Published on and written by Cyril Jarnias
Wedged between a village-like atmosphere, immediate proximity to the federal capital, and sustained growth momentum, the municipality of Zollikofen has, in just a few years, appeared on the radar of real estate investors. What was long just a quiet suburb of Bern is turning into a veritable residential and economic hub, driven by ambitious urbanization projects and demographic pressure that far exceeds the targets set by the municipality itself.
The market presents advantages such as attractive prices per square meter, low vacancy, strong demographic growth, and a housing shortage. However, a detailed analysis is crucial, including price levels, rental yield, taxation, financing costs, demand typology, and resale potential.
A well-connected small town at the heart of a pressured region
With an estimated 11,500 inhabitants in 2023, Zollikofen belongs administratively to the canton of Bern and the district of Bern-Mittelland. Statistically, the municipality passed the 10,000 inhabitant mark in 2008 and is now considered a “city” by the Federal Statistical Office.
The total area of the locality is 5.39 km², distributed between agricultural, wooded, and urbanized zones.
This mix of dense development and natural reserves is reflected in the perception of residents: the municipality is described as a quiet residential place with vast recreational spaces along the Aare River, forests, and leisure areas like Rütti. Neighborhoods like LÄTTERE, presented as close to the city yet still very rural in spirit, epitomize this compromise.
The municipality of Zollikofen benefits from excellent public transport connections, with a train journey of about ten minutes from Oberzollikofen to the capital’s center, a highly appreciated asset according to a 2020 survey. However, this proximity also generates drawbacks, such as significant traffic on Bernstrasse and a lack of a structured downtown with meeting places.
From an investor’s perspective, this dual character – green residential and very well-connected – is exactly what a large part of demand in Switzerland seeks today: proximity to a major employment basin, quick rail access, but more affordable housing costs than in metropolitan cores like Zurich or Geneva.
Demographics: Growth faster than expected
One of the most telling elements for an investor is the local demographic curve. Between 2020 (10,640 inhabitants) and 2023 (estimated 11,477 inhabitants), Zollikofen recorded an average annual growth of about 2.56%, well above the projected national pace of 0.8 to 1% for the coming years.
The following table summarizes some recent demographic milestones:
| Year | Estimated Population | Key Comment |
|---|---|---|
| 1971 | 9,250 | End of the major growth phase linked to the Tiefenau bridge and Bernstrasse |
| 2000 | 9,437 | Relative stagnation after the 1960-70 boom |
| 2010 | 9,831 | Moderate recovery |
| 2020 | 10,640 | New threshold reached |
| 2022 | 11,027 | REK 2040 target (≈11,100 inhabitants) almost met |
| 2023 | 11,477 | Growth well beyond the initial municipal scenario |
In 2015, the Municipal Spatial Development Concept (REK) aimed for a moderate growth scenario: about +8% by 2040, i.e., about 11,100 inhabitants. However, this threshold was almost reached… by 2022, nearly twenty years earlier than expected, under the combined effect of major projects like Lättere, Schäferei, or Paradiso.
Share of foreigners in the population in 2023, up from 18.4% in 2010.
For the investor, this demographic dynamic means two things: increasing and relatively diversified housing demand (families, working people, foreign population), and growing pressure on school, mobility, and service infrastructure – thus potentially new public and private investments.
A rising yet still affordable real estate market in Zollikofen
In strictly real estate terms, recent data confirms that Zollikofen follows the Swiss trend of dwindling supply and continuously rising prices, while maintaining valuation levels well below those of major cities.
For 2025, the average price per square meter in Zollikofen is estimated at CHF 6,647, a 4.09% increase from the previous year. In the national ranking, the municipality ranks 1,335th among Switzerland’s most expensive cities, highlighting an intermediate positioning: neither an ultra-expensive first-ring suburb nor a neglected periphery.
More detailed data by property type illustrates, however, a slightly higher reality:
| Property Type | Average Price (CHF/m²) | Observed Range (CHF/m²) |
|---|---|---|
| Single-family home | 8,168 | 5,037 – 10,714 |
| Apartment | 7,571 | 5,176 – 12,162 |
These figures place Zollikofen slightly above the cantonal average (about CHF 7,323/m² according to one source, CHF 6,400/m² according to another), but far behind the city of Bern, where apartments trade on average around CHF 9,800 to over 11,000/m².
In Zurich, apartment prices average between CHF 14,235 and over CHF 21,000/m², with an average transaction price of about CHF 22,350/m² in Q3 2025. For a comparable property, a buyer typically pays 70 to 85% more in Zurich than in the canton of Bern, including Zollikofen.
This relative discount is a first element of attractiveness for an investment: it leaves room for future appreciation, especially in a national context where housing supply remains dramatically insufficient for a growing population (over 80,000 additional inhabitants nationwide in 2024, and projections toward over 10 million inhabitants by the 2030s-2040s).
Price structure: Size effect and exit strategy
Local data shows a common Swiss peculiarity: smaller apartments sell proportionally more expensive per square meter. Thus, in 2025, a 50 m² apartment in Zollikofen is offered around CHF 402,144, significantly more expensive per meter than the average, and about 23% more expensive than a 90 m² apartment selling around CHF 592,248.
For an investor, the per-square-meter price differential between small and large apartments presents a dual challenge. On paper, it can offer higher resale margins on small units, which are in high demand by singles, couples, or small households. However, it also reduces gross rental yield if the rent does not evolve proportionally to this differential and increases the risk of vacancy in a market slowdown, as these property types are more sensitive to economic fluctuations.
Price estimates for a 70 m² apartment also illustrate the exit strategy challenge. For a quick sale, the recommended price is around CHF 460,638. With more time and optimized marketing, the same property could reach CHF 563,001. This amplitude of nearly 20% between “liquidation price” and “target price” is a key indicator for the investor: mastering timing, marketing, and sales channel (agency, platform, network) can seriously impact the overall return on the investment.
Key development projects: “Im Klee” and Wahlacker, the new face of Zollikofen
Beyond existing stock, the real transformation of Zollikofen comes through several major construction projects. They are reshaping the local map, creating new micro-neighborhoods, and altering the perception of the municipality among investors and residents alike.
“Im Klee”: A mixed-use, CO₂-free neighborhood right by the station
The “Im Klee” project – or “Klee Zollikofen” – is emblematic of this transformation. Located on the strategic triangle formed by Bernstrasse, the railway line, and Kreuzstrasse, right next to Oberzollikofen station, it aims to create not just a simple housing development, but a veritable autonomous, lively, mixed-use urban neighborhood without architectural barriers.
The program includes 175 rental apartments, from 1.5 to 5.5 rooms, and about 1,350 m² of commercial space, mostly on the ground floor for easy, barrier-free access. The whole is structured around four buildings of 4 to 9 floors, with differentiated architectures, surrounded by generous outdoor spaces, including a 600 m² play meadow and a structured playground.
The neighborhood is designed to be self-sufficient with a range of on-site services: a daycare center (Kita), a café, a dental practice (Zahnarzt Praxis Schmid), a bicycle shop (Veloladen Leuthold), and a beauty salon (Beautiness by Cátia Gonçalves). Projects like a bakery, a bistro, or offices are also envisioned. To adapt to new forms of work, coworking spaces are planned.
Another asset of this development is its energy concept: the neighborhood is described as operating with zero CO₂ emissions, with a significant portion of electricity produced directly on-site via rooftop and façade photovoltaic panels. In a context where energy efficiency is becoming a major investment criterion, this feature provides a clear competitive advantage, both in terms of image and future operating costs.
Even though offered for rent, the “Im Klee” apartments increase the neighborhood’s attractiveness and add value to surrounding properties. In the long term, this type of project can create acquisition opportunities, such as bulk sales, condos, or commercial spaces.
Wahlackerstrasse: Owner-occupied residential with Alpine views
Alongside these large rental complexes, Zollikofen also hosts more targeted developments as condominiums (PPE), like the Wahlackerstrasse project. It features 11 owner-occupied apartments, from 2.5 to 4.5 rooms, with high-end finishes and Alpine views.
This type of project clearly targets a clientele of demanding owner-occupiers, but also interests the private investor looking for one or two units to rent in a quality condominium. The vacancy risk is generally low here, as demand for well-located premium housing is sustained in the Bern agglomeration, especially in a municipality with good rail service, local shops (Migros, Denner, Coop, Aldi, and numerous other shops within walking distance), and all school structures, from kindergarten to secondary school.
A significant housing pipeline by 2030
Zollikofen is not limited to a few isolated projects. The revision of the zoning plan, approved by popular vote in 2017, paved the way for a series of densifications and redevelopments of former wastelands or areas needing restructuring. Among the developments mentioned, in addition to Klee and Wahlacker, are:
Discover the main ongoing or planned urban development and redevelopment projects in the region.
Rehabilitation of the former Post building for a new urban use.
Sector including notably a home for the elderly, focused on community services.
Development area including Blumepark, Hessweg, and the Rothenbühlerareal.
Development project for a new neighborhood, the Bärenareal.
Between 2022 and 2030, the municipality anticipates about 656 additional housing units. Based on recent trends, projections suggest a population that could reach about 11,600 inhabitants by 2027, compared to about 11,100 initially projected for… 2040.
For an investor, this pipeline is both an opportunity and a warning signal. An opportunity, because it confirms Zollikofen’s anchoring as a recognized growth pole by the canton – the municipality is considered predestined for densification and ranks among the economic centers close to the capital, with about 9,200 jobs on its territory. A warning signal, because a supply too concentrated in time could, in the short term, exert pressure on rents if several large projects hit the market simultaneously.
Rental yields: A typical Swiss compromise
Switzerland has long been distinguished by relatively low gross rental yields, particularly in urban centers. The canton of Bern is no exception, although it offers, on average, slightly higher yields than Zurich or Geneva.
In the third quarter of 2025, the average gross rental yield for housing nationwide was 2.92%, compared to 2.96% in the first quarter. For the canton of Bern, average gross yields for apartments were around 2.98%, with variations by size:
| Apartment Size | Average Gross Yield in the canton of Bern |
|---|---|
| 1 room | 3.43 % |
| 2 rooms | 2.81 % |
| 3 rooms | 2.81 % |
| 4 rooms and more | 2.86 % |
These are cantonal average data, but provide a good basis for considering Zollikofen, which fits into this regional market. It’s important to recall that these yields are gross: after accounting for maintenance costs, management fees, upkeep, property taxes, and income tax, the net yield is typically 1.5 to 2 percentage points lower, often around 1% to 1.5% net for an investment partly financed by debt.
In Zurich, gross yields are very low, often between 1.7% and 2.6%, and can even fall below 2% for central properties. The Bern agglomeration offers slightly higher yields, but the investment logic remains the same: on the Swiss residential market, the priority is capital preservation and appreciation, with rental cash flow being only a secondary objective.
For Zollikofen, the investor must therefore plan with a long-term horizon, capitalizing on the projected rise in residential prices (between 2 and 3% per year on average in Switzerland over the next five years, with an expected cumulative increase of 15 to 28% over ten years depending on scenarios) and on the structural scarcity of housing supply in agglomerations. Rents themselves should continue to rise moderately, following an already marked increase of 4.7% nationally in 2024.
Macro environment: Switzerland in chronic housing shortage
The framework in which Zollikofen operates is that of an extremely tight national market. The housing vacancy rate in Switzerland fell to about 1% in 2025 (1.08% in September), a historic low, even as the population continues to grow (over 80,000 additional people in 2024).
The Swiss Residential Property Price Index rose nearly 5.2% year-on-year until Q3 2025.
Simultaneously, the production of new housing remains insufficient. In 2023, about 45,000 housing units were completed, while estimated needs are around 55,000 to 60,000 units per year to absorb demographic growth. Building permits for residential construction fell another 11% that year. Forecasts anticipate a slight rebound in construction from 2025-2026, with about 44,000 new homes expected in 2025 then a modest increase in 2026, but without making up the estimated cumulative deficit of 50,000 to 80,000 housing units by 2027 if the current pace continues.
Well-connected satellite municipalities by rail, like Zollikofen, become essential pressure valves in the face of city center saturation. A clear trend of migration from cities (Zurich, Geneva, Basel) to their agglomerations is observed. These suburban areas, thanks to strengthened transport links, now form autonomous real estate markets with their own price dynamics.
For the investor, this backdrop is crucial: it means that even if Zollikofen is not Zurich or Geneva, its position as an agglomeration municipality of Bern, clearly identified as a densification site by the canton, gives it a structurally favorable growth profile.
Financing and income constraints: A very Swiss filter
One of the specific aspects of the Swiss market is the strictness of financing conditions. For a rental investment in Zollikofen as elsewhere, banks generally require at least 25% equity for an investment property (20% for a primary residence), of which at least 10% cannot come from the pension fund.
Credit institutions apply a theoretical interest rate of about 4.5 to 5% to assess borrowing capacity, even if market rates are lower. The main rule is that the total housing costs (interest, amortization, and ancillary fees) must not exceed 40% of the household’s gross income. This mechanism limits access to homeownership to the most solvent households and aims to prevent over-indebtedness, thereby protecting financial stability.
For the investor, the range of mortgage products remains wide. It is possible to combine a fixed-rate mortgage (2 to 10 years most of the time) and a mortgage indexed to SARON, the latter closely following the Swiss National Bank’s policy rate. After a series of cuts, the policy rate returned to around 0% in 2025, reflected in 10-year mortgages showing average rates around 1.66%. SARON mortgages allow benefiting from a low-rate environment but involve accepting regular interest rate fluctuations.
Zollikofen offers a typically Swiss banking environment, characterized by the presence of multiple regional and national players, as well as specialized advisors. Online simulators are available to facilitate projections. It is possible to structure tailored financing, adapted to each client’s risk profile and holding horizon. Furthermore, third-party services allow comparing over a hundred mortgage offers simultaneously, with fees only starting upon effective signing of the contract.
Local real estate services: An already dense ecosystem
To succeed in an investment in Zollikofen, access to good intermediaries is decisive. The municipality already has a well-established network of real estate players: Properti, Rothenbühler Immobilien AG, Bareiss Immobilien GmbH, All In Home GmbH, Oekopol Immobilien AG, REMAX Immobilien, Real Estate Services Inh. Ha, and Stebler Real Estate + Retail, among others.
Properti positions itself as a leading “proptech agent,” coupling technology and human expertise. Its services cover sales, rentals, property search (including off-market), valuation, rent assessment, free advice, and market publications. The company emphasizes transparent processes, broad market reach, no hidden costs, and a five-year tenant guarantee for certain mandates.
Properti, proptech agent
For a foreign investor or someone unfamiliar with the Swiss market, this type of player can make a difference, particularly during the property selection phase and structuring of the operation (choice of property type, housing versus commercial, precise location within the municipality, target tenant profile).
Local life, schools, jobs: Everyday assets
Beyond the numbers, the ultimate success of a rental investment depends on people’s desire to live there. From this perspective, Zollikofen ticks several important boxes for Swiss households.
The municipality offers the full educational path, from kindergarten to secondary school, as well as daycare and after-school care places. It continuously modernizes its infrastructure, with projects like the renovation of the Steinibach kindergarten (planned for 2023/24) and the extension of the Oberdorf school (occupied since 2022).
Economically, the municipality hosts nearly 9,200 jobs, with a marked distribution in favor of the tertiary sector (3,420 people and 261 companies), followed by industry and construction (1,211 jobs, 75 companies) and a significant agricultural base. Zollikofen is a net importer of labor: about 4,032 people entered daily to work there, compared to 3,653 who left according to past data. Over 40% of working people use public transport to commute, a very high rate highlighting the quality of service.
The municipality has a complete commercial offering with major retailers and numerous retail shops within walking distance. Leisure, sports, and cultural activities are varied. Furthermore, Zollikofen holds the “Energiestadt” label, highlighting a proactive energy policy, an important criterion for many tenants.
This combination of local jobs, easy mobility to Bern, local services, and quality of life makes it a locality appreciated by its inhabitants – as confirmed by the municipal survey “Gemeinderadar” in 2020 – and thus, potentially, a solid base for a residential investment.
Risks and points of caution for the investor
No opportunity is risk-free. In Zollikofen, several elements deserve particular attention before diving in.
First, the rapidity of demographic growth, beyond initial scenarios, puts pressure on infrastructure. The municipality must invest in schools, traffic management (notably via the “Verkehrsmanagement Bern Nord” transport plan), and public facilities. These investments, if well managed, support long-term value but can translate into an increase in the municipal tax burden if revenues do not keep pace.
Number of additional housing units anticipated with the concentrated arrival of major real estate projects until 2030.
On a macro level, Switzerland is not entirely immune to risks: sudden tightening of credit conditions, stricter immigration rules, a major economic or stock market shock. The UBS Real Estate Bubble Index already signals a moderate risk in homeownership, particularly in certain tourist regions and large cities. Zollikofen, a second-ring municipality, is on the periphery of these maximum tension zones but still depends on the general climate.
Bernese taxation includes a real estate gains tax upon resale, particularly high for short holding periods. Gross rents are added to taxable income, with the possibility to deduct mortgage interest, maintenance costs, and certain renovations. A wealth tax also applies. The choice of investment structure (direct or via a company) significantly influences the total tax amount.
Should you invest in Zollikofen?
Considering the available factual elements, Zollikofen offers a profile that will interest investors looking for a compromise between reasonable yield, security, and long-term appreciation potential.
Supporting arguments are numerous:
Main factors explaining the attractiveness and potential of the local real estate market.
Robust demographic growth, exceeding the municipality’s expectations and the Swiss average.
Position as a very well rail-connected suburb of Bern, in a country where trains are central to mobility.
Prices per m² significantly lower than Zurich and still below Bern, despite the tight Swiss market.
Ambitious projects (Im Klee, Wahlacker, Lättere) modernizing the housing stock, boosting attractiveness, and introducing current urban concepts.
A historically favorable financing environment, with low mortgage rates and possible tailored structures.
In return, the investor must accept:
Gross rental yields are modest (2.5% to 3%), limiting net cash flow. The investment is heavily dependent on the regulatory framework (immigration, standards, taxation) and monetary policy. It requires a long-term horizon to amortize high acquisition costs (about 2.3% in the canton of Bern) and benefit from the structural price increase.
In summary, Zollikofen is not for the speculative investor seeking double-digit rental yields, but for the one looking for a tangible asset, well-located, in one of Europe’s most stable markets, with a typically Swiss risk/return profile: prudence, patience, and gradual appreciation in an environment of acute supply scarcity.
For an investment to succeed, it will be crucial to choose the segment well (housing versus commercial space, apartment size, old versus new), to rely on solid local players for marketing and management, and to calibrate financing to remain comfortable even in case of rising rates or temporary vacancy. Within this framework, Zollikofen holds all the cards to play a growing role in the real estate portfolios of those betting on the Bern agglomeration for the long term.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
