June 18, 2020 / 8:05 AM / 21 days ago

SNB's Zurbruegg warns on property fallout from coronavirus pandemic

ZURICH, June 18 (Reuters) - Switzerland’s highly valued property market could suffer a fall in prices if the economic effects of the coronavirus pandemic are worse than expected, Swiss National Bank Deputy Chairman Fritz Zurbruegg said on Thursday.

“The outlook is fraught with uncertainty,” he said in prepared remarks. “The existing imbalances on the mortgage and real estate market present a further challenge for the domestically focused banks. If the recession turns out to be even worse than expected, this might trigger a correction on those markets.” (Reporting by John Revill, Editing by Michael Shields)

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