Foreclosure auctions in Aargau: Discreet opportunities in the heart of Switzerland

The canton of Aargau is underrated by many investors, and unjustly so. The current market reports from 2021 to 2024 show that a steadily growing niche of the foreclosure market has established itself between the Limmat, Reuss, and Aare rivers: moderate price levels, solid rents, and a discreet bidding environment that is far less crowded than in Zurich (ZH) or Vaud (VD).

1 | Aargau Key Figures in Four-Year Comparison

Year	Auctions (No.)	Cases / 100,000 inhabitants	Ø Market Value of Residential Buildings (Thousand CHF)	Ø Market Value of Owner-Occupied Apartments (Thousand CHF)
2021	37	approx. 6.2*	≈ 753	-
2022	26	3.8	≈ 1,057	-
2023	26	6.1	n.a.	≈ 642
2024	"middle 30s area"†	≈ 4 - 5	n.a.	n.a.

*The 2021 report mentions a peak value of 85.6, but this is based on a different calculation methodology.
†according to the chart "Auctions by Canton (2024)", page 5.

The numbers show: Aargau maintains its level despite declining overall numbers in Switzerland. Between 2022 and 2023, the number of properties remained constant, while other cantons recorded double-digit declines. The sharp increase in the average value of residential buildings in 2022 (1.06 million CHF) indicates a rise in high-priced properties, suggesting that quality over quantity is coming to the forefront.

2 | Location Advantages: Why Aargau Has an Edge

Hub of the Economy: Just a few train minutes to Zurich, Basel, and Bern, ideal for commuters.
Population Growth & Stable Rents: Net migration of 0.8% per year since 2019, average rent of 14 CHF/m² (as of 2023).
Discreet Bidding Environment: With only 26 published dates in 2023, competition is lower than in tourism hotspots like Ticino (135 appointments).

“Urban cantons Bern and Zurich lag far behind in per capita consideration, despite recording more absolute properties.” Market Report 2023

3 | Property Types & Price Ranges

3.1 Residential Buildings, the Backbone

Aargau single-family homes changed hands in 2022 at an average of 1.06 million CHF, about 15% below the average values of comparable listings in the traditional advertising market.

3.2 Owner-Occupied Apartments, an Underrated Yield Segment

With an average market value of 642,000 CHF (2023), Aargau owner-occupied apartments are significantly below the Swiss average (≈ 742,000 CHF). For buy-to-let strategies, this translates into gross yields of 4 - 4.5%, without the volatility of expensive metropolitan areas.

3.3 Commercial & Conversion Properties

Aargau has an unusually high rate of vacant commercial spaces along the A1 motorway. These are increasingly being converted into light-industrial lofts, presenting an opportunity for value-add investors with construction expertise.

4 | Three Practical Strategies for Aargau

Fix & Flip in Small Towns
Upgrade row houses in Baden/Wettingen with market values between 650 - 900 k CHF and sell them after 12 months on the local market.
Buy & Hold in Fricktal
Acquire 3-room owner-occupied apartments under 500 k CHF, furnish them, and rent them out as corporate housing to Basel pharmaceutical companies.
Light-Industrial Conversion
Split former production halls in Rheinfelden into micro-units, exit as condominium ownership.

5 | Process & Timing: How to Score in the Bidding Room

Observe the Season: In Aargau, appointment dates peak in the spring (March/April) and fall. July was, however, the weakest month nationwide in 2024 (19 appointments), making it an ideal bargain window.
First Call = 70% Market Value, definitely check the second call, as the price limit often drops significantly.
Bring Financing Approval: A 10% down payment is due immediately, with the remainder within 20 days.

Conclusion: Aargau Remains a Hidden Gem

Although the headlines are dominated by Ticino and others, Aargau offers in 2024 an almost ideal balance of price, risk, and growth potential. The limited but constant auction supply allows for discreet deals without the hype of big cities, and thanks to its central location, you can reach Zurich, Basel, and Bern in under an hour. Those who keep an eye on the appointment calendars of the debt collection offices and strategically bid in second calls can achieve above-average returns here, without any headlines, but with solid numbers.