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 July 2025
Contrary to expectations, Switzerland reported moderate inflation figures for June. Many analysts believe that the Swiss National Bank lowered its interest rates too quickly. Others argue that the weakness of the US dollar should actually be importing deflation...
Market Commentary July 2025
Contrary to expectations, Switzerland reported moderate inflation figures for June. Many analysts believe that the Swiss National Bank lowered its interest rates too quickly. Others argue that the weakness of the US dollar should actually be importing deflation. This rare disagreement among analysts has gained further momentum following the U.S. initiative announced during the night of August 1. The coming months will reveal which side was right. In the canton of Zurich, intense debate surrounds the popular initiative for more affordable housing in the Canton of Zurich, which proposes giving municipalities pre-emptive rights to purchase land. However, the initiative faces opposition. A counterproposal is on the table instead, aiming to double funding for housing promotion. The ongoing demand among investors for stable long-term investments continues to benefit the real estate sector. Several capital increases were successfully completed in July. Yet, the dilemma for real estate managers remains: those unable to create value within their existing portfolios are forced to purchase new properties at elevated prices. The issue of debt persists. Refinancing maturing mortgages is becoming increasingly challenging, as attractive offers from banks are becoming scarce. In the medium term, managers will need to pay closer attention to liabilities and refinancing risk. This summer’s hot topic is the merger of several UBS real estate funds. While market consolidation is generally viewed positively, UBS’s dominance raises concerns: UBS manages 35% of the SREAL Index and Swiss Prime Site another 9%. The concentration is even more pronounced within SWIIT index investors, where UBS manages 48% of the funds. Investors are keeping a close eye—and pushing back where necessary. For the market to rebalance, other players—particularly insurance companies—would need to gain market share. Given the weakness of the transaction market, further mergers or acquisitions may occur in the next 18 months. For now, the Swiss real estate market remains attractive—but the challenges are mounting.
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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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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
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
