Asking prices and market activity
Median residential asking prices reached CHF 8,266/m² in 2025, down 3% year on year. Transactions totalled 1,393, against 939: up 48.3%. Average listing time was 123 days, compared with 265 in 2023.
These indicators measure different things. Lower asking prices do not establish an equivalent loss in property values; more transactions do not necessarily mean stronger demand for every property type. Together they suggest a more active market, where appropriate pricing can help marketing. They do not establish causation.
Micro-location comes before the average
Changes in asking prices vary: Lugano south −6.4%, north −4.0%, centre −2.5%, east −0.4%; west +5.8%.
For a valuation, the citywide figure is only a starting point. Comparisons must account for location, views, floor, maintenance, area and finish quality. In the prime segment, an asset’s rarity and the depth of its buyer pool matter as much as its price per square metre.
Income properties: substantiate the rents
Median net asking rent was CHF 21.3/m² per month: down 2% in 2025, but up 13.4% since 2019. Two-room dwellings recorded a 3.4% increase; three-room dwellings fell 7.4%.
A blanket assumption of rising rents should therefore not justify the purchase price of an apartment building. Start with actual income, verified leases, owner-borne costs and foreseeable capital expenditure. Estimate potential income separately, using local comparables and economically viable improvements.
Unused housing and new supply
Of the primary dwellings studied, 9.1% had never been occupied during the twelve observed quarters. Units under construction or renovation fell from 1,081 to 808: down 25.3%.
Persistent non-occupation is different from the vacancy of homes offered on the market. An opportunity requires a willing owner, technical assessment and verification of restrictions. Likewise, fewer units under construction do not alone predict a future shortage: the local project pipeline, completion dates and demand also matter.
Studio Antonini’s interpretation
For sellers, the priority is an initial price supported by current comparables and a presentation suited to the property’s audience. A competing listing expresses an expectation; it does not certify an achievable sale value.
For investors, we would examine underused buildings where value can be created through renovation, more efficient management or a conversion with a credible approval path. A project should remain viable without assuming broad future price growth. This is a professional interpretation of the data, not a forecast for an individual investment.
Decisions require asset-specific analysis of income, costs, liquidity and location quality. Data guide the search; property due diligence establishes whether there is real value to create.