Consultancy
Consultancy
We advise our clients comprehensively, evaluate opportunities and risks, and develop customized, sustainable strategies for direct and indirect real estate investments.
Always with a long-term focus, continuity, and risk awareness.
Analysis
Analysis
For over 30 years, we have been analysing the Swiss real estate market and its investment products.
In addition to quantitative aspects, qualitative factors such as management principles, cost discipline and the creation of long-term added value play a significant role.
Strategy
Strategy
We assess your real estate portfolio, evaluate and create holistic and sustainable strategies and support you through the implementation process.
We facilitate strategic partnerships and generate synergies for additional development and value enhancement potential.
Networking
Networking
Thanks to many years of experience and the network we have built up as a result, synergies and connections are created between property owners, investors, asset managers and service providers.
With this approach, we built bridges between direct and indirect property investments, private and institutional investors as well as between French- and German-speaking Switzerland for our clients.
Mandates
Mandates
We develop a suitable real estate strategy for you on a mandate basis.
The continuous personal dialogue ensures the ability to respond to changing preferences or market situations at any time. This can also take the form of participation in bodies such as investment committees, boards of directors or trustees.
Sustainability
Sustainability
Our proprietary sustainability model allows us to evaluate all listed and non-listed Swiss real estate products (stocks, funds, investment foundations) and provide institutional investors with sustainability reporting.
With the Swiss Sustainable Real Estate Index (SSREI), a standard for assessing the sustainability of the Swiss building stock was launched as well.
Market Commentary August 2025
After the summer break, numerous real estate funds and listed property companies published their half-year results. Overall, these were characterized by positive revaluations. However, NAVs did not rise across all products. On an operational level, the picture is mixed...
Market Commentary August 2025
After the summer break, numerous real estate funds and listed property companies published their half-year results. Overall, these were characterized by positive revaluations. However, NAVs did not rise across all products. On an operational level, the picture is mixed: higher revenues do not automatically mean managers have performed convincingly. At present, many products are growing primarily through capital increases—deploying fresh funds into what remains an expensive market. This is where managerial skill becomes evident: anyone can buy, but achieving sustainable value creation requires expertise, experience, and courage—especially when it comes to realizing that value at the right moment. Real estate remains highly sought after by investors. In an environment where bonds continue to offer limited attractive returns, the property market is a preferred asset class. Moreover, the sector proved its resilience during the crisis years of 2022–2023. While many managers failed to act countercyclically during that period and thereby missed opportunities, the market nevertheless demonstrated its long-term strength. Housing demand remains strong, driven by ongoing migration, while vacancy rates are at record lows. At the same time, political risks are rising: in Zurich, several popular votes are scheduled over the next 24 months (the Housing Protection Initiative, Rent Control Initiative, Pre-Emption Rights Initiative, and the Green Housing Initiative). These could impact the residential market, though commercial properties are less directly affected. There, however, macroeconomic uncertainties weigh heavily—particularly refinancing. Banks are increasingly demanding higher margins on mortgages. This is partly due to lower risk appetite among many institutions, but also reflects the strong position of UBS, which is charging significantly higher spreads. Conclusion: Despite individual challenges, Swiss real estate remains a stable and attractive long-term investment. Demand is strong, and low interest rates support continuity and stability. The key is smart diversification and managers who, through active management, courage, and foresight, create genuine added value. Those who follow this approach will continue to benefit from the sector’s attractive potential.
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Market Commentary September 2025
The SNB reaffirmed its core mandate: domestic monetary policy and the safeguarding of price stability. “Everything else, such as customs negotiations, is not within our remit,” emphasized SNB Director Tschudin. Swiss Prime Site issued a €500 million bond...
Market Commentary September 2025
The SNB reaffirmed its core mandate: domestic monetary policy and the safeguarding of price stability. “Everything else, such as customs negotiations, is not within our remit,” emphasized SNB Director Tschudin. Swiss Prime Site issued a €500 million bond—remarkable given that it is denominated in euros rather than Swiss francs. While the coupon appears market-appropriate, the question remains whether the costs of such a transaction are justified. The background: financing conditions in Switzerland remain tight. UBS cannot service all large corporates, and the debate is growing as to how large a single real estate portfolio in Switzerland should become—since greater size brings not only advantages but also risks. Despite economic uncertainties, mortgage rates have hardly moved. Over the medium term, interest rates are expected to remain low. After a strong run and reaching new highs, the listed Swiss real estate market paused in September. One possible reason is the high volume of new investment opportunities (over CHF 3 billion in capital increases so far in 2025), new IPOs, and unchanged Swiss interest rates. Abroad, however, the picture looks far more challenging: German open-ended real estate funds recorded net outflows of €889 million in July—the highest level since the global financial crisis of 2008. In total, outflows now exceed €12 billion. Back in Switzerland, sustainability is once again in focus. UBS announced that, as of 2026, it will no longer participate in GRESB with its Swiss real estate vehicles. This creates difficulties for investors who have so far used GRESB participation as the sole sustainability criterion for determining investability. Once again, it underscores that sustainability cannot be addressed through a simple binary yes/no scheme.
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Market Commentary October 2025
Investor demand for Swiss real estate reached record highs in October. This surge has prompted fund managers to launch new capital increases—over CHF 6 billion are expected for 2025—and subsequently to intensify acquisitions in the market...
Market Commentary October 2025
Investor demand for Swiss real estate reached record highs in October. This surge has prompted fund managers to launch new capital increases—over CHF 6 billion are expected for 2025—and subsequently to intensify acquisitions in the market. The gross yield of a residential property in a major Swiss city has returned to around 3%. Pension funds and real estate investment vehicles seeking residential assets are now forced to pay significantly higher prices than just twelve months ago. According to JLL data, market liquidity is now comparable to levels seen before 2022—that is, before the start of the interest rate hiking cycle. Demand is strongest for residential properties in zones B and C as well as development sites with residential potential. The regions of Zurich, Central Switzerland, and Northeastern Switzerland currently rank among the most attractive. Swiss real estate remains appealing in a European context. Although “prime” yields for residential assets in Geneva and Zurich are among the lowest in Europe, the spread over risk-free rates, particularly 10-year government bonds, remains the widest—150 to 200 basis points. Over the past decade, many investors have favored residential portfolios, viewing commercial assets as riskier. Yet, performance data from Swiss indices tell a different story: the REAL Index, which is composed of roughly 80% commercial properties, has delivered the best performance of all Swiss real estate indices over the past ten years. At the same time, volatility remains a key concern for investors. Listed real estate products—both funds and equities—currently exhibit volatility of around 10%, a historically elevated level.
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Our team for your goals.
Expertise, passion, and anticipation lay the foundation for us to fully focus on your needs
Roland Vögele
CEO
+41 43 499 24 90
Sacha Deutsch
Senior Advisor
+41 43 499 24 91
Ulrich Kaluscha
Senior Advisor
+41 43 499 24 96
Daniel Smith
Senior Advisor
+41 43 499 24 96
Remo Burri
Investment Analyst
+41 43 499 24 94
Debora Zgraggen
Operations Manager
+41 43 499 24 97
Leonie Eberhardt
Event/Marketing Manager
+41 43 499 24 89
Elodie Gadola
Event/Marketing Manager
+41 43 499 24 93
Elvira Bieri
Chief Sustainability Officer
+41 43 499 24 99
