COVID-19 and Second Home Prices in Switzerland: An Empirical Insight
Journal
Zeitschrift für Tourismuswissenschaft
Type
journal article
Date Issued
2021-11-24
Author(s)
Abstract
During the COVID-19 pandemic, second home ownership created several owner benefits. This paper analyses price changes of second homes during the pandemic. It derives propositions for the impact of the pandemic on the value of second homes for its owners. The contribution draws on panel data of transaction prices for second homes from Switzerland, a country with traditionally strong second home ownership, provided by Wüest Partner. The results show that there is a significant price increase for second homes – especially compared to apartments – after the start of the COVID-19 crisis. They also show that prices even in certain second-class destinations have risen significantly during the pandemic. Different research propositions are derived like that buyers might look for less crowded places in the pandemic, and the reduced benefits of intensive infrastructures during a pandemic.
Language
English
HSG Classification
contribution to scientific community
Refereed
Yes
Publisher
De Gruyter
Publisher place
Oldenbourg
Volume
13
Number
3
Start page
375
End page
386
Pages
12
Subject(s)
Eprints ID
265078