Start Smart: Understanding on-market vs. off-market properties.
Whether you’ve had previous encounters with Geneva’s housing market or are just starting your search, you’ve likely noticed there are two types of properties: those advertised online—the “on-market” ones—and those that never make it to the internet—the “off-market” properties. And by off-market, I don’t mean the listings you see online with an “off-market” tag but full details still available. I’m talking about properties that remain entirely out of the public eye.
So why does this happen? From my experience, there are two main reasons:
1. Privacy: The owner doesn’t want their property advertised publicly for personal reasons.
2. Desirability: The property is so sought-after that it doesn’t need to be listed online. There’s already a queue of potential buyers or renters who’ve shown interest through word of mouth. To simplify the process, those people are contacted first.
But where does that leave the properties you do see online? Let me clarify: just because a property is listed on estate agency websites or real estate platforms like Homegate or ImmoScout doesn’t make it any less valuable. Often, these listings target expats or are in the upper price range, appealing to a specific market. And let’s face it, Geneva is a small city with a limited pool of people who can afford these types of homes.
Why the perception of a closed market?
I find it interesting (and a bit amusing) when I read online comments accusing Geneva’s housing market of resembling a “mafia.” To whoever wrote that—you’re one of the reasons I started this blog! And, I truly hope not only you, but everyone who reads this, will benefit from the insights and strategies I share here.
The truth is, Geneva really is a small place. Despite its international status—with luxury shops, fine dining, and global organisations like the UN—at heart, it’s more like a village. Everyone knows everyone, either directly or through a mutual connection. You’ve probably heard of the concept of “six degrees of separation”? Well, in Geneva, it’s more like two!
This interconnectedness is one reason many property owners choose to keep their transactions private. Whether selling or renting, they don’t necessarily want all of Geneva to know why they’re selling a house they’ve just spent millions renovating or how many properties they own. Privacy is paramount here, and this keeps many properties firmly off the market.
Who owns Geneva rental properties?
Here’s another interesting fact: apart from private individuals who own multiple properties as investments, many Geneva buildings are owned by entities like pension funds, insurance companies, or investment firms. These entities own entire buildings with apartments exclusively for rent. The apartments within them can never be sold individually. So, no matter how much you love that charming 1930s city centre apartment you’ve been renting for years, buying it is not an option.
To avoid disappointment, when renting, always ask if the apartment is part of a condominium (PPE, pronounced peh-peh-eh). If it is, there may be potential for future ownership. If it isn’t, you may want to rethink your long-term plans for that property.
Now that you have a clearer understanding of on-market vs. off-market properties, I invite you to explore the articles in the sections that interest you. Whether you’re looking to rent or buy, I’ll guide you through finding the strategy that best suits your needs.
In my next article, I’ll cover how to put together a solid rental application file (or dossier de location) to help you increase your chances of securing your ideal home.