Switzerland's property market remains lucrative for banks – no less than U.S. giant Goldman Sachs is reportedly mulling a mortgage offering in the alpine nation.
«We've been looking at how attractive the Swiss mortgage market is for Goldman Sachs for more than one year,» Stefan Heitmann, CEO of mortgage specialist Moneypark told «NZZ am Sonntag» (in German, behind paywall).
The Swiss firm is evaluating where demand is and for which products. A spokeswoman for the U.S. investment bank said Goldman Sachs has been active in property financing in Europe for several years, and that the bank may seize opportunities to further expand, but hasn't decided yet.
Swiss Property Boom
Goldman, which recently entered the U.K. retail banking market, began offering mortgages in the Netherlands three years ago. The U.S. bank seems to have recognize growth potential in Switzerland's housing boomed, which has been fanned by ultra-low and negative interest rates.
The bank is apparently targeting customers which typically wouldn't qualify for a mortgage in Switzerland, where barriers are higher than in other European countries. The segments include lower-income households such as single-parent families or pensioners.
