Table 1 Descriptive statistics for municipalities with and without the second home restriction

No second home restriction

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

New constructions investments*

20,122

19,811

19,563

20,411

21,271

21,162

21,532

21,768

22,677

23,152

23,234

23,246

24,588

[1980]

[1875]

[1518]

[1544]

[1932]

[1865]

[1953]

[1855]

[1881]

[2058]

[1987]

[1961]

[2065]

Renovation investments*

7586

7812

8309

8341

8289

7699

8669

8858

9457

9857

10,391

10,341

10,778

[1271]

[1323]

[1414]

[1154]

[1134]

[1214]

[1253]

[1340]

[1432]

[1501]

[1529]

[1497]

[1584]

Square meter price index

(2005 = 100)

100.00

103.30

102.87

102.92

104.21

105.59

106.00

105.01

103.69

103.45

102.97

101.74

101.80

[0.00]

[0.23]

[0.17]

[0.15]

[0.18]

[0.17]

[0.16]

[0.15]

[0.17]

[0.17]

[0.15]

[0.12]

[0.13]

Inter-cantonal migration

100.14

101.51

104.74

109.42

108.24

104.49

115.16

113.26

114.65

117.45

123.10

123.69

124.99

[11.49]

[11.23]

[11.95]

[12.00]

[11.43]

[10.65]

[11.97]

[11.26]

[11.37]

[12.14]

[13.09]

[13.31]

[13.52]

Intra-cantonal migration

243.02

244.26

248.40

253.54

252.28

243.66

264.35

262.73

267.32

276.33

285.96

299.74

292.63

[16.19]

[15.63]

[16.27]

[16.11]

[16.04]

[15.27]

[18.01]

[17.98]

[18.12]

[19.39]

[19.06]

[20.40]

[20.16]

Available beds in hotels

151.33

152.54

152.54

153.27

152.97

146.34

149.56

151.71

153.27

154.82

156.83

158.88

166.12

[21.87]

[22.06]

[22.67]

[22.81]

[22.88]

[21.35]

[22.17]

[22.84]

[23.35]

[23.71]

[23.72]

[24.15]

[25.88]

% Empty apartments

1.11

1.18

1.17

1.11

1.11

1.18

1.20

1.21

1.25

1.37

1.44

1.61

1.79

[0.04]

[0.04]

[0.04]

[0.04]

[0.04]

[0.04]

[0.04]

[0.04]

[0.05]

[0.05]

[0.05]

[0.05]

[0.06]

Household income class**

192.13

192.52

192.43

192.71

192.71

199.91

199.83

199.91

200.25

200.71

230.12

230.50

230.41

[1.58]

[1.58]

[1.57]

[1.57]

[1.56]

[1.39]

[1.39]

[1.39]

[1.40]

[1.41]

[1.55]

[1.56]

[1.59]

Second home share (in 2017)

10.98

[3.68]

Observations

1812

1812

1812

1812

1812

1812

1812

1812

1812

1812

1812

1812

1812

With second home restriction

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

New constructions investments*

8275

9291

9432

9859

9269

8687

9037

9406

9943

9428

9295

8316

8233

[1125]

[1137]

[1010]

[1257]

[981]

[854]

[934]

[1077]

[1355]

[1187]

[989]

[810]

[846]

Renovation investments*

3144

3220

3710

4202

3633

3350

3852

3641

3643

3729

3854

4057

4082

[390]

[401]

[548]

[654]

[507]

[341]

[387]

[327]

[354]

[375]

[453]

[410]

[406]

Square meter price index

100.00

101.92

102.69

104.00

106.84

104.87

104.84

104.36

103.71

101.08

101.26

100.74

98.97

(2005 = 100)

[0.00]

[0.70]

[0.49]

[0.45]

[0.70]

[0.57]

[0.49]

[0.37]

[0.39]

[0.40]

[0.37]

[0.30]

[0.25]

Inter-cantonal migration

29.35

29.25

28.16

29.94

31.10

27.14

28.77

28.43

28.83

30.30

30.80

31.45

31.46

[2.86]

[3.02]

[2.69]

[2.83]

[3.00]

[2.56]

[2.65]

[2.70]

[2.81]

[2.85]

[2.83]

[2.96]

[2.69]

Intra-cantonal migration

61.45

60.93

59.87

61.83

63.43

58.13

63.81

64.33

65.55

67.57

68.72

73.31

72.97

[5.95]

[6.12]

[5.75]

[6.09]

[5.96]

[5.11]

[6.32]

[5.88]

[6.61]

[6.64]

[6.04]

[6.69]

[6.48]

Available beds in hotels

437.07

433.69

426.85

424.54

422.17

361.51

354.47

359.57

360.18

363.52

358.75

358.90

371.33

[60.89]

[58.37]

[57.26]

[57.04]

[57.22]

[46.79]

[46.52]

[47.05]

[47.77]

[48.97]

[46.47]

[46.75]

[50.02]

% Empty apartments

1.09

1.20

1.14

1.17

1.02

0.98

1.03

1.12

1.05

1.31

1.47

1.54

1.80

[0.09]

[0.10]

[0.10]

[0.10]

[0.08]

[0.07]

[0.08]

[0.08]

[0.07]

[0.08]

[0.08]

[0.08]

[0.10]

Household income class **

158.00

158.56

159.01

159.19

158.94

157.23

157.08

156.62

156.54

157.22

188.60

188.60

189.53

[9.59]

[9.60]

[9.51]

[9.51]

[9.47]

[7.99]

[8.00]

[8.09]

[8.12]

[8.23]

[9.00]

[9.05]

[9.15]

Second home share (in 2017)

45.18

[18.59]

Observations

365

365

365

365

365

365

365

365

365

365

365

365

365

Notes:

[] Standard deviations in parentheses

*Investments in 1000 CHF

**Household income classes:

(monthly gross income − midpoint of class intervals)

0–100

 = 0–4000 CHF

100–200

 = 4001–8000 CHF

200–300

 = 8001–12,000 CHF

300–400

 = 12,001—16,000 CHF

 > 400

 =  > 16,000 CHF