Three Cultures, One Market: The Overview 2021–2024

Switzerland shows a clear regional profile in real estate auctions: southern cantons provide a lot of deal flow, urban centers offer high value retention, smaller cantons score per capita. In 2024, 610 compulsory auctions were scheduled (volume approx. 671 million CHF), with seasonal peaks in June and October. In 2023, the activity was 644 procedures (volume approx. 561 million CHF), 2022 was 622, and 2021 was 854. In all years, residential buildings and condominiums dominated the lot mix.

“Auction culture” in Switzerland means: equal rights, different markets. Thinking regionally increases your chances of success.

Basel vs. Lugano: Liquidity and Competition Compared

Lugano/Ticino symbolizes high activity: TI ranks first in 2024 both absolutely (114 procedures) and per 100,000 inhabitants (32.6) – a pattern that was already visible in 2022/2023. Basel is the counterpart: BS recorded significantly fewer dates, BL is in the midfield. For bidders, this means: In TI more choice and often heterogeneous objects, in BS/BL smaller fields, but tighter price anchors.

Strategic Implications

In active cantons (TI, VD, BE, VS, SO): review several dossiers in parallel, maintain a clear MaxBid discipline, as waves of dates (spring/autumn) provide options.
In premium cores (ZH, GE, ZG): rarer lots, higher quality focus; exit liquidity compensates for the smaller discount margin.
In small cantons (JU, GL): above-average active per capita – opportunities with fast due diligence.

Cantonal Clusters and Their Auction Cultures

Cluster	Cantons (Selection)	Lot Mix & Dynamics	Practical Tip
South & Southwest (high deal flow)	TI, VD, VS	Many residential buildings/condominiums, regular date waves; leading per capita (TI).	Standardized DD checklist; plan alternative objects for the same date block.
Urban Core Areas (highly qualitative)	ZH, GE, ZG, BS	Fewer lots per inhabitant; condominium average partly high, houses in ZH/VD historically strong.	Bid selectively, weigh exit quality and micro-location higher than the discount.
Central Switzerland & Northwest	BE, SO, AG, BL	Stable pipeline, wide price bands; in 2024, SO was in the upper field of activity.	Early financing and collateral clearance; take advantage of multiple viewings.
Alpine & Eastern Switzerland	GR, GL, SG, TG	Heterogeneous mix; GR/GL partly leading per capita; condominium average fluctuates greatly from year to year.	Double check micro-location and development; use residual value logic instead of pure comparison logic.

Seasonal Patterns & Date Logic

In all years, a recurring rhythm is evident: Spring (May/June) and Autumn (October/November) are lively, Summer (July/August) is quieter. In 2024, June marked the volumetric peak (≈102 million CHF). For bidders, this means: finalize file status and financing by Spring, conduct several dossiers in parallel during peak months.

Peak Planning: 2–3 alternative lots per date block (e.g. VD/BE/SO).
Summer Window: Less competition, sometimes better chances in VS/TI.

Lot Mix by Region: What Goes Under the Hammer Where?

Nationwide, residential buildings and condominiums make up the majority (≈ 64–75% per year). Southern cantons provide the most absolute lots, while urban centers register fewer dates per inhabitant despite high wealth density. This leads to a "culture": Deal flow regions (e.g. TI, VD, VS) are search fields for operational buyers, premium regions (ZH, GE, ZG) are suitable for value-oriented strategies.

Cantonal Particularities (Excerpt)

TI: Highest activity absolutely & per capita; wide price range across the lot mix.
VD/VS: consistently high case numbers; VD with high average market values for houses (e.g. 2023).
ZH/GE/ZG: Condominiums on average expensive (various years), lower per capita share.
GL/JU: noticeable per capita, despite small markets; agile bidders at an advantage.
BS/BL: fewer lots, but high quality dispersion; micro-location is crucial.

Price Images & Market Values: Reading Regional Benchmarks Correctly

Cantonal average values change each year – also because of small case numbers. In 2023, condominium averages were among the highest in ZH and GE; house averages were led by VD and ZH. In 2022, condominiums in GE, SZ, ZG were the most expensive; house averages were led by GR and LU. In 2021, condominium averages were highest in NW, UR, GR; house averages in BS and ZH. Consequence: Use benchmarks – but always adjust for micro-location, Capex and legal situation.

// Regional Adjuster (Practical Formula)
Adj_Value = Market_Value
           + Micro_Location_Factor (−10 % to +20 %)
           − Capex_Detail (shell/technical equipment/fire protection)
           + Rent_Lever (indexation/market rent in the canton)

Playbook by Canton Type

Deal Flow Cantons (TI, VD, VS, BE): Standardized DD, alternative lots per date, clear Capex path.
Premium Cantons (ZH, GE, ZG): Selectivity, exit strategy, sensibly justify quality premiums.
Per-Capita Champions (JU, GL): Quick decisions, local partner networks.

FAQ: Regional Particularities Briefly Explained

Why are southern cantons so active?

They have shown high absolute and per capita numbers for years – driven by a wide mix of lots and regular waves of dates.

Are there fewer opportunities in cities?

Yes, opportunities – but they are different: smaller per capita quotas, but high exit liquidity and often stronger micro-location differences.

How stable are cantonal price rankings?

They fluctuate because the case numbers per category can be small. Therefore, always supplement average values with due diligence and location factors.

Canton Quicklinks (all 26)

AG · AI · AR · BE · BL · BS · FR · GE · GL · GR · JU · LU · NE · NW · OW · SG · SH · SO · SZ · TG · TI · UR · VD · VS · ZG · ZH

From Basel to Lugano: How auction cultures differ between cantons

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