01
Chur
New builds cheaper than existing homes
one of three exceptions
UrbanHome · Property market news
Property market surprise: new-build apartments are cheaper in these Swiss cities
New-build apartments are almost always more expensive to buy in Switzerland – but not everywhere. A new analysis of 102 Swiss cities shows that in Chur, Zermatt and Delémont, median asking prices for new-build apartments in 2025 were around 3% to 15% below those for existing apartments.
Author: Nikita von Niederhäuser, UrbanHome real estate expert Updated: · Reading time: approx. 12 minutes
02
Zermatt
New builds cheaper than existing homes
one of three exceptions
03
Delémont
New builds cheaper than existing homes
one of three exceptions
04
102 cities
New builds and existing stock compared
Lookmove data for 2025
No misleadingly precise figures
The publicly available text names Chur, Zermatt and Delémont and gives a combined range of around 3% to 15% below existing apartments. It does not assign an exact individual figure to each city in its main text. No additional percentages have therefore been invented here. [1]
Methodology
Listings.
Medians.
102 cities.
The analysis compares asking-price data, not official transaction prices.
Lookmove · Data year 2025
01
Median asking prices per square metre
The analysis compared median asking prices for new-build and existing apartments in 102 Swiss cities. [1]
02
What counts as a new build?
In this dataset, an apartment counts as a new build if it is explicitly described as new in the listing, is part of a property development or was built no more than two years before the listing was published. Apartments still under construction or sold off-plan can also be included. [1]
03
Data from over 150 sources
Lookmove collects property listings from more than 150 Swiss sources, removes duplicates and filters out outdated listings. [2]
Not an official new-build classification
This definition comes from the listing analysis. Depending on data quality, some indicators may have an error margin of up to 10%.
New build vs existing
New-build premiums and discounts compared
The analysis reveals huge regional differences: from new-build apartments priced below existing homes to premiums exceeding 70%.
↓
Chur GR
New builds cheaper
One of three cities with a negative new-build premium.
↓
Zermatt VS
New builds cheaper
One of three cities with a negative new-build premium.
↓
Delémont JU
New builds cheaper
One of three cities with a negative new-build premium.
+5.7
Lausanne VD
+5,7 %
Moderate new-build premium.
+9.1
Geneva GE
+9,1 %
New builds cost more, but the gap is below 10%.
+10.9
Zurich ZH
+10,9 %
High prices with a relatively moderate percentage premium for new builds.
+55
Kriens LU
+55 %
Very high new-build premium.
+70
Arlesheim BL
+70 %
Extremely high new-build premium.
+74
Brig VS
+74 %
Largest difference mentioned in the published Watson text.
Asking prices, not sale transaction prices
The figures come from Lookmove's 2025 analysis and refer to median asking prices. They are not official transaction prices. [1]
Why can new builds be cheaper?
Several factors can explain the new-build discount
A negative new-build premium does not necessarily mean new apartments are generally underpriced.
01–02
Location & existing stock
What can shift the median
Location: New projects are sometimes built where land is still available – not necessarily in the most expensive or central locations.
Existing stock mix: Existing listings may contain a disproportionate share of prime-location, high-quality or renovated apartments.
03–04
Property & listings
Not identical apartments
Apartment size and quality: Floor area, fit-out, views, floor level and micro-location can differ.
Listing mix: Medians depend on which apartments actually enter the market in a given year.
Not a controlled price comparison
The figures compare advertised properties. This is not a comparison of “the same apartment, new versus old”. [1]
What this means for buyers
What do Chur, Zermatt and Delémont mean for buyers?
The three exceptions are above all a reason not to rule out new builds automatically on budget grounds.
Buyer tip
Always compare new builds and existing homes side by side
If you filter only for older apartments, you may miss attractive new-build offers in these markets.
A median is not a price guarantee: an individual new-build apartment can be much more expensive than an existing one in the same city.
1
Micro-location
Compare views and location
2
Property
Compare floor area and fit-out
3
Costs
Check parking, reserve funds and ancillary costs
Zurich, Geneva & Lausanne
New builds remain more expensive in major cities
The familiar pattern remains in Switzerland's three major markets. [1]
VD
Lausanne
+5,7 %
Comparatively moderate new-build premium.
GE
Geneva
+9,1 %
New builds cost more, but by less than 10%.
ZH
Zurich
+10,9 %
Relatively moderate percentage premium on an already very high price level.
Zurich: nearly CHF 20,000 per square metre
For Zurich, the analysis reports a median of nearly CHF 20,000 per square metre for new-build apartments. A relatively small percentage premium can therefore represent a very large amount of money. [1]
High premiums
Up to
+74%
New builds can cost much more locally.
At the other end of the scale are markets with new-build premiums above 50%.
What matters
Compare the local market
01
Brig VS
Around +74%
Largest difference mentioned in the published Watson text.
02
Arlesheim BL
Around +70%
Another exceptionally high new-build premium.
03
Kriens LU
Around +55%
Here too, new builds are priced well above existing apartments.
“How much more do new builds cost?” has no single answer
The premium is highly local and can be influenced by individual projects, particular micro-locations and the available property mix.
Purchase prices ≠ rents
Important: the analysis concerns apartments for sale
Lookmove's analysis relates to owner-occupied apartments for sale and should not be confused with the rental market.
Buying
Lookmove analysis
Asking prices for owner-occupied apartments
Median asking prices per square metre were compared for new-build and existing apartments offered for sale.
Renting
PwC / FPRE
Different market dynamics
In Q1 2026, new-lease rents for older apartments rose by 0.4% quarter-on-quarter, while new-build rents fell by 0.2%. Year-on-year, rents for older apartments rose by 2.6%, compared with 0.2% for new builds. [3]
Swiss market 2026
More construction.
Tight supply.
Regional differences.
The three cities with new-build discounts are not evidence of a nationwide price collapse.
The market remains heterogeneous
01
Signs of recovery in housing construction
PwC sees early signs of a recovery in residential construction and expects growth in 2026. [3]
02
Urban centres remain supply-constrained
At the same time, housing supply remains tight in urban centres.
03
Around 4.84 million homes
Citing data from the Federal Statistical Office and the Federal Housing Office, JLL reports that Switzerland had around 4.84 million homes at the end of 2024. [4]
Buyer checklist
New build or existing: what buyers should really compare
Price per square metre alone is not enough for a fair economic comparison.
New build
Check
New-build apartment
Purchase price per m²
Building specifications and fit-out quality
Warranty and defects provisions
Condominium regulations
Budget and renovation reserve fund
Parking costs
Handover and completion date
Existing stock
Check
Existing apartment
Renovation needs
Age of roof, façade and building services
Renovation reserve fund
Planned refurbishments
Energy consumption
Floor plan and renovation potential
Micro-location and resale potential
Compare total costs over several years
An older apartment with a lower purchase price but an imminent major renovation may be less economical than a slightly more expensive new build – and vice versa.
UrbanHome property search for buying
Compare apartments for sale on UrbanHome
It makes particular sense to compare new and existing apartments directly within the same municipality and, ideally, the same micro-location.
01
Price
Compare prices per square metre
Always consider the total price, floor area and price per square metre together.
02
Property
Search properties for sale →
Compare new and existing properties
Also compare building age, condition, parking, ancillary costs and expected renovation work.
Sources
Sources and data date
The main city comparison is based on Lookmove data from property sale listings in 2025 and was published by Watson on 10 August 2026.
Data date: . These are median asking prices, not official transaction prices.
More about property buying
Related guides
01
How to recognise a good real estate agent
The key quality criteria when choosing a property agent.
02
Real estate agent commission in Switzerland
Fees, contract models and rules for Swiss property sales.
03
Property wealth and mortgage debt
How rising property values and borrowing affect buyers.
04
All property news
Current developments in Switzerland's property market.
Answered directly
Frequently asked questions about new and existing apartments
The key answers in a nutshell.
10
Questions & answers
In Lookmove's analysis for 2025, Chur, Zermatt and Delémont were the three cities with negative price differences between new-build and existing apartments.
Watson describes a combined range of around 3% to 15% below existing apartments across the three cities. The public text does not assign exact individual figures to each city.
No. These three cities are exceptions. In the vast majority of the cities analysed, new builds were more expensive than existing apartments.
The Lookmove analysis reports a premium of around 10.9% in Zurich and a median asking price for new-build apartments of almost CHF 20,000 per square metre.
Geneva stood at around +9.1% and Lausanne at +5.7% compared with existing apartments.
The published report mentions Brig at around +74%, Arlesheim at +70% and Kriens at +55%.
These are median asking prices per square metre for apartments offered for sale in 2025, not rents.
New developments can be in less central locations, while existing listings may contain a disproportionate share of renovated or prime-location properties. Size and quality also differ.
No. These are median asking prices drawn from property listings. The new-build classification is also not an official government definition.
UrbanHome's buying search lets you compare apartments and houses currently for sale by region and price.
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Key takeaways
Conclusion: don't filter by construction year
The biggest surprise in the analysis is Chur, Zermatt and Delémont: in the 2025 listings dataset, new-build apartments were exceptionally cheaper than existing ones in those cities.
However, this does not imply that new builds are generally cheaper. In almost every other city analysed, new builds remain more expensive – sometimes only slightly, sometimes by more than 50%.
The most important implication for buyers is: Compare new and existing apartments in the same micro-location, taking account of price per square metre, condition and future investment needs.
Buying property
Compare new-build and existing apartments
Compare current properties for sale on UrbanHome by region, price, number of rooms and property type. For new builds, it is worth comparing with existing apartments in the same micro-location.
Compare new builds
Check existing properties
Compare price per m²