Affluent overseas residents find an appealing haven in this Zurich district
The Gold Coast of Zurich, Switzerland, used to be the preferred spot for the wealthy, but it's been dethroned by a newer, more desirable stretch: the Pfnüselküste.
"The left side of Lake Zurich is more coveted than ever," explanations Niki Thomet, a real estate agent with Engel & Völkers, who has been selling luxury properties in Kilchberg, Thalwil, Rüschlikon, and Horgen for six years.
"Old money on the Goldküste, but the new money resides on the Pfnüselküste - and there is continual growth," he added.
How steep is the price tag for living on the Pfnüselküste?
If you're on an average wage, brace yourself.
Properties in Thalwil, for instance, are selling for over 5 million francs, and that's not even the tip of the iceberg. Thomet is marketing a 5.5-room, 186-square-metre flat in Thalwil for 6.28 million francs - that's 33,000 francs per square metre.compare that to Zurich average of around 15,900 francs per square metre, according to real estate company Neho.
But Thomet isn't concerned about the high prices dampening demand. "The high immigration alone will ensure that demand between Kilchberg and Horgen will continue to increase," he said.
In fact, it already is. Beat Nüesch, Horgen's mayor, confirms the high number of foreign residents in his community, conducting 100 to 120 naturalisation interviews every year, he said.
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The international presence is felt elsewhere on the Pfnüselküste, too. In Thalwil, English is spoken daily at the counters of the municipal administration, according to Hansruedi Kölliker, the town's mayor.
So, why are international residents drawn to the Pfnüselküste?
While they might struggle with the name, (very) rich foreigners are flocking to this area, despite the property prices only accessible to the highest income brackets.
But scenic beauty isn't the main attraction (since many other locations in Zurich are picturesque as well). The deciding factor is that the left bank is well connected by both public transport and the motorway to strategic locations for these high-earners: there are good connections to the rest of Zurich, as well as nearby cantons of Zug and Schwyz.
"These are locations where highly-qualified expats usually work," said Lan Anh Nguyen, another Engel & Völkers real estate agent.
And the fact that three campuses of the Zurich International School are all located on the left bank also plays a significant role in the expats' decision-making process, she added.
- The left side of Lake Zurich, in areas such as Kilchberg, Thalwil, Rüschlikon, and Horgen, is currently more desirable, with luxury properties selling for over 5 million francs.
- Niki Thomet, a real estate agent, is marketing a 5.5-room, 186-square-metre flat in Thalwil for 6.28 million francs, which equates to 33,000 francs per square metre.
- Despite the high property prices on the Pfnüselküste, the continual growth and good connectivity to strategic locations attract highly-qualified expats.
- The Zurich International School having three campuses on the left bank is a significant factor in the expats' decision-making process.
