Geneva lawmakers prepare to scrap property transaction transparency despite home-jacking argument

Geneva lawmakers are preparing to remove a transparency rule that requires property transactions to be published in the canton’s official gazette. The proposal returns periodically to the Grand Council, but this time its stated security rationale is facing a sharp challenge.

The issue centers on a Geneva practice that is unique in Switzerland. The umbrella organization for commodity traders supports removing the publication requirement, while Prosecutor General Olivier Jornot has argued against the bill before the parliamentary Economic Affairs Commission. He warned against eliminating transparency in a housing market already overheated by a shortage of homes.

Jornot’s opposition carries an ironic history. Sixteen years ago, when he was still a lawmaker, he initiated an earlier attempt to abolish the rule. He secured its removal almost unnoticed as part of a broad reform of the law implementing the Civil Code. The Grand Council reversed course in 2011 after a strong backlash.

A Tribune de Genève article had highlighted the measure’s usefulness in fighting money laundering and excessive rents, points later cited in the commission’s report. The commission’s work now concludes that the security argument does not withstand scrutiny, despite claims that public transaction details could facilitate home-jackings.

Asloca has proposed a compromise that would partly spare the rental market from the bill. The Grand Council is considering the proposal as the debate continues over whether the security concerns justify giving up a transparency mechanism that has long set Geneva apart from the rest of Switzerland.