent of Swiss own their own home, a figure that drops to 11 per cent in cities like Bern,25 almost exactly the opposite of the British market. It’s partly a cultural thing – owning property is not the be-all and end-all of life – but it’s also practical, as you need a 20 per cent deposit. Some people rent the same flat all their lives, but that’s seen as a risk-free, sensible option not a waste of money.
Everyone renting has its advantages. No property ladders mean no snakes, so while you might not make a fortune in houses, you’re unlikely to lose one either. Negative equity, what’s that? Estate agents are not ten a penny on the high streets, newspapers are not full of property ads and television isn’t packed with endless variations ofmakeover, developing or relocation programmes. You have to watch German TV for those. To buy or not to buy is a question the Swiss ask about lots of things but rarely houses.
The best thing is that roads are not blighted by a forest of For Sale signs. Instead, you can see what look like four anorexic Martian spaceships sitting in vacant plots of land. These giant wooden or metal tripods show the dimensions of any new building, with their height and position corresponding exactly to that of the proposed building. This rule applies to every construction project in Switzerland, including highrises, which need special Meccano-style pylons tethered with wires to show how tall they will be. It might look odd, but it gives everyone a good idea of what’s planned and a chance to complain if they object. Planning permission not just by committee but by common consent.”