Zurich is today one of the hottest real estate markets in Europe:

And based on UBS' Global Real Estate Bubble Index for 2023, it also has the highest bubble risk:

According to Bloomberg, there are a number of reasons for this: low housing supply, a constrained geography, a key interest rate that is less than half of the ECB's, and Google. Google is one of the largest employers in the city, with more than 5,000 employees. And supposedly the starting salaries for a software developer there can reach 200,000 Swiss francs (nearly CA$300,000).

I also just learned that the minimum wage in Switzerland is 23.90 Swiss francs per hour. Based on 160 hours per month, that's 3,824 francs per month or 45,888 francs per year. In Canadian dollars, that's over $68,000 per year. Pretty healthy. Although, as we can see here, Zurich is also expensive.

Charts: Bloomberg & UBS