Geneva: real estate transactions down sharply

The real estate market in the canton of Geneva shows a sharp decline, according to the latest provisional figures published by the cantonal statistical office (Ocstat) this Friday.

A total of 498 real estate objects were sold during the third quarter of 2024, compared to 721 during the same period in 2023. This figure, which represents a drop of almost 31%, is the lowest in the last ten years, notes Ocstat . We have to go back to the beginning of 2014 to find such figures.

Despite this sharp drop in the number of transactions, the cumulative value of sales remains stable, reaching 1.569 billion francs, an amount barely lower than the 1.598 billion recorded in the same period the previous year.

This apparent paradox can be explained by a few large-scale transactions, such as the sale of administrative buildings or residential buildings, the high amounts of which helped to maintain the total value of sales.

Housing prices on the rise

Individual housing prices continue to rise slightly. The median price of detached houses (non-new) thus reached 2.210 million francs in the third quarter of 2024, an increase of 1.5% compared to the previous year.

As for non-new condominium apartments (PPE), their median price amounts to 1.270 million francs, up 1.6% compared to the third quarter of 2023.

Ocstat specialists, however, call for caution in interpreting these figures. The nature of the goods sold varies from one period to another, these fluctuations do not necessarily reflect a generalized trend in the Geneva real estate market.

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