Buying a condominium in Zurich at auction? How to get started in a prime location

Zürich and bargains, do they go together? Yes, if one chooses the path through forced auctions (ZVG). Despite only 27 recorded auctions in 2023 (≈ 1.7 events per 100,000 inhabitants), the canton achieved average market values of 1.793 million CHF per condominium, ranking first in Switzerland. Those who bid wisely here can enter the most sought-after neighborhoods of the city of Limmat at up to 30% below market value.

1 | Zürcher Key Figures in Four-Year Comparison

Year	ZVG Count	Ø Condos (thousand CHF)	First Bid 70 %*	Source
2021	24	1,199	839	2021-Report
2022	29	774	542	2022-Report
2023	27	1,793	1,255	2023-Report
2024 †	≈ 34	n/a	n/a	2024-Preview

*First call according to Art. 140 SchKG = 70 % of the official market value.
†Bar chart "Forced Auctions 2024 by Canton"

The table shows two things: First, the supply is tight, secondly, the quality and price level are rising, creating a perfect breeding ground for a price lever in the bidding room.

2 | Understanding the Price Lever: From Market Value to Award

First Call = 70 %: At 1.79 million CHF, bidding starts at 1.25 million CHF - 550,000 CHF below the listing market.
Second Call Without Lower Limit: If the first date fails, all price barriers fall, in 2022, this happened with 7 % of Zürich properties.
Little Competition: An average of 8-10 bidders per appointment, often even fewer in holiday months like July (only 19 dates nationwide).

“The urban cantons Bern and Zürich lag behind in per capita comparison due to their population size, even though they have absolutely high quantities.” - Market Report 2023

3 | The 5-Step Plan for Your First Condominium

Appointment Research: Check SHAB & the debt collection offices weekly. Tip: In calendar weeks 11 / 23 / 43, over 25 % of all ZH auctions take place.
Property Analysis: Land register extract, market value appraisal, visit on "open day".
Financing Approval: 10 % deposit immediately, balance within 20 days, an irrevocable bank guarantee secures the award.
Bidding Strategy: Set your limit at 80 % - 85 % of the market value, as many co-bidders drop out at 75 % already.
Aftercare: Calculate land registry change, property transfer tax (1.0 %) in good time.

4 | Practical Example District 5

Condominium, 3.5 rooms, 92 m², market value 1.65 million CHF. First call 1.16 million CHF, award 1.28 million CHF (78%). After 250 CHF/m² renovation, the net rent amounts to 4,200 CHF/month → gross return 3.7 % from day 1, without compromises on the location.

5 | Seasonal Window & Timing

March & June: Each 79 new dates in 2023, highest frequency, best selection.
July: Holiday lull with only 19 appointments in 2024, perfect opportunity for bargain hunters.

6 | Zürich vs. Other Premium Cantons

	ZH	GE	SZ	ZG
ZVG 2023	27	20	9	3
Ø Condos (thousand CHF)	1,793	1,189	135	660
ZVG/100,000 inhabitants	1.7	2.1	5.7	0.8

Zürich combines highest value potential with comparatively few appointments, an ideal combination for investors who prioritize quality over quantity.

7 | FAQ, Quickly Clarified

Do I need equity?

Yes. Banks require 20 % of the award price as proof of equity, you must already deposit 10 % in the room.

Can I inspect?

In Zurich, almost always yes, the debt collection office organizes an official appointment. Photos in SHAB are rare.

What happens to tenants?

Existing rental contracts transfer to you (§ Acquisition of activity OR 261). Termination due to personal use is possible no earlier than after three months.

Conclusion, Premium Locations at a Discount

Buying a condominium in the middle of Zurich below market price seems impossible until you hear the hammer of the debt collection office. Scarce quantities, transparent procedures, and predictable price floors make forced auctions the most efficient entry channel to prime locations. Those who follow appointment plans, prepare financing, and remain calm in the room can secure their place by Lake Zurich in 2025 at terms that listings no longer offer.