Switzerland Housing Market Activity
Last updated:
Source: Official Swiss National Bank quarterly new mortgage statistics for self-used housing, temporally disaggregated to months with official SNB mortgage-utilisation dynamics; official Swiss Federal Statistical Office annual new buildings with dwellings; and official Swiss Federal Statistical Office construction-output indicators for NOGA 41 Hochbau. The monthly composite combines a smoothed mortgage-activity signal with a residential construction series benchmarked to annual new buildings with dwellings and distributed with BFS construction-output dynamics.
Source description: Composite Swiss housing indicator combining a finance-side SNB new mortgage signal and a construction-side residential building signal on a 65/35 basis after both components are smoothed with 3-month moving averages. The combined series then receives a light final 3-month moving average before rebasing to 2019 = 100. The finance side uses official quarterly SNB new mortgage counts distributed to months with official monthly mortgage-utilisation dynamics, while the construction side uses official BFS monthly Hochbau output indicators for temporal disaggregation and tail nowcasting.
Table ID: macro_economics/housing/europe_housing_market_activity_monthly
Key findings:
- Switzerland housing activity remains below the 2019 baseline at 90.2 index points, indicating cautious demand signals.
- The recent decline of -4.7 index points suggests weakening residential momentum, keeping the housing cycle fragile.
- This housing activity should be viewed with the furniture retail turnover, which was stable at 4298.6 million CHF in 2025.
Latest data:
| date | value |
|---|---|
| 2025-04-01 | 91.314 |
| 2025-05-01 | 92.94 |
| 2025-06-01 | 97.181 |
| 2025-07-01 | 100.335 |
| 2025-08-01 | 99.75 |
| 2025-09-01 | 97.667 |
| 2025-10-01 | 96.776 |
| 2025-11-01 | 98.876 |
| 2025-12-01 | 101.065 |
| 2026-01-01 | 99.367 |
| 2026-02-01 | 94.926 |
| 2026-03-01 | 90.186 |
Methodology: Housing Market Activity Methodology
Switzerland Housing Market Activity tracks the residential-cycle backdrop behind Swiss furniture and home-furnishing demand. The monthly index combines mortgage-related housing finance and residential construction activity into a practical signal for judging whether housing conditions are supporting or constraining furnishing demand.
Market Context
Switzerland sits outside the euro-area mortgage framework used for many European housing pages, so this indicator is built from Swiss national sources while preserving the same business purpose as the wider Furnilytics housing activity family. The finance side uses official Swiss National Bank quarterly new mortgage counts for self-used housing, distributed to months with official SNB mortgage-utilisation dynamics and then smoothed with a 3-month moving average.
To keep the Swiss series monthly without recycling the mortgage signal into both legs, the construction side uses independent official Swiss Federal Statistical Office data. The residential benchmark is annual new buildings with dwellings, which is closer to the pipeline logic behind building-permit indicators in Germany and Austria, and it is distributed to months with official BFS building-construction output for NOGA 41 Hochbau. Both parent components are lightly smoothed, and the final 65/35 composite also receives a light 3-month moving average before rebasing to 2019 = 100. This page is best read with Switzerland Furniture Retail Market Size, Switzerland Furniture Consumer Market Size and Switzerland Consumer Confidence.
