Raiffeisen’s “Swiss Real Estate Q4 2026” study, presented on 12 November, documents a change in the characteristics of apartments being purchased: their average age has risen from 12 to almost 28 years since 2000. The finding concerns Switzerland as a whole and does not, by itself, measure buyers’ choices in Ticino.[1]
It nevertheless provides a useful starting point for a discussion relevant to Lugano: existing apartments continue to play a part in the market. The appeal of an individual property depends on its ability to meet a practical need on appropriate terms.
Its potential can be assessed through three different outcomes: improving its use as a home, preserving its qualities over time and making it better suited to its target market. These outcomes can overlap, but each deserves separate consideration.
1. Define the outcome before choosing the work
The project changes according to who will use the apartment. A family may need somewhere to work or a different relationship between the kitchen and living room. A buyer intending to let the property may prioritise a straightforward layout, easily maintained materials and finishes suited to the intended tenants.
The first question is therefore specific: what need should the work address?
A clear answer helps establish priorities. It also distinguishes a personal preference from a feature that could appeal to a wider group of future buyers or tenants. The value of a home to its owner and the value recognised by the market can differ.
2. Identify what the apartment already offers
During a viewing, start with the quality of the spaces: how people enter, move between rooms and use the available floor area, and how the rooms relate to one another.
A large room can be impractical if circulation and furniture placement make it difficult to use. A smaller apartment may meet its intended occupant’s needs well when its layout works efficiently.
The assessment also includes daylight, outlook, noise and access to the services needed in everyday life. These features should be checked on site against the expectations of the person considering the property. Their importance in a valuation depends on the location and market segment.
Any proposed alterations then require a distinction between ideas and technically feasible solutions. Moving a room’s function or changing an opening calls for specific checks: a suggestion on a floor plan is not yet an authorised, costed project.
3. Organise the project around clear priorities
A useful approach is to divide the proposed work into three groups:
| Group | Question to resolve | Intended outcome |
|---|---|---|
| Necessary work | What needs to be repaired or adapted for the intended use? | Establish the technical basis of the project |
| Functional improvements | What would make the apartment more suitable for its intended occupants? | Identify the most useful changes |
| Finishes | What level of personalisation fits the objective? | Manage the relationship between quality and expenditure |
This is a proposed framework for assessing the project. It can be refined with the appointed technical adviser after checking the property’s condition and the procedures required.
Each solution’s cost should be considered alongside its practical benefit. A choice that mainly increases the owner’s enjoyment of the home can be entirely reasonable. That is different from assuming the market will repay its full cost on resale.
4. Understand the condominium’s position
The apartment is also part of a building. Relevant documents include the condominium regulations and founding deed, recent meeting minutes, accounts, budget and information about the renovation reserve fund.[2]
The reserve should be assessed against the building’s needs: its balance alone does not establish that all future work is funded. Planning maintenance and the resources required is an ongoing task, also discussed in Swiss Federal Office of Energy guidance.[3]
Discussions with the property manager should clarify what has been decided, what remains a possibility and which sums are already included in the available accounts. This allows the private renovation project to be coordinated with the wider condominium on the basis of verifiable information.
5. Compare alternatives on a consistent basis
Two asking prices become meaningfully comparable when it is clear what they include. A parking space, ancillary accommodation or a different availability date can change the comparison.
For an apartment requiring renovation, the overall commitment can be organised as follows:
Purchase price + transaction costs + private renovation work + foreseeable extraordinary contributions not already included.
Each element requires appropriate supporting information. Work needs a defined scope and quotations; condominium expenditure requires documents and clarification from the manager. Timing should also be considered against the date when the buyer wishes to occupy or let the property.
The next step is to compare this picture with alternatives that are actually available. Listings show sellers’ expectations; by themselves, they do not establish completed transaction prices. Competing properties may also have different conditions and qualities.
6. Make the potential understandable when selling
An owner can help buyers assess the property by providing organised documents, information about completed work and a precise description of its current condition.
If a renovation concept is presented, it should distinguish what has already been checked from what still needs investigation. A clear proposal helps buyers imagine a future use without confusing a possible project with an existing, established feature.
The professional perspective
An existing apartment can become a good response to present-day needs. Its potential becomes clearer when its existing qualities, feasible improvements and total project cost are considered together.
For buyers, this supports an informed choice. For sellers, it provides a basis for presenting the property with documented arguments. For both parties, the useful outcome is a decision grounded in what the apartment can realistically offer.