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New York City NYC
February 10, 2017

The Most Expensive Addresses: Switzerland vs. NYC

NYC’s most expensive address in 2016 was undoubtedly 432 Park Avenue, the tallest residential building in the city, (and the world), where three of the city’s top five sales took place last year.

The average price per square foot achieved at 432 Park was over $7,700 – almost 350% higher than the city’s 2016 average of $1,725.* This average is comparable to top sales in Lucerne, but 40% lower than the priciest sales in in Zurich and Zug, the cities ranking #2 and #3 in Switzerland.

Geneva ranked as the priciest city in Switzerland by a considerable margin. Perhaps suggesting the powerful combination of global financial importance and altitude, sales in Geneva’s highest neighborhood (Old Town) approached the rarefied air of sales in New York City’s towering residences at 432 Park, achieving prices just under $6,500 per square foot.**

Here are Switzerland’s five priciest areas, based on Engel & Völkers 2016 transactions:

  1. Geneva, Old Town – $6,471 /sq.ft.
  2. Zurich, Kurhausstrasse, Aurorastrasse and Susenbergstrasse – $2773/sq.ft
  3. Zug, Zugerberg – $2773/sq.ft
  4. Lucerne, Bellerive quarter – $1,664 / sq.ft.
  5. Basel, St. Alban-Vorstadt – $1,294 / sq. ft

*Source: Miller Samuel Inc.
**based on 2/10/17 exchange rate