Published on and written by Cyril Jarnias
Just five kilometers from downtown Bern, Investing in real estate in Zollikofen is attracting more and more private buyers and investors. Long perceived as an ordinary suburb, this municipality of 11,500 inhabitants has changed in scale: controlled densification, major public projects, new residential neighborhoods, and prices still significantly lower than those in the federal capital now make it one of the most strategic markets in the Bern agglomeration.
This article provides a data-driven analysis of the Zollikofen real estate market and explains the reasons as well as the methods for strategic and smart positioning in this investment.
A dynamic yet still undervalued local market
Zollikofen is located in the canton of Bern, in the Bern-Mittelland district, at an average altitude of 557 meters, on a compact area of 5.4 km². The municipality combines several advantages rarely found in one place: immediate proximity to Bern, status as a regional employment center (around 9,200 jobs), good rail connections, favorable taxation, and a living environment rated A- for “livability.”
Attractive prices per m² compared to Bern
The most recent data indicates an average price of around 8,100 CHF per m² for all properties combined in Zollikofen. For apartments, the average is around 8,260 to 8,870 CHF/m² according to sources, while houses trade between 7,040 and 7,950 CHF/m² on average.
Maximum price per square meter for an apartment in Bern, depending on the neighborhood.
Here is a summary of the approximate orders of magnitude:
| Market (Residential) | Property Type | Indicative Average Price (CHF/m²) |
|---|---|---|
| Zollikofen | Apartments | ~8,260–8,870 |
| Zollikofen | Houses | ~7,040–7,950 |
| City of Bern (average) | Apartments | ~9,200–9,600 |
| City of Bern (average) | Houses | ~9,200–11,550 |
| Canton of Bern (average) | Apartments | ~7,260 |
| Canton of Bern (average) | Houses | ~6,720 |
Zollikofen is therefore clearly above the cantonal average, reflecting its proximity to Bern and its role as an economic hub, yet remains below prices in the capital. For Investing in real estate in Zollikofen, this means operating in a “prime” market at the cantonal level, but with catch-up potential relative to the central city.
A contrasting price progression between apartments and houses
Another key element for the investor: price dynamics. Over twelve months, the average price per square meter in Zollikofen increased by approximately 9.2%. However, this overall figure masks very different trajectories depending on the property type.
House prices have increased by 38.3% over one year, marking a significant surge in the market.
This divergence suggests several things. On one hand, single-family homes are becoming a scarce and highly sought-after product in a municipality undergoing internal densification, which is driving prices sky-high. On the other hand, the apartment segment, more abundant and fueled by new projects, seems to have digested a phase of rapid increase and is now in a consolidation, or even slight correction, phase.
For an investor, this situation opens an interesting window: apartments still offer reasonable entry points, while the appreciation potential for houses remains high but is already heavily anticipated in current prices.
Price anatomy: by property type and number of rooms
To Invest in real estate in Zollikofen with precision, it is not enough to know an average price per m². The gaps are significant depending on the size of the dwellings and the segment (apartment vs. house).
Data by number of rooms for houses shows a quite telling price structure:
| Houses, Zollikofen (3052) | Average Price (CHF/m²) |
|---|---|
| 3–3.5 rooms | ~5,970 |
| 4–4.5 rooms | ~7,460 |
| 5–5.5 rooms | ~8,180 |
| 6–6.5 rooms | ~8,930 |
| >7 rooms | ~6,480 |
Houses with 5 to 6.5 rooms are at the high end of the range, with prices well exceeding 8,000 CHF/m². This is typically the product targeted by affluent families, willing to pay a premium to stay near Bern while enjoying more space and a still relatively village-like environment.
Houses with more than seven rooms generally show a lower price per square meter. This is explained by their rarity, sometimes dated character, a limited clientele, and lower market liquidity, which limits potential for price increases.
Apartments: a highly segmented market
On the condominium side, the hierarchy of prices per m² by number of rooms is equally instructive:
| Apartments, Zollikofen (3052) | Average Price (CHF/m²) |
|---|---|
| 2–2.5 rooms | ~8,690 |
| 3–3.5 rooms | ~9,600 |
| 4–4.5 rooms | ~8,530 |
| 5–5.5 rooms | ~6,780 |
3–3.5 room units are clearly at the top, at nearly 9,600 CHF/m². This format is in high demand: spacious enough for a couple or a small family, yet still “affordable” in absolute value, it concentrates demand from first-time buyers and rental investors.
Apartments of 2 to 2.5 rooms maintain a high price per m², a sign of their strong appeal to singles, young professionals, and seniors. Conversely, the price per square meter decreases significantly from 4.5 rooms onwards, with a marked drop beyond 5 rooms. For an investor, these large apartments can therefore present a favorable price-to-surface ratio, provided they first ensure sufficient rental demand exists for this property segment.
Price distribution: mid-range vs. extreme segments
Distribution indicators confirm that the market is concentrated around a “backbone” of prices, with rarer extremes.
For apartments, 60% of units are between approximately 7,580 and 8,790 CHF/m². The cheapest 20% are below 7,580 CHF/m², while the most expensive 20% exceed 8,790 CHF/m². For houses, 60% of transactions fall between approximately 5,950 and 9,625 CHF/m², with a low-end segment below 5,950 CHF/m² and a high-end segment above 9,625 CHF/m².
In practice, Investing in real estate in Zollikofen in the heart of this middle range generally offers a good compromise: correct valuation, limited vacancy, and easier resale. Systematically seeking the most expensive or cheapest segments amounts to betting on riskier niches.
An urban environment in transformation
Beyond the numbers, a crucial point for the investor is the municipality’s urban trajectory. From this perspective, Zollikofen ticks almost all the boxes: planned internal densification, strategic major public projects, and new mixed neighborhoods that anchor long-term demand.
Planning: densifying without sprawling
The revision of the local development plan has clearly focused on inward densification rather than expansion of building zones. The objectives are multiple: meet demographic growth, avoid urban sprawl, preserve agricultural land (43–44% of the territory) and natural spaces, and optimize infrastructure costs.
Concretely, this involves the restructuring and densification of already built-up areas, relaxing certain building regulations, and refraining from opening new virgin zones, except for a few very targeted pockets. The large agricultural area of Steinibachmatte, for example, is set to remain durably non-zoned for building.
For an investor, the supply of buildable land is limited, which supports prices in the long term. This value is particularly pronounced for well-located plots and buildings with extension or vertical expansion potential.
Flagship projects: “Klee” and “Tower Zollikofen”
Two recent projects summarize the municipality’s new image and its interest for Investing in real estate in Zollikofen.
The first, “Klee Zollikofen”, is a new mixed neighborhood under construction directly at the Oberzollikofen train station. Developed by Meili Unternehmungen and designed by GWJ Architektur, the project includes 175 rental apartments from 1.5 to 5.5 rooms distributed across four buildings with distinct architecture, along with about 1,350 m² of commercial space mainly on the ground floor. The complex is intended to be barrier-free, fully CO₂-neutral, with a large share of electricity produced by photovoltaic panels on roofs and facades.
A playground, a play area, shared co-working spaces, a daycare (Kita), and a café are designed to structure neighborhood life. Several businesses have already committed, including a dental practice (Zahnarzt Praxis Schmid), a bike shop (Veloladen Leuthold), and a beauty salon (Beautiness).
The “Klee” project illustrates the dual temporal dynamic of a development operation. In the short term, the sudden injection of a large volume of new rental housing can exert downward pressure on rents of neighboring older buildings, by temporarily increasing supply. Conversely, in the medium and long term, the creation of a dense, well-connected, and high-quality hub enhances the entire area, in this case the train station area, by raising the neighborhood’s standard and land values.
The second project, “Tower Zollikofen” at Rüttistrasse 2, this time concerns condominium ownership. It is a multi-family residential building under construction, comprising 26 units from 1.5 to 4.5 rooms on a total usable area of 2,548 m², with 30 indoor parking spaces. Completion is scheduled for 2026. For an investor, this type of project allows for purchasing new-build property still in the neighborhood development phase, with a prospect of capital gain upon building completion and the ramping up of surrounding amenities.
Major public facilities: a factor of stability
Zollikofen is not limited to residential projects. Several large-scale national projects contribute to durably anchoring skilled jobs and significant user flows in the municipality.
The Meielen campus, located near Wabern station, illustrates the development of federal administrative districts. Since 2018, four new buildings have been constructed there in stages, providing around 3,500 workspaces. It primarily hosts the Federal Office for Information Technology, Systems and Telecommunication (FOITT) and the Federal Department of Foreign Affairs (FDFA). Managed by the Federal Office for Buildings and Logistics (FOBL) and built by Marti Gesamtleistungen, the project integrates services such as restaurants, meeting rooms, a fitness area, a kiosk, an information desk, and public outdoor spaces.
In the medium term, a new deposit building for the Federal Archives will also be built in Zollikofen. Fully automated, with a capacity of about 150 linear kilometers of documents, it is intended to absorb the Confederation’s long-term needs. Again, the project owner is the federal government, the concept is based on sustainable materials (wood, steel, recycled components, photovoltaics), and funding will come from a commitment credit in a real estate message to Parliament.
In addition, there is an innovative business park designed to host national and international companies, with modular spaces for rent or purchase, construction phases planned for 2025/2026, and first tenant installations in 2026.
For the investor, the massive presence of public and para-public administrations and employers constitutes a base of rental demand relatively immune to economic cycles, a top-tier asset for stable yield.
Demographics and rental demand: growth faster than expected
Zollikofen’s demographic dynamics are another pillar of the investment thesis. While a spatial development concept targeted a horizon of about 11,100 inhabitants by 2040, this threshold was almost reached already in 2022. Current projections mention about 11,600 inhabitants as early as 2027.
Average annual population growth rate between 2020 and 2023, fueled by net migration and a positive natural balance.
This demographic pressure translates into a high density for a suburban municipality, around 1,900 to 2,130 inhabitants/km² in recent years, and a growing share of foreign residents (25.1% in 2023). For the real estate investor, this primarily means a diverse pool of tenants: federal administration employees, staff from educational institutions (HAFL, school for the blind, Inforama, etc.), young professionals working in Bern, families attracted by the “green environment + urban proximity” combination.
Rental yield: how does Zollikofen position itself?
Specific yield data for Zollikofen is not detailed in the sources, but one can rely on Bern figures to establish orders of magnitude.
In the city of Bern, the average gross rental yield is estimated at around 2.8%. In Zurich, yields are rather between 2.6 and 3.8% depending on property type and neighborhood, but at much higher price levels. At the Swiss level, typical gross yields in large agglomerations are rather in the range of 2 to 4%.
Zollikofen, as a “prime” municipality in the Bern periphery but with per m² prices lower than the center, should logically offer gross yields that are at least comparable, if not slightly higher, while benefiting from rents pushed upwards by limited supply and good accessibility.
Real Estate Analysis of Zollikofen
To verify the viability of an investment, it is essential to accurately calculate the gross and net rental yield. The basic formulas are simple:
– Gross yield = (annual rent / purchase price) × 100
– Net yield = (annual rent – annual expenses) / purchase price × 100
To calculate the net yield of a rental investment, one must include expenses such as management, maintenance, insurance, property taxes, condominium fees, and a vacancy provision. Financing costs, such as mortgage interest and amortization, are not part of the net yield in the strict sense but are essential for determining the investment’s real cash flow.
In a Swiss environment where the National Bank’s key rates are expected to be low and national forecasts anticipate price increases on the order of 3 to 4.5% per year, a solid net yield, even modest, combined with steady progression of the property’s value, can result in an interesting total return for the patient investor.
Comparison with the Bern and Zurich markets
To assess Zollikofen’s competitiveness, it is useful to compare it both to Bern, of which it is a suburb, and to Zurich, which remains the national benchmark for residential real estate.
Versus Bern: same job market, milder prices
In the federal capital, average prices generally range between 8,540 and 11,450 CHF/m² depending on the neighborhood for residential properties. Over ten years, Bern has seen cumulative price increases on the order of 25 to 30%, corresponding to an average annual progression of 2 to 3%. For 2026, forecasts point to a further price increase of around 2 to 2.8% and rent growth of 2.5 to 3.5%.
Zollikofen benefits from the same job market and positive demographic dynamics as Bern, with excellent transport access. However, real estate prices are 10 to 20% lower, offering catch-up potential, especially since Bern is already very dense and subject to urban planning constraints.
Versus Zurich: more balanced risk/return
Zurich remains a market apart: average prices around 18,900 CHF/m² for apartments, houses often between 2.5 and 4.3 million, and some neighborhoods exceeding 20,000 CHF/m². Gross yields there are low (2 to 3.8%) and the upward pressure on prices has been very strong over the last ten years (approximately +50% cumulative). The risk of a temporary correction is therefore more present, even if fundamentals remain solid.
Compared to Zurich, real estate in Zollikofen is more affordable while benefiting from the positive dynamics of the Bern region (demographic growth, low vacancy, institutional stability). Mortgage leverage is more manageable, with good capital appreciation potential and rental yield not crushed by excessive prices.
Tax framework and financing: favorable terrain
The canton of Bern is known for offering a generally decent tax environment, without being the most advantageous in the country. However, Zollikofen stands out in this framework: the municipality is among those with a particularly attractive tax rate.
In 2018, for example, the tax coefficient (Steuerfuss) was 1.4. For a married couple with two children and an income of 100,000 CHF, the announced communal tax burden was 0 francs in an inter-communal comparison, clearly illustrating the municipality’s competitiveness for households.
In the canton of Bern, the purchase of a property is subject to a transfer tax of 1.8% of the purchase price. In addition, there are notary and land registry registration fees of about 0.5%. Exemptions are possible for primary residences. For an investor, it is crucial to integrate these costs into the profitability calculation, considering the planned holding period to amortize acquisition costs.
On the financing side, standard Swiss rules apply: minimum down payment of 20% for a primary residence and 25% for an investment property, financial capacity calculated by banks based on a theoretical rate often at 5% for interest charges, regardless of the current level of interest rates. For a foreign investor, additional constraints related to the Lex Koller may come into play, even though demand in Zollikofen is predominantly domestic.
Risks and points of vigilance
No market is risk-free, and Investing in real estate in Zollikofen requires keeping a critical eye on several factors.
The first is the recent sharp rise in house prices, with nearly 40% in one year. Such acceleration is not sustainable indefinitely and exposes the market to phases of correction or plateau, particularly if credit conditions were to tighten or demand for single-family units were to stabilize.
The apartment market has recorded a decline in price per m² over one year. This correction, a sign of healthy rebalancing after years of increases, also reveals the market’s absorption limits. Major new rental programs, such as “Klee Zollikofen,” can temporarily intensify competition among landlords.
A third element is that Switzerland as a whole remains exposed to certain systemic risks: a nationally very low average vacancy rate (around 1%), significant migration flows (80,000 to 90,000 new residents per year), a relatively low homeownership rate (36% of households), which maintains pressure on the rental market, but also a high level of mortgage debt among the population. A cyclical downturn, even a moderate one (-5% to -15% over a few years), is not out of the question. Warning signs to monitor are an increase in vacancy beyond 1.5%, a marked lengthening of sales times beyond 100 days, or a visible tightening of credit conditions.
Zollikofen’s local dynamics are closely tied to federal public employment and federal investments in the region. A prolonged weakening of these factors could weigh on the municipality, while current major federal projects reinforce its role.
Qualitative strengths: living environment, mobility, amenities
Beyond the numbers, a large part of an investment’s value rests on more qualitative factors: quality of life, mobility, schooling, and cultural offerings. On these points, Zollikofen positions itself very well.
The municipality receives an overall grade of A- for livability, with excellent performances in culture/leisure (A-) and noise (B+). Amenities and commuting are graded C+, but this assessment should be nuanced. In practice, the immediate proximity to Bern and a dense transport network (S-Bahn, RBS, PostAuto, four local or bordering train stations, buses every 15 minutes) guarantee very comfortable accessibility to main employment, shopping, and leisure hubs.
The educational fabric is particularly rich, with a full range from kindergarten to lower secondary school, an all-day school, and several specialized institutions recognized at the federal level: Bern University of Applied Sciences, School of Agricultural, Forest and Food Sciences (HAFL), Inforama Rütti, Federal University for Vocational Education and Training (EHB), school for blind and visually impaired children, etc. For families, this dense school environment is a major argument, translating into sustained demand for family housing.
Discover the features that make Zollikofen a balanced and engaged place to live.
Over 40% of the territory is agricultural and about 12.5% is wooded, offering a green living environment despite the density.
The municipality benefits from direct proximity to the Aare river, forests, hiking trails, and recreational areas.
Holder of the “Energiestadt” label, Zollikofen is committed to energy efficiency and climate policies.
This commitment strengthens the appeal for sustainable real estate projects, such as Minergie standards and CO₂‑neutral buildings.
How to position yourself to Invest in real estate in Zollikofen?
In practice, several strategies emerge for the private or institutional investor wishing to benefit from Zollikofen’s potential.
A first approach is to target apartments of 2 to 3.5 rooms, ideally located near the Zollikofen or Oberzollikofen train stations, or major public employers. These formats are the most liquid, both on the rental market (strong demand from singles, couples, young professionals) and for resale. Despite above-average prices per m², they generally offer good occupancy and limited vacancies.
One strategy is to acquire large apartments (4.5 to 5.5 rooms) or townhouses in neighborhoods undergoing densification, such as the “Dreieck Bernstrasse – Bahnlinie – Kreuzstrasse” sector or project zones like “Lättere.” The price per m² there is often lower than for smaller formats, but the larger surface area leads to a higher overall budget. Although the target clientele is specific (established families, executives), the appreciation prospect is interesting due to the limited supply of large units near Bern.
A third avenue is buying off-plan in structuring new projects like “Tower Zollikofen” or in mixed neighborhoods with high environmental and social quality like “Klee.” These investments require a good understanding of pre-marketing risks, delivery timelines, and fee levels, but they can benefit from a windfall effect upon completion (price increases in the neighborhood, attractive rental profile, reduced maintenance costs in the first years).
Before any real estate investment, a detailed analysis of market rents, condominium fees, local taxes, and various interest rate scenarios is essential. Use online tools such as valuation estimators (Swiss comparison platforms) and mortgage calculators to test various price, financing, and profitability assumptions. However, these tools do not replace consulting up-to-date market data and, if necessary, advice from a local professional to validate your project.
Conclusion: a market to watch closely, with a window of opportunity
Investing in real estate in Zollikofen means positioning oneself in an up-and-coming suburban market, driven by strong demographics, massive public and para-public employment, a strategic location at the gates of the capital, and urban planning that prioritizes quality densification.
The municipality’s prices per m², although above the cantonal average, remain lower than those in Bern and especially Zurich. This gap leaves room for gradual appreciation, particularly for properties in well-connected areas and quality architectural and energy projects.
The recent correction in the apartment segment, combined with the surge in single-family homes, creates a configuration favorable to investors capable of discriminatingly selecting the right type of property, in the right location, with a holding horizon compatible with Swiss real estate cycles.
In this context, Investing in real estate in Zollikofen is neither a speculative “gamble” nor a simple fallback alternative to Bern. It is a full-fledged strategy, suited for those seeking a balance between reasonable yield, capital appreciation potential, and solid socio-economic fundamentals. For those who can read these signals, the window of opportunity is open.
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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.
