Considering a job in Geneva. Base is 110 chf, bonus 0-1x base. This is for HF. So realistic pay is maybe 150k chf if averaging across 4 years for good and bad years, assuming no bumps. Currently live in london, on the outskirts of zone 1. Takes me like 25mins to work. Here's my question, I want to buy a modern 2 bed flat in Geneva, with 10% deposit. Salary would have to support a family. Given the potential comp, is this at all possible in an area similar to zone 1 (well connected, relatively safe, lots happening, etc.) that is within 40mins of central Geneva? If so, which areas should i look into? How much would it cost? Like I know in London you are talking maybe £600k up for something like this. Thanks!
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Based on the most helpful WSO content, Geneva's housing market is known for being expensive, even more so than London in some cases. With a CHF 150k annual compensation, supporting a family and buying a modern 2-bedroom flat in a well-connected, safe, and vibrant area within 40 minutes of central Geneva might be challenging, especially with only a 10% deposit.
Here are some key points to consider:
Housing Costs in Geneva: Flats in central Geneva or highly desirable areas can easily exceed CHF 1 million for a modern 2-bedroom. Even in less central areas, prices are still high. A 10% deposit (CHF 100k for a CHF 1M property) might not be sufficient, as Swiss banks often require a 20% deposit for mortgages.
Areas to Consider:
Cost Comparison: While London Zone 1 flats might start around £600k, Geneva's equivalent areas could easily surpass CHF 1M for a similar property. The cost of living in Geneva is also higher, with expensive groceries, dining, and services.
Family Considerations: Supporting a family on CHF 150k in Geneva is feasible but tight, given the high cost of living. You'd need to budget carefully for housing, childcare, and other expenses.
Alternative Options: Renting might be a more practical choice initially, allowing you to save for a larger deposit and better understand the local market.
If you're set on buying, you may need to adjust expectations regarding location or property size. Exploring areas slightly outside central Geneva, like Nyon or Versoix, could provide more affordable options while still being commutable.
Sources: Life in General Will Cost More Than You Think, NYC vs. London vs. Zurich vs. FFM, NYC vs. London vs. Zurich vs. FFM, Where to live in London?, Recruiting in Zürich/ Geneva vs London
Anyone at all?
Can’t be helpful here but living in Geneva for a bit sounds sick
Apols cant be of much help either, other than I know they have very similar problems to London re: property market and inflated rents. At that package point you'd be earning considerably more than the average person, but still struggle to find a good property in a good area.
Interested to know if this is a conscious decision to leave London, given how f*cked it is - or if this is opportunity led? 3 of my close friends have left in the past 6 months and it feels like things are going downhill increasingly quickly.
Still helpful, thank you. Opportunity led. Yea London is not getting any better sadly. To be completely honest I would have left for the Middle East years ago but chose to stay because of family. However, similarly to you, friends of mine left and some getting ready to leave.
You're moving to the best country in the world, objectively. I say that as an American. Switzerland is just incredible.
Congrats.
I prefer Lugano, because it's closer to Italy, warmer and more beautiful. But it's also the least "prestigious" and has the least amount of finance jobs of the major cities.
But Geneva and Zurich are as good as it gets in terms of finance ecosystem, quality of life and presitge.
Seriously. Good job.
You can‘t buy property in CH with 10% down. Also buying property as a foreigner is difficult. You are looking st minimum 1m for a decent flat. 150k is nothing in Geneva, avg grad makes 80k already. You will have a decent life but forget about getting property and raising a family nicely on that salary.
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