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COVID-19 and Second Home Prices in Switzerland: An Empirical Insight

Author

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  • Bieger Thomas

    (University of St. GallenInstitute for Systemic Management and Public Governance, Research Center for Tourism and TransportSt. GallenSwitzerland)

  • Weinert Robert

    (Wüest PartnerZürichSwitzerland)

  • Klumbies Aristid

    (University of St. GallenInstitute for Systemic Management and Public Governance, Research Center for Tourism and TransportSt. GallenSwitzerland)

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.

Suggested Citation

  • Bieger Thomas & Weinert Robert & Klumbies Aristid, 2021. "COVID-19 and Second Home Prices in Switzerland: An Empirical Insight," Zeitschrift für Tourismuswissenschaft, De Gruyter, vol. 13(3), pages 375-386, November.
    • Handle: RePEc:bpj:touwis:v:13:y:2021:i:3:p:375-386:n:6
    DOI: 10.1515/tw-2021-0026
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