Prices for new apartments in Zürich went up by 90% last year alone, according to Credit Suisse research. In their estimation the market is over-heating. UBS - with possibily the worst track-record in property value estimation in the history of the world - say they the price is about to crash. UBS might be right as far as ZH is concerned, but I'm sure that will be more through luck than judgment.

Even with the SNB intervention and the prospect of the Euro floor being raised, there remains larges pools of illiquid global capital seeking flight to Switzerland. A kind of "refugee-status" has been suggested through nervous Euro investors exercising their Schengen rights and buying up Swiss properties. This would tie-in with the continuing upward pressures in the cities, and particularly around the international airports.

Outside of the cities the market is little bit more stable, and possibly under-valued.