Swiss Average annual inflation for residential property in 2021 was 5.7 %

The Swiss residential property price index (IMPI) increased in the 4th quarter 2021 compared with the previous quarter by 2.6 % and reached 110.7 points (4th quarter 2019 = 100). Compared with the same quarter of the previous year, inflation was 7.3 %. Average annual inflation for residential property in 2021 was 5.7 %. These are the results from the Federal Statistical Office (FSO).

The average annual inflation of the IMPI for 2021 of 5.7 % corresponds to the rate of change between the annual average for 2021 and that for 2020. The annual average is calculated as the arithmetic average value of the four quarterly indices of the calendar year. The prices of single-family houses increased last year on average by 6.0 % and those of condominiums by an average of 5.5 %.

In the fourth quarter of 2021 the increase of the IMPI compared with the previous quarter was 2.6 %. The prices for both single-family houses (+2.7 %) and condominiums (+2.6 %) increased. The increase in prices for single-family houses in urban municipalities of a medium-sized agglomeration was particularly pronounced (+6.2 %). The prices for condominiums increased most in the rural municipalities (+4.8 %).

IMPI – the FSO’s residential property price index

The Federal Statistical Office (FSO) publishes the Swiss residential property price index IMPI on a quarterly basis starting from 3rd quarter 2020. It calculates the IMPI from an average of around 7000 transactions from all regions of Switzerland. The FSO obtains the data from Switzerland’s 25 largest mortgage institutions. They cover a very large market share as the vast majority of real estate purchases are financed through a mortgage. The data collected enabled the FSO to show price changes since the beginning of 2019. Price trends are published for single-family houses and condominiums with sub-indices for five municipality types (see below).


The IMPI is an economic indicator that measures the development of market prices for residential property (single-family houses and condominiums) in Switzerland. The index completes Switzerland’s price statistics system. These include the Swiss Consumer Price Index (CPI), the harmonised consumer price index (HCPI), the rental index (RPI), the producer and import price index (PPI), the construction price index (BAP) and the measurement of international purchasing power parities.

Publication of the results and documentation

The survey for the IMPI takes place immediately after the end of each calendar quarter. The results are published approx. 45 days after the end of the quarter, i.e. in the middle of the next quarter as a press release and on the internet:

More detailed information on the survey and methodology is also available on the website.

Municipality types

The five municipality types for which the IMPI shows individual price developments are based on the FSO’s urban/rural typology and municipality typology 2012 (in German or French). They are derived from the municipality typology with nine categories. The differentiation is based on density, size and accessibility criteria (e.g. commuter movements). Of the 2163 municipalities in Switzerland, (municipality status as of 1.7.2021), 22% are urban, 52% rural and 26% intermediate. For the IMPI, three types of urban municipalities were retained, while the three types of intermediate and the three types of rural municipalities were further aggregated into two categories:

An interactive Swiss map with the IMPI change rates by municipality type can be found at: