immo!nvest – Die Plattform für Standorte und Immobilien

Category: Ratings & Market Analyses

  • Transformation programme proves effective at access technology specialist

    Transformation programme proves effective at access technology specialist

    Dormakaba generated total sales of CHF 1.362 billion in the first half of the 2025/26 financial year, i.e. up to 31 December 2025, representing a decline of 4.1 per cent compared with the same period of the previous year. While volumes were down, “consistent price realisation” resulted in organic growth of 2.0 per cent, according to a statement. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to CHF 211.9 million, 1.9 per cent less than in the same period of the previous year. The EBITDA margin, on the other hand, increased from 15.2 to 15.6 per cent.

    “In the first half of 2025/26, we continued to consistently implement our transformation and increased our adjusted EBITDA margin. We are on track with the implementation of our strategy and have realised the planned cost savings from our transformation programme ahead of schedule,” CEO Till Reuter is quoted as saying in the press release.

    The company confirms its forecast for the full year 2025/26. Dormakaba expects organic net sales growth of between 3 and 5 per cent, an adjusted EBITDA margin of more than 16 per cent and an adjusted operating cash flow margin of between 11.5 per cent and 12.5 per cent. This margin was 4.5 per cent in the first half of the year, compared with 7.4 per cent in the same period last year.

  • Orientation in a tight property market

    Orientation in a tight property market

    Bilanz reminds us that the Swiss property market is still “bubbling”. The gap between supply and demand remains wide, and construction activity in many places is not sufficient to meet the demand for residential property. According to real estate surveys, experts expect prices to continue to rise in 2026, particularly for single-family homes and condominiums, while land prices in centres such as Zurich will reach new highs. At the same time, market indicators such as the UBS Swiss Real Estate Bubble Index are warning of increasing overvaluation risks, even though experts currently categorise the risk of an acute bubble as moderate.

    Why Bilanz has chosen the “Top Property Experts 2026”
    Local market knowledge and professional support are becoming increasingly important in this environment. Bilanz and the market research institute Statista have therefore once again identified the “Top property experts in Switzerland 2026”. The award was given to 125 companies that were recommended with above-average frequency in areas such as buying and selling, letting, property management, property valuation, client representation, financing and proptech. The best list is intended to help owners and buyers find suitable partners, from marketing a home to financing a new purchase.

    Recommendations from professionals and customers
    For the ranking, Statista surveyed industry experts and customers who have used property services in recent years. Based on over 2,000 participants, the 125 most recommended companies were identified and included in the list in alphabetical order. Additional key figures such as company size were also taken into account. Bilanz emphasises that the ranking does not replace a complete market overview, but offers a sound guide in a complex market.

  • Timber construction as an investment

    Timber construction as an investment

    Timber and hybrid buildings have established themselves as a serious alternative to energy-efficient solid construction. Studies conducted by Wüest Partner and Durable on behalf of Lignum and FOEN show that timber buildings can compete with solid construction in terms of construction costs and performance, although they are slightly more expensive on average. For investors, timber construction thus becomes a building block for achieving sustainability goals without sacrificing economic solidity.

    Costs, life cycle and risk profile
    In a cost comparison, the median construction costs of timber buildings are around 10 per cent higher than those of solid construction. In the lower price segment, however, the values are very similar. Energy standards such as Minergie-P have a greater influence on costs than the choice of load-bearing structure. In the short to medium term, timber buildings benefit from high cost security, lower operating and maintenance costs and a better deconstruction and reuse profile. Over very long periods of 80 years, the greater durability of mineral construction methods has a positive impact on costs, meaning that their life cycle costs are lower.

    Ecological advantage and Green Premium
    Ecological evaluations show that timber constructions reduce grey greenhouse gas emissions by an average of around 20 percent compared to a mineral twin, and significantly more for individual components. The effect is particularly large in the case of extensions, where timber construction enables significant CO₂ savings compared to replacement new builds and creates additional space at the same time. International meta-studies on certified green buildings also point to price and rental premiums as well as lower capitalisation rates, an indication that the market rewards sustainability as a risk buffer.

    Time as a yield driver
    The green premium in timber construction is primarily created by process advantages. A high degree of prefabrication, modular systems and digital planning significantly shorten the construction time. For investors, this means earlier returns and a reduction in construction and project costs due to the time factor. Model calculations estimate savings of around CHF 200 per square metre for a six-month time saving. At the same time, scheduling, coordination and weather risks are reduced, resulting in more stable budgets and more predictable cash flows.

    Strategic role in the portfolio
    Institutional investors such as specialised sustainability funds see the main added value of timber and hybrid construction less in rents than in ecological benefits, the reduction of stranded asset risks and robust ESG positioning. In existing buildings, timber construction scores particularly well in the case of extensions and redensification, where its lightness and prefabrication lead to superior overall economics. For yield-oriented investors, timber construction is therefore particularly worthwhile where process advantages, ESG strategy and location quality interact.

  • PropTech Switzerland 2025

    PropTech Switzerland 2025

    Around 430 PropTech companies are currently active in Switzerland, many of them with roots at ETH or EPFL. This is an indication of the strong focus on deep tech and research. A large proportion of the companies are still in the early stages of development, with around half generating less than CHF 0.5 million in annual revenue. Nevertheless, the majority of companies expect increasing revenues, which characterises the mix of young start-ups, growing scale-ups and established technology companies.

    Funding, segments and sustainability pressure
    Due to the high number of completed financing rounds in 2024 and according to estimates, several hundred million francs have flowed into Swiss PropTechs in recent years. Solutions for smart buildings, energy efficiency, digital transactions, data analysis and AI-based services are particularly in demand. Around a fifth of companies are active in digital brokerage, followed by smart building solutions and data and AI products. The area of sustainability and lifecycle management is becoming increasingly important, driven by ESG requirements and net zero strategies. A significant proportion of PropTechs now integrate environmental sustainability as a core function of their offerings.

    Internationalisation and visibility in the start-up ecosystem
    Between 30 and 40 Swiss PropTech companies are already active in European or global markets, exporting their technologies or testing them in international pilot projects. At the same time, PropTechs regularly appear in rankings of the most promising Swiss start-ups, where they are among the fastest-growing young companies. The picture is thus shifting from a niche to a visible growth segment in the national innovation ecosystem.


    Slow adoption meets increasing digitalisation pressure
    Despite scalable products, customer acquisition remains challenging. Decision-making and procurement processes in the property industry often take one to one and a half years, which delays market entry and stretches out roll-outs. At the same time, there is increasing pressure to digitalise processes, make better use of data and operate buildings more sustainably. From regulatory requirements to rising energy prices. For PropTechs, this creates a field of tension between long cycles on the customer side and the fast pace of technology and capital requirements.

    Europe as a growth lever and opportunity for Switzerland
    The European PropTech market is growing dynamically and is expected to expand its volume significantly by the end of the decade, driven by investments in AI, smart buildings and sustainable refurbishment technologies. Europe currently holds a substantial share of the global PropTech market, from which Switzerland can benefit disproportionately with its high level of innovation, strong university landscape and exportable solutions. Overall, the scene is small but highly innovative. It is in the process of professionalising itself, becoming internationally oriented and changing the real estate industry in the long term.

    Facts & Figures PropTech Switzerland 2025

  • Rental prices rise only modestly in January

    Rental prices rise only modestly in January

    The Homegate rental index for advertised rents, which is compiled by the real estate marketplace Homegate in collaboration with Zürcher Kantonalbank (ZKB), measures the monthly, quality-adjusted change in rental prices based on current market offers. For January 2026, the index shows a slight increase of 0.2 per cent compared to the previous month. Compared to January 2025, advertised rents rose by 2.2 per cent across Switzerland.

    At the cantonal and municipal level, the picture is unusually varied. At the start of the year, rents were down in half of the cantons, particularly in Nidwalden (minus 2.7 per cent) and Schwyz (minus 2 per cent). In several cantons, this development followed a phase of one to three months of strong increases. Compared with the previous year, however, asking rents rose in all cantons, particularly in Graubünden (up 7.7 per cent), Glarus (up 6.4 per cent) and Valais (up 6.2 per cent).

    Cities also showed downward trends in January. Compared with December 2025, all cities showed unchanged or lower values. Rents fell particularly sharply in Geneva (down 1.2 per cent) and Lugano (down 1 per cent). Only Zurich recorded an increase in rents in January (up 0.5 per cent). As in the cantons, however, asking rents in all cities are above the previous year’s level. Rents rose particularly sharply in Lugano (up 7.6 per cent) and Lucerne (up 3.8 per cent) in 2025.

    Homegate is a platform of the SMG Swiss Marketplace Group. It brings together the digital marketplaces of TX Group, Ringier and Mobiliar.

  • Defect rights and builders’ liens – important changes

    Defect rights and builders’ liens – important changes

    Kohler Law is a new boutique law firm specialising in construction and real estate law, constitutional and administrative law, and contract law. With over 15 years of experience in law firms in Zurich and Aargau, I advise and represent private individuals, companies and public institutions. As a sole practitioner, I guarantee a direct point of contact, high availability and advice tailored to your needs. My priority is to find efficient, practical and sustainable solutions.

    Sales contract law
    For movable items that are intended to be integrated into an immovable structure (e.g. building materials), there is now a complaint period of at least 60 days for obvious and hidden defects. The limitation period for defect rights remains five years, although a reduction in the period is still permissible.

    When purchasing land with new buildings that are yet to be constructed or are no more than two years old, buyers are now entitled to a mandatory right of rectification free of charge for the first time. In addition, obvious and hidden defects can now also be reported within at least 60 days of discovery. The rights relating to defects for all types of land purchases expire five years after transfer of ownership, and this period may not be shortened.

    Contract law
    In the future, a 60-day complaint period will apply to obvious and hidden defects in immovable works. This also includes defects in movable works that have been integrated into an immovable work, or defects in works by architects/engineers that form the basis for the creation of an immovable work. Another new feature is a mandatory right to free rectification; contractual exclusions or limitations, such as maximum amounts, are invalid. The five-year limitation period cannot be shortened at the expense of the customer; it begins with the acceptance of the work.

    Building contractor’s lien
    The lien secures payment of outstanding claims for remuneration for work performed by contractors. For owners, this can limit creditworthiness or mean a risk of double payment. The new rule is that security covering the principal claim and default interest for ten years prevents the registration of the lien. This introduces a clear, practical regulation that solves previous problems with unlimited interest guarantees.

    Entry into force and transitional law
    The changes will apply from 1 January 2026. Purchase and works contracts concluded before this date will continue to be subject to the old law; claims for rectification for new buildings completed before 2026 will only exist if contractually agreed. However, mandatory limitation periods and the new security rule in the building contractor’s lien apply regardless of the contract date.

    Recommendations
    It is definitely advisable to adapt all contract templates to the new law. When selling properties that are yet to be built, the purchase and works contracts should be aligned with each other in order to avoid contradictions between the liability under the purchase contract and the works contract. This applies in particular to works contracts concluded in 2025 if the property is not sold until 2026. Particular attention should be paid to SIA Standard 118, as this – unlike the statutory provisions – contains a prior right of rectification for the contractor.

  • Operational recovery shows effect in industrial environment

    Operational recovery shows effect in industrial environment

    According to a statement, the Schindler Group achieved sales of CHF 10.947 billion in the 2025 financial year, a decline of 2.6 per cent compared to the previous year. In local currencies, however, growth of 1.3 per cent was recorded. Order intake amounted to CHF 11.313 billion (-0.9 per cent, 3.1 per cent in local currencies). Adjusted operating profit in local currencies even rose by 12.3 per cent. Schindler generated a net profit of CHF 1.073 billion, an increase of 6.2 per cent.

    “2025 marks the final year of our operational recovery,” said Schindler CEO Paolo Compagna. “Four years after facing particular challenges in 2022, I am pleased to say that we have emerged from this phase as a stronger and more resilient company.”

    For the current year, Schindler expects “revenue growth in the low to mid-single-digit percentage range in local currencies.” The EBIT margin target is 13 per cent (2025: 12.6 per cent, adjusted EBIT margin 13.3 per cent). “Our priority for 2026 is to grow in a targeted manner and maintain our focus on further improving operating margins,” says Compagna.

  • Canton of Zurich continues to grow

    Canton of Zurich continues to grow

    The canton of Zurich continues to grow, but the major growth spurt of recent years is over for the time being. At the end of 2025, the civil resident population was 1,628,081 – an increase of just under 13,000 residents or 0.8 per cent compared to the previous year. Apart from the coronavirus years, this is the smallest increase since 2005 and thus a clear sign of a phase of more moderate momentum.

    Immigration most important growth driver
    Population growth continues to be driven primarily by immigration from abroad. Over 80 per cent of the increase is attributable to people of foreign nationality settling in the canton for the first time. Although net migration from abroad has fallen slightly compared to the previous year, it has returned to roughly the same level as before the war in Ukraine. The internal migration balance with the other cantons remains slightly negative and has hardly changed for several years. Zurich is losing about as many people within Switzerland as it is gaining.

    Births and deaths
    The birth balance accounts for less than a fifth of growth. Although initial estimates show a slight increase in births and a slightly lower number of deaths, the overall surplus remains low. This confirms the trend that the population is growing primarily “from the outside”, while the demographic momentum within the country is levelling off.

    Cities and small municipalities are growing the fastest
    The spatial picture is divided into two parts. Cities with a population of over 10,000 account for more than two thirds of growth. The city of Zurich alone accounts for almost a third of the cantonal increase, growing by 4,008 people. It was followed by Dübendorf and Uster, while Winterthur recorded the weakest growth since the turn of the millennium with an increase of 355 people.

    Relative to the size of the municipality, however, the small municipalities recorded the strongest growth. Flaach, Hüntwangen and Wila recorded growth rates of between 4 and a good 5 per cent, underlining the fact that even rural municipalities in the canton can benefit from the influx.

    Regions are shifting
    All regions in the canton are growing, but at different rates. Weinland and Furttal are leading the way with growth rates of 1.1 and 1.0 per cent respectively. Twice as high as in the Winterthur region, which will bring up the rear in 2025. While the areas close to the city in the north and east have recently seen above-average growth, the city of Zurich and the Limmat Valley are now above the cantonal average, while the Glattal and the Winterthur region are falling behind.

    Foreign population strongly characterised by Europe
    At the end of 2025, around 472,000 people of foreign nationality lived in the canton. This represents 29 per cent of the total population. Their number continues to grow, albeit at 1.5 per cent, the slowest rate since the introduction of full freedom of movement with the EU in 2007. Almost two thirds come from an EU or EFTA country, over 80 per cent from Europe.

  • Swiss companies start the year on a more optimistic note

    Swiss companies start the year on a more optimistic note

    The KOF Business Situation Indicator rose for the second month in a row in January, signalling a much more favourable starting position than a year ago. The business situation in the manufacturing industry in particular has brightened considerably, indicating a revival in demand and capacity utilisation.

    financial and insurance services, wholesale, catering and construction are also reporting rising business situation indicators, while the retail trade is at least slightly improving. The situation in other services remains largely stable, with only the project planning sector reporting a slight slowdown. Overall, this shows a broad-based improvement across the Swiss economy.

    industry as an anchor of sentiment
    Looking ahead to the next six months, optimism prevails in many sectors. The manufacturing industry in particular is anticipating a further improvement in business activity, confirming its role as an anchor of sentiment at the start of the year.

    expectations have also brightened in the retail trade, construction, financial and insurance services and project planning sectors. By contrast, the hospitality, wholesale and other services sectors are somewhat more cautious about the coming months, although the majority of them remain moderately positive.

    more recruitment
    Many companies are planning to take on additional staff. This is particularly evident in the hospitality industry, which is looking to expand its workforce but is finding it increasingly difficult to find suitable employees.

    the construction industry and the project planning sector are the most likely to report a shortage of skilled labour, which brings existing capacity bottlenecks into sharper focus. For managers and HR managers, this means that competition for qualified labour is continuing to increase in several key sectors.

    moderate momentum without new signs of inflation
    Despite the economic upturn, wage expectations remain stable. As in the October survey, companies expect gross wages to rise by 1.3% on average over the next twelve months, with above-average increases in the hospitality industry, the project planning sector and the construction industry.

    companies are also not expecting a turnaround in consumer prices. The expected inflation rate now stands at 0.9%, practically the same level as in the October survey (1.0%). The picture for monetary and wage policy is therefore one of moderate, well-anchored price and wage developments.

    broad base in the real economy
    The survey is based on around 4,500 companies from the manufacturing, construction and central services sectors, which corresponds to a response rate of around 56%.

    the KOF Business Situation Indicator thus provides a robust picture of the mood among managers. The Swiss private sector is starting 2026 with a broad base, cautious confidence and no discernible inflationary momentum, while at the same time increasing pressure on the labour market in key construction and service sectors.

  • Densification of housing stock is unpopular with the population

    Densification of housing stock is unpopular with the population

    Taller buildings in cities could alleviate the housing shortage, but they are unpopular with the general public. This is according to a survey conducted by the comparison portal Comparis. According to the survey, 50 per cent of those questioned by Comparis were against the construction of taller buildings with more than six storeys. In contrast, 45 per cent of the 1,039 adults surveyed across Switzerland in November 2025 were in favour.

    According to real estate expert Harry Büsser from Comparis, taller buildings in urban areas could be “a political path to more living space”. “Let’s get people in cities to take the lift instead of driving,” he is quoted as saying in a statement accompanying the study. It highlights a dilemma: rising rents affect everyone, but most people reject possible countermeasures. For example, 68 per cent of those surveyed are against densification with fewer green spaces and smaller distances between buildings. 66 per cent reject new building zones at the expense of agricultural or green spaces. Only the restriction of objections found a relative majority: 47 per cent are in favour, 43 per cent against.

    The study also shows that measures to create additional living space are assessed differently depending on gender and age. While 54 per cent of men are in favour of taller buildings, the proportion of women is 36 per cent. Denser development was approved by 33 per cent of men compared to 22 per cent of women. Thirty-nine per cent of the men surveyed said yes to new building zones, compared to 21 per cent of women. Büsser suspects that the reason for this lies in different roles and activities. Women often bear the brunt of family and neighbourhood responsibilities. Changes in the living environment would therefore “probably be perceived more strongly as a loss of quality of life”.

    The worsening housing shortage is particularly felt by 18- to 35-year-olds (65 per cent) and city dwellers (66 per cent). According to Comparis, this explains why the approach of building upwards met with the most approval among this group: 52 per cent of respondents in the young population group would agree to buildings exceeding six storeys. The survey also found that taller buildings are only accepted in the city centre (54 per cent). In the suburbs, only 39 per cent are in favour.

  • Antitrust law with scope for cooperation

    Antitrust law with scope for cooperation

    The Swiss economy supports strong antitrust laws. Restrictions on competition should be prevented and fair competition ensured. In practice, however, the competition authorities had increasingly moved away from this principle. Instead of examining the actual effects on the market, they primarily assessed the form of an agreement. Certain agreements were thus automatically deemed inadmissible, even if they were proven to have no harmful effects.

    This led to considerable legal uncertainty, particularly for SMEs, planning offices, and companies in the construction industry. Purchasing groups, joint research projects, and insurance pools came under scrutiny, even though they often enabled efficiency gains and better market performance. With the revision that has now been passed, Parliament is responding to this problem and calling for a return to the original intention of the legislature.

    New assessment logic in Art. 5 of the Cartel Act
    The core of the revision is the clarification in Art. 5 para. 1 of the Cartel Act. In future, it will no longer be sufficient to simply classify an agreement as a “hard agreement.” An overall assessment of its significance, taking into account qualitative and quantitative elements, will always be required. These include market structure, market shares, and specific framework conditions in each individual case.

    The nature of the agreement remains important because it provides indications of typical harmful potential. However, it is now clearly stated that it must be examined whether this potential actually materializes in the real market environment. In practice, this means that competition authorities can no longer sanction cooperations solely on the basis of their form, but must justify why and where they actually impair competition. The substantive amendments are expected to come into force on January 1, 2027.

    More scope for cooperation
    The revision strikes a delicate balance. Cooperation that is competitively unobjectionable or even beneficial is taken out of the firing line without weakening the enforcement power of the Competition Commission. This provides greater clarity for planning offices, engineering firms, and other players in the construction industry. This is particularly the case where cooperation is permitted, such as in joint procurement, standardization projects, or shared resources.

    At the same time, the fundamental mandate of antitrust law remains untouched. Hardcore cartels, price fixing, and bid rigging will continue to be strictly prosecuted. The revision does not shift the focus away from protecting competition, but back to its core. Effect rather than form, abusive behavior rather than blanket suspicion.

    Institutional reform of the competition authorities
    The process is not complete with the substantive revision. In 2026 and 2027, institutional reform will come to the fore. This involves the question of how cartel proceedings are conducted and how they are structured in accordance with the rule of law.

    Several elements are central to this. First, the institutional separation between investigation and decision-making is to be sharpened. The Competition Commission will be expanded into a more court-like body with its own specialist resources, while the Secretariat will act as an independent prosecuting authority.

    Second, a specialized appeals body is planned to bundle antitrust cases, secure expertise, and speed up proceedings. Third, an independent hearing officer will be appointed to monitor compliance with procedural rights and serve as a neutral point of contact for the parties without interfering in the substantive decisions.

    Fourthly, greater transparency is to be created by publishing dissenting opinions and making divergent views visible, which will make legal developments more comprehensible. Under the ECHR, antitrust proceedings are considered criminal proceedings, deeply interfere with the rights of the companies concerned, and are therefore subject to high constitutional requirements. It is precisely in this area of tension that Bauenschweiz continues to see a considerable need for reform.

    Bauenschweiz pushes for greater rule of law
    Bauenschweiz welcomes the fact that the Federal Council recognizes the need for reform in enforcement, but rejects the current proposal for institutional reform. From the umbrella organization’s point of view, it does not sufficiently address the central shortcomings. In particular, the independence of the decision-making body, the clear separation of investigation and judgment, and the protection of procedural guarantees are not yet sufficiently ensured.

    An antitrust framework that deeply interferes with entrepreneurial freedoms requires robust institutions, transparent procedures, and trust in fairness. Only in this way can competition violations be consistently sanctioned without unnecessarily hindering investment willingness and meaningful cooperation.

    The Federal Council’s message on institutional reform is expected in the summer of 2026, with parliamentary deliberations likely to begin in the third or fourth quarter. Bauenschweiz intends to get involved again, together with an economic alliance. The aim is to establish antitrust law that protects competition, assesses cooperation on a case-by-case basis, and consistently meets the requirements of the rule of law.

  • Where real estate loses its appeal

    Where real estate loses its appeal

    The cantons with the greatest demographic risks include Ticino, Bern, Neuchâtel, Jura, Appenzell Ausserrhoden, Nidwalden, Obwalden, Graubünden, Glarus and Schaffhausen. They account for around 23 percent of the total mortgage volume in Switzerland and are therefore anything but peripheral regions. At the same time, they are structurally less well equipped for the future.

    The core of the problem lies in the age structure. Population growth is taking place primarily in the over 65s. People who rarely move and hardly ever demand additional living space. At the same time, the number of working people, i.e. those households that typically buy their own home or enter into new tenancies, is falling. The result is less demand, more patience when selling and growing price markdowns. This is particularly noticeable in markets with many single-family homes and vacation properties, for example in parts of Ticino, Graubünden or the Jura.

    Demographics beat price fantasy
    The study outlines a market that is likely to diverge significantly over the next 20 years. While owners in many of the cantons concerned still expect prices to continue to rise, demographics paint a different picture. If hardly any young households move in and immigration remains weak, the surge in demand that justifies today’s valuations will not materialize.

    For owners, this means longer holding periods, higher sales risks and, depending on the location, more significant price falls. Older single-family homes in peripheral communities that no longer meet the expectations of new generations of buyers in terms of energy efficiency and quality are particularly exposed. Where there is a lot of supply on the market at the same time, for example from estate situations, price pressure can increase rapidly.

    Booming cantons as a counterbalance
    On the other hand, there are the growth cantons of Zurich, Vaud, Lucerne, Geneva, Thurgau, Aargau, St. Gallen, Valais, Fribourg, Zug and Basel-Stadt. According to the analysis, they are expected to absorb almost 86 percent of future population growth. Two thirds of the mortgage volume is already concentrated in these cantons, and the trend is rising.

    This is where immigration meets economic dynamism, urban centers and strong labor markets. For the real estate market, this means sustained high demand, stable to rising prices and lower structural risks, despite digitalization, the interest rate turnaround and increasing regulation. The polarization between “loser” and “winner” cantons is therefore likely to intensify further.

    Consequences for banks and investors
    For banks, insurance companies and pension funds, the demographic perspective is more than just a footnote. In many portfolios, regional risks have so far been inadequately reflected. Regional institutions with a strong focus on their home canton in particular bear increased cluster risks in shrinking regions. Especially if a large proportion of the portfolio consists of single-family homes in rural locations.

    It is not only location, condition and affordability that count, but also the question of how many potential buyers will still be there in 10, 15 or 20 years’ time. If you want to manage mortgages and real estate investments in the long term, you need to systematically consider demographics, housing demand and the local economic structure together.

    What owners can do now
    For owners in the affected cantons, it is worth taking a sober look at their own property in terms of location, target group, energy status and possible conversion. Those who actively manage, modernize and think about alternatives at an early stage have a clear advantage over those who simply hope that prices will continue to rise.

    The market is not tilting across the board. Housing will remain scarce in many cities in the “loser” cantons, while rural areas will come under greater pressure. The decisive factor will be how precisely market participants understand the differences within a canton and how quickly they adapt their strategies to the new demographic reality.

  • Air transport between growth and climate costs

    Air transport between growth and climate costs

    Civil aviation generated direct added value of CHF 9.8 billion in Switzerland in 2024. This includes companies at airports and their suppliers. This is shown in a report prepared by INFRAS AG on behalf of the Federal Office of Civil Aviation (FOCA). At 68 per cent, more than two-thirds of the direct value added is attributable to Zurich Airport and the neighbouring building complex The Circle. Geneva follows with 19 per cent and Basel with 12 per cent.

    The total value added, which also includes indirect effects such as tourism in Switzerland, amounts to CHF 24.8 billion.

    Civil aviation is also a driver of employment. It directly provides 49,100 full-time equivalent jobs and a total of 150,200 full-time equivalent jobs.

    Thanks to its airport, the Zurich region is the most accessible region in Europe. North-western Switzerland ranks sixth, also thanks to Basel Airport, and the Lake Geneva region ranks seventh, thanks to Geneva Airport. The other regions of the country are also among the 15 most accessible of the 284 regions surveyed in Europe.

    The report estimates the external costs of civil aviation at CHF 6.1 billion. Of this, CHF 4.6 billion is attributable to the climate and CHF 1.1 billion to upstream and downstream processes.

  • Senior citizens sell their homes late and downsize only slightly after moving out

    Senior citizens sell their homes late and downsize only slightly after moving out

    The Zurich Cantonal Bank (ZKB) real estate barometer has analysed trends and residential behaviour in the Zurich real estate market for the fourth quarter of 2025, according to a press release. The barometer shows that seniors usually only voluntarily move out of their single-family homes at a very advanced age – and often continue to live in spacious accommodation afterwards.

    House transfers take place late in life: as a rule, the probability of selling a house only increases significantly from the age of 85 onwards. The average age of today’s EFH owners is 62. Most people move out in pairs in old age, with only 22 per cent of single households affected. 44 per cent of EFH movers remain in the same municipality afterwards.

    Although former detached house residents downsize after moving, they do not live in small homes. More than 60 per cent of 60- to 70-year-olds move into flats with four or more rooms. The later the move, the greater the downsizing – but the living space often remains generous. “The desire to downsize one’s living situation in old age is overestimated. To put it bluntly, people don’t want to suddenly find themselves cramped in a small flat. At least, that’s how those who are used to spacious living in a detached house might feel,” says Ursina Kubli, Head of Real Estate Research at ZKB.

    According to the barometer, prices for residential property in the canton of Zurich have continued to rise. In the Land region, prices rose by 4.2 per cent, while in the Regio region they rose by only 2.3 per cent. Across Switzerland, rents rose by 2.3 per cent in 2025, while in the city of Zurich they rose by only 2.2 per cent. This means that, for once, urban rent growth is below the Swiss average.

    The ZKB expects property prices to continue to rise in 2026. Favourable financing conditions drove up demand, while supply did not grow noticeably, explains Kubli.

  • Regional strength compensates for weakness in the Asian market

    Regional strength compensates for weakness in the Asian market

    Sika has announced its preliminary annual results for 2025. According to a statement, the company expects sales of CHF 11.2 billion for 2025, which corresponds to sales growth of 0.6 per cent in local currencies. Sales in Swiss francs declined by 4.8 per cent, with the foreign currency effect amounting to 5.4 per cent.

    Organic growth amounted to -0.4 per cent. Business in the Middle East and Africa performed particularly well, with double-digit growth. In the EMEA region (Europe, Middle East, Africa), sales grew by 2.2 per cent overall. Sika also grew by 2.2 per cent in the Americas region, despite the negative impact of the US government shutdown in the fourth quarter. In the Asia/Pacific region, however, sales fell by 5.2 per cent, mainly due to a double-digit decline in the Chinese construction business. Excluding China, the region recorded positive growth.

    “Despite challenging macroeconomic conditions, we achieved moderate growth in 2025 and further strengthened our market position,” CEO Thomas Hasler is quoted as saying in the announcement. The company is starting the new year “with a leaner cost structure and a clear investment roadmap to accelerate innovation and digitalisation”.

    Central to the coming years is the Fast Forward efficiency and investment programme, with which Sika is optimising production networks and organisational structures. Despite one-off programme costs of around CHF 90 million, the company expects an EBITDA margin of slightly above 19 per cent for 2025.

    Barbara Frei and Lukas Gähwiler are to be newly elected to the Board of Directors at the Annual General Meeting on 24 March 2026. 

  • Prices for detached houses and condominiums continue to rise

    Prices for detached houses and condominiums continue to rise

    Prices for owner-occupied residential property continued to rise in the fourth quarter of 2025, according to a statement from Raiffeisen on its new transaction price index. Prices for single-family homes rose by 0.2 per cent compared to the previous quarter, while condominiums cost 1.2 per cent more. Compared with the fourth quarter of 2024, detached houses cost a total of 5.7 per cent more at the end of 2025, while condominiums cost 3.8 per cent more.

    Compared to the previous year, detached houses in the Bern (8 per cent) and Eastern Switzerland (6.9 per cent) regions recorded the highest price increases, while prices in Northwestern Switzerland remained somewhat more stable (3.0 per cent). Condominiums became particularly expensive in Central Switzerland (6.7 per cent) and Eastern Switzerland (4.3 per cent), while prices in the Bern region rose only slightly (0.8 per cent) and even fell on Lake Geneva (-0.5 per cent).

    Broken down by municipality type, centres (5.4 per cent) and tourist municipalities (5.3 per cent) recorded the highest price increases for single-family homes, while prices in urban centres rose the least on average, at 4.5 per cent. In terms of condominiums, tourist communities in particular saw significant growth of 4.6 per cent, while centres recorded the lowest price dynamics with an average price increase of 1.2 per cent.

    “In contrast to the rental housing market, where rental price growth has recently slowed somewhat due to declining immigration, price momentum in the owner-occupied housing market, which is more strongly influenced by domestic demand, remains high,” said Fredy Hasenmaile, Chief Economist at Raiffeisen Switzerland.

  • Winterthur introduces new guidelines for sustainable procurement

    Winterthur introduces new guidelines for sustainable procurement

    New guidelines for the procurement of goods and services will apply in Winterthur from 1 July 2026. As the city states in a press release, in addition to legal requirements and existing social and economic principles, ecological and social criteria will be given significant weight in future purchases of CHF 50,000 or more in all municipal departments. These criteria are to be “reviewed as concretely and comprehensively as possible” on the basis of 13 categories.

    In concrete terms, this means that decisions on which procurements are awarded will be made based on their impact on the climate, energy efficiency, resource conservation, pollutant avoidance and the circular economy. The reason for this is the energy and climate concept of the 2022 legislative period.

    The procurement of goods and services in particular has a significant impact on the carbon footprint. This means that negative effects on the climate and environment can be reduced particularly significantly in this sector.

    The city expects the anticipated positive effects on climate and resource protection to also increase its economic efficiency in the long term. With a volume of CHF 400 million in 2024, Winterthur is “one of the most important regional clients for the private sector” in terms of procurement.

    The shift from suitability and award criteria to life cycle costs, quality and durability creates greater commitment and transparency. “In this way, we are making an important contribution to achieving climate targets and promoting a sustainable economy,” says Katrin Cometta, city councillor and head of the Department of Security and Environment.

  • Gray Energy Steep Pass for Tenant Protection

    Gray Energy Steep Pass for Tenant Protection

    Grey energy in context
    The strength of the argument comes from the absolute statement that “the preservation of existing buildings and thus grey energy is always better than demolition”. According to a survey of experts, the vast majority of specialist planners, architects and service providers in the property sector agree with this stance. However, just under half of property owners also share this view, albeit with reservations.

    When asked in more detail, the respondents differentiated their attitude. Poor building fabric or poor energy efficiency, an outdated usage structure, utilisation that cannot be activated for the realisation of more living space or economic viability could be arguments against preservation. The sector rightly emphasises that there is no absolute truth and that the treatment of each property must be weighed up between ecological, economic and social aspects.

    One regulation for two different concerns
    Parallel to the intensification of the debate on the conservation of grey energy, the tone on tenant protection has become more heated. Various initiatives at cantonal and federal level want to prevent tenants from having to leave their homes due to extensive renovations or building replacements. These initiatives also take the uncompromising position that no eviction is always better than eviction. The canton of Basel-Stadt shows how quickly regulations can take effect. Barely three years after the introduction of the housing protection initiative, fewer properties are already being demolished and therefore fewer properties are being let out. The protection of residential property has a predominantly economic effect, with the regulated prices for new flats making replacements and renovations less financially attractive for property developers. As a result, fewer projects are being realised.

    Cautious discussion about social and societal costs
    As little as the absolute statement on the preservation of grey energy is correct, the blanket statement that not renting out is always better than renting out does not apply. The statement may be true for the individual tenant concerned, but not when it comes to providing housing for the entire population. Extensions and replacements can create more living space for more people, often in locations that are already well developed and supplied. Structural deficits in housing cannot be remedied without interventions in the building structure.

    What is needed is a more objective discussion on how the conflict of objectives between the protection of the individual and the interests of society can be resolved in the best possible way. In some cases, delaying a replacement or upgrading the existing housing stock for a further life cycle may make sense; in other cases, the social benefit of more living space outweighs this. The focus should be on the discussion of how to best cushion the social impact of rent reductions. Regulations should be focussed on finding solutions for cases of hardship.

    A balanced discourse is needed
    Absolute considerations ignore the fact that decisions are often complex and require diverging concerns to be weighed up. Sustainable solutions are usually caught between different arguments.

    Representatives of the industry should be aware that generalised statements reduce the scope for context-specific discussions. If the sector unthinkingly backs the preservation of grey energy or opposes rent reductions, the door for the discussion of moderate regulations closes.

  • Real estate market in a state of tension

    Real estate market in a state of tension

    With the Swiss National Bank’s interest rate cut to 0% in summer 2025, financing conditions will return to historic lows. Buyers will benefit, as will institutional investors who are shifting capital into investment properties. As a result, prices are rising again, especially for apartment buildings.

    At the same time, the falling reference interest rate is leading to rent reductions for old contracts. However, demand clearly exceeds supply. This is pushing the rental housing market further towards scarcity.

    Ownership wins, preservation loses
    The abolition of the imputed rental value is changing the ownership landscape. Without the tax burden, interest in buying is increasing, especially in the middle income bracket. However, the abolition of the flat-rate maintenance deduction curbs investment in building maintenance. Some cantons are already examining alternative taxes to compensate for the loss of revenue. The reform decision therefore has a double effect. It stimulates the market, but harbors risks for the building fabric.

    Construction activity collapses
    Construction output fell sharply in 2025. In Zurich by around 35 %, in Ticino by as much as 80 %. This is due to political uncertainties, rising construction costs and complex approval procedures. This has a direct impact on rental prices, which continue to rise in many regions.

    The result is a structural shortage that will persist in 2026. Even a slight drop in immigration figures will do little to change this. SIV members in particular see the shortage as the main price driver of the year.

    Politics as a game changer
    Cantons and cities are experimenting with changes to building laws, from car-free districts to stricter regulations on the disclosure of pre-rentals. For project developers, this means more uncertainty, longer procedures and increasing risks.

    Investors are becoming more selective and the choice of location is gaining in importance. The market is becoming increasingly fragmented along local lines.

    Climate risks and new valuation standards
    FINMA Circular 2026/1 makes sustainability mandatory. Banks and insurers must explicitly include climate and natural hazards in their risk assessments.
    Exposed locations are becoming less attractive, while stable and climate-resilient properties are gaining. For institutional investors, this means rethinking valuation models and portfolios.

    Residential properties on the rise, commercial properties under pressure
    The SIV analysis shows a clearly divided market picture. The residential market remains robust despite the turnaround in interest rates. Demand is high, vacancy rates are continuing to fall and should soon drop below 1.2 %. Rent increases are realistic, particularly for new lettings. The pressure on the market remains.

    In contrast, the commercial sector is under increasing pressure. Numerous companies are selling office space, resulting in a slight increase in vacancy rates. Modern, ESG-compliant new buildings are holding their own, while older properties are becoming less attractive and price concessions are becoming necessary.
    The retail sector is also showing a mixed picture. Local supply remains stable, but fashion and electronics stores are struggling with declining footfall and falling profitability.
    In terms of mortgages, owners are benefiting from low interest rates. Overall, financing costs are falling significantly. At the same time, energy and maintenance costs are rising and thus remain a fixed cost driver.

    Despite political and economic uncertainties, the majority of SIV members expect rising prices and stable income in the residential segment and a further decline in construction activity.

    Differentiation as a key factor
    The market will remain robust but selective in 2026. Quality, location and climate fitness determine success. While residential is considered a safe asset class, commercial is becoming a challenge. Investors and owners are faced with the task of reading market environments more precisely and incorporating regulatory dynamics at an early stage.

  • Sunrise streamlines structures

    Sunrise streamlines structures

    The planned reduction is part of an “organizational development” with which Sunrise intends to reduce hierarchical levels, shorten decision-making paths and make processes more efficient through the use of new technologies. Numerous management functions in particular would be affected. Store employees with direct customer contact and trainees are to be largely spared.

    in the event of unavoidable redundancies, a social plan will come into effect that takes into account age and years of service, provides for a new placement program and includes a fund for individual bridging and qualification measures. Employees aged 58 and over receive fixed-term contracts until 62, and from 62 Sunrise supports early retirement. Younger employees are to be reintegrated into the labor market as quickly as possible.

    repeated cuts hit staff hard
    The news comes as another shock for employees. Sunrise already cut 166 jobs in 2024 as part of the integration of UPC following a consultation process.

    in the ongoing consultation process, the Syndicom trade union is calling for alternatives to be seriously examined and for the company to refrain from further job cuts. The decision on the actual redundancies is expected once the process has been completed. They are likely to be announced in February and March 2026.

    price war forces efficiency
    The Swiss telecoms market is highly competitive and numerous new providers have entered the market since liberalization, while there has been no market consolidation. At the same time, customers are becoming increasingly price-sensitive, discount campaigns and promotions are squeezing margins and forcing consistent cost discipline.

    in this environment, providers are trying to distinguish themselves with low tariffs, package offers and service quality, while at the same time investing heavily in networks, fiber optics and 5G. Structural programs such as Sunrise’s are therefore not just business manoeuvres, but an expression of a market in which efficiency is becoming a question of survival.

  • Apartments are shrinking again

    Apartments are shrinking again

    Households are getting smaller, while apartments remain large. The average household size has fallen to around two people since the 1960s, and the proportion of single-person households is now around 41%, in some cases half of all households in large cities. At the same time, the large multi-room apartment dominates the housing stock, a structural mismatch that puts new construction under pressure.

    added to this are price and location pressures as well as sharp rises in land, construction and energy costs. This makes large apartments unaffordable for many, while investors achieve higher returns per square meter with smaller units. Urban planning models are focusing on redensification instead of single-family homes, and the proportion of new-build apartments in apartment buildings has risen.

    technical consequences for planning and construction
    Smaller apartments do not mean less planning, but more complexity in a smaller space. Higher building densities, larger spans and finer load transfer place demands on structural planning. The building services must supply more residential units per building, with higher requirements for sound insulation, ventilation, cable routing and meter logistics.

    in terms of fire protection, escape routes, fire compartments and rescue concepts are becoming more demanding as densification and mixed use increase. At the same time, there is growing pressure for flexible floor plans that can be divided, combined or repurposed, from single apartments to family homes and back again.

    conversion instead of tabula rasa
    New construction alone cannot remedy the structural imbalance between household and apartment sizes. Most of the existing housing stock dates back to the days of other housing and family models. Demolition and replacement would be neither economically nor ecologically justifiable.

    the focus is therefore shifting to the existing housing stock. Dividing up large apartments, building additions in the courtyard, adding storeys or converting office space become the central engineering task. In technical terms, this means interventions in statics and fire protection, retrofitting building services during ongoing operations and precision work on the occupied building.

    space as an underestimated lever
    The most important message from the evaluations is that heating, insulation and systems engineering are decisive for energy requirements. The heated living space per capita is decisive. Living on fewer square meters automatically reduces the heating load, the use of materials and the operating energy required

    Smaller and more energy-efficient homes therefore become a double key. They are better suited to smaller households and noticeably reduce the energy consumption of the building sector. Downsizing has a more immediate effect than many individual technical measures, provided that floor plans remain liveable, adaptable and socially mixed.

  • Basel between regulation and reality

    Basel between regulation and reality

    The latest political interventions, above all the housing protection initiative that came into force in May 2022, have shaken up the industry. The Housing Protection Act protects the existing housing stock and acts as a brake on renewal. Many owners are asking themselves, is it still worth doing what would make economic and ecological sense? The current discussions in the local property sector show that realism dominates, optimism is rare and uncertainty is widespread. At least politicians have recognised the problem and made initial adjustments. On 1 November 2025, the ordinance on the Housing Protection Act was amended and corrections made. The amendment to the ordinance is a step in the right direction. But not much more. In order for renovation, refurbishment and investment to actually take place again, the law needs to be amended.

    At the same time, it should be noted that the Basel housing market remains robust. The demand for good living space is unbroken, vacancy rates remain low (albeit less low than in other cities) and the attractiveness of the tri-border region, with its locally anchored pharmaceutical and life science industry, remains high. But the surrounding area is not sleeping either, with regulatory intervention in Basel encouraging a creeping relocation of investments to the neighbouring cantons and beyond. This not only affects investors, but also the local industry, which has to look outside Basel-Stadt for work. In some cases, this is causing prices to falter. This is not a healthy trend, but a warning signal.

    At the same time, the requirements for ESG compliance and energy efficiency are constantly increasing and with them the cost pressure. Anyone building or renovating today not only has to do the maths, but also justify themselves to banks, authorities and an increasingly critical public.

    In the short term, the search for stability and planning security dominates. In the medium term, the focus is shifting to the energy-efficient refurbishment of existing properties, not least from an ESG perspective.

    In the long term, the Basel property market will have to be judged on whether it can find a new balance between regulation, sustainability and profitability. Confidence remains, fuelled by the conviction that quality, innovative spirit and regional strength will endure even in challenging times.

    Fabian Halmer,
    President SVIT beider Basel
  • Swiss economy between a damper and confidence

    Swiss economy between a damper and confidence

    After two consecutive declines, the KOF Business Situation Indicator is below the level of the summer, but still above the lows of August and September. Economic momentum remains moderate, a weak but stable foundation. The business situation has deteriorated further, particularly in the manufacturing sector. Production and purchasing policies are stagnating and price increases are being planned less frequently. Despite this, expectations for exports and order books are increasingly optimistic. Many companies anticipate a slight improvement in the first half of 2026.

    Inconsistent sector trends
    The situation is developing differently across all sectors. Project planning offices, financial and insurance service providers and other services are reporting flatter business development, while the construction and retail sectors are seeing a slight recovery.

    These contrasts are also evident in expectations. Confidence prevails in the construction industry and among financial and insurance service providers, while retailers and planning offices are somewhat more cautious. The retail trade recorded the second consecutive decline in its expectations indicator. This is a sign that consumer trends are only hesitantly consolidating.

    The gloom remains
    From a regional perspective, the current business situation is falling in all parts of the country. Central Switzerland, Espace Mittelland, Eastern Switzerland, Zurich and Northwestern Switzerland are particularly affected. The decline remains more moderate in Ticino and the Lake Geneva region. The indicator shows that economic pressure is being felt throughout the country, despite stable exports and services.

    Economic clock shows cautious recovery
    The KOF illustrates the tension between the present and the future. The situation remains below average, while the prospects are above average. With a tentative recovery in 2025, the Swiss economy has not yet moved into a genuine upswing. Nevertheless, the increasing brightening of expectations is a harbinger that 2026 could bring better momentum. Supported by robust service sectors, stable export expectations and a gentle recovery in construction.

    At the turn of the year, the Swiss economy continues to be characterized by stability with slight headwinds. While the present is characterized by a slower pace, many companies are looking ahead optimistically in the hope that 2026 will be the year of a genuine economic recovery.

    KOF Business Situation Indicator (source: kof.ethz.ch)