This book is a guide in the minefield of Swiss real estate, narrated by a serial buyer who made plenty of mistakes so that you don't have to. Contents

House hunting in a tricky market Real estate as an investment Price levels and market cycles Mortgage & tax optimisation The risks and rewards of off-plan buying Chalets as second homes

Why you need to read this book Real estate in Switzerland is a funny old market. It is illiquid, opaque, of dubious value for money and generally difficult to navigate. Yet, people from the world over are drawn to it like moths to the flame. It feels as if the more inaccessible and complex it becomes, there more prospective buyers are intoxicated by it. One reason for this, I believe, is that Swiss property is all things to all people. It has long been a safe haven investment thanks to the Swiss franc's legendary strength and low interest rates. However, it conveniently doubles up as a holiday destination as well as a secondary residence for long-term expatriates and economic refugees, or serves as a discreet address away from the public eye for politically exposed people. At the same time, Swiss property appeals to many an aspiring family seeking a practical and relaxed country to settle in, as well as an asset that is largely uncorrelated with the vagaries of global financial markets.

Without a doubt, the Swiss property market follows its own rules, unperturbed by what happens in the rest of the world. The reason arguably lies in Switzerland's peculiar history. It is not the only country to have gone from abject poverty to considerable wealth within a matter of decades, but it stands out as having done so despite being entirely deprived of natural resources, energy and international clout, all while lacking access to maritime trade.

It is hardly surprising that undergoing such a kind of rapid change in national fortunes would give rise to one or the other contradiction in the way things work, of which in the property sector there are plenty. However, time and again, when frugal habits of the rather recent past clash with the brashest and most plutocratic expectations of our time, it is fascinating to witness how it all tends to work out surprisingly well in the end.

Looking back at my own real estate history in this country over the past fifteen years, including the opportunities that I seized, those that I missed, the lessons learnt, the insights gained, bullets dodged, victories clawed from the jaws of defeat, followed by defeats clawed from the jaws of victory and lessons unlearned have been so abundant that I felt compelled to put pen to paper and write a cautionary tale about it all.

I had to write this book, if only because I couldn't stand the naivety of people who oddly expect everything to work like in their home country and inevitably get frustrated when that isn't the case. But there is more to it than that. This book stems from a deep-seated love-hate relationship with real estate that is seeking a productive outlet, at long last, in being turned to the service of readers. It was high time that some light was shed on this thorny subject. The local property market was literally crying out for it. And so was I.