That's what the following story claims:
http://www.foxbusiness.com/news/2012/01/25/swiss-regulator-steps-up-focus-on-housing-market-boom-survey/#ixzz1kZ9LBQm9
As you might expect, the story talks about risks building up in the Swiss economy and other such nice and interesting things, without tackling the key question that real estate prices are shooting up in the principal cities such Geneva and Zurich mainly because foreigners are bringing in cash for the purpose.
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