Lake Geneva region, Switzerland (GenevaLunch) - The economy might be in the doldrums elsewhere, but it's booming from Geneva to Montreux, thanks to the region's overall attractiveness, and the result is that the Lake Geneva area has become a homogeneous region, conclude the authors of a report published by Credit Suisse Thursday morning. The report cites the growth of the economy, increasing population density and more intense commuting as part of the reason why the right bank of Lake Geneva has merged. It also cites a strong start-up scene and migration to the area as indications of its pull, as well as the landscape, quality education and a good transport infrastructure.
But the report, by the bank's economists, also underlines weak points, noting that "the high tax burden, constant accommodation shortages and unemployment,
which is high for Switzerland, spoil the picture of this dynamic
economic area."
The population that has been moving into the area covers all age groups, according to the report, with students and people starting their careers pulled towards the urban centres, and families moving to outlying areas, in general. Overall, the population in the region is younger than in the rest of Switzerland.
The increasing density, which Credit Suisse expects to continue for some years, will continue to put pressure on housing, already very tight in Geneva and tight in Lausanne. Nyon and the Morges-Rolle areas are some of the most sought-after by newcomers, but as Lausanne's housing situation worsens the bank believes several areas to the east of the city will grow in popularity because of good commuting options: Gros-de-Vaud, Glâne/Veveyse, Aigle and Monthey/St-Maurice.
The relatively high cost of housing, especially in the urban centres, coupled with tax rates that are less attractive than in many cantons, nevertheless upsets the rosy picture. In Geneva in particular, the large number of foreigners moving into the canton are offset by the population moving out to less expensive areas, giving the canton a negative immigration figure in recent years.