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

Bieger Thomas (), Weinert Robert () and Klumbies Aristid ()
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Bieger Thomas: University of St. Gallen Institute for Systemic Management and Public Governance, Research Center for Tourism and Transport St. Gallen Switzerland
Weinert Robert: Wüest Partner Zürich Switzerland
Klumbies Aristid: University of St. Gallen Institute for Systemic Management and Public Governance, Research Center for Tourism and Transport St. Gallen Switzerland

Zeitschrift für Tourismuswissenschaft, 2021, vol. 13, issue 3, 375-386

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.

Keywords: Tourism management; second homes; price development; COVID-19 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:bpj:touwis:v:13:y:2021:i:3:p:375-386:n:6

DOI: 10.1515/tw-2021-0026

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