immo!nvest – Die Plattform für Standorte und Immobilien

Category: Trends

  • Refurbishment of the large Webermühle development

    Refurbishment of the large Webermühle development

    The Webermühle development in Neuenhof houses 368 rental apartments. The settlement on a peninsula in a loop of the Limmat was built on the industrial site of a former weaving mill and was ready to move into in 1984 after ten years of construction. Planned by the architectural office Steiger Partner AG and built by Ernst Göhner AG, the Webermühle with its different volumes offers living space for up to 1,500 residents. Despite the very high density, the apartments with the four rows of high-rise buildings arranged in a cross shape are characterized by a surprising foresight. Since 2008, the buildings realized in the “Göhner 3” modular construction system have been owned by a real estate fund from Credit Suisse Asset Management.

    Ecologically and economically sustainable renovation
    A good 40 years after moving in, the apartments no longer met today’s standards – neither in terms of appearance nor in terms of comfort. With an analysis of the building structure, the client started planning an extensive partial renovation in 2009, which was implemented in stages between 2012 and 2014. The portfolio strategy of Credit Suisse Asset Management attaches great importance to ecologically and economically sustainable solutions. With the modernization of the Webermühle, one wanted to make the living and green space more attractive for the tenants and to maintain the value of the property. On the other hand, the building technology should be brought up to date and thus the energy consumption should be significantly reduced. Better connections to public transport were also an important goal: Since the construction of a new inclined lift in 2015, Wettingen train station can be reached within a few minutes on foot.

    Heat supply: switch to flow heat
    The core of the energetic renovation is the reorientation of the heat supply. To this end, the client defined a clear goal right from the start: in future, the heat supply in the Webermühle should be at least 70 % CO 2 -free. Due to the size of the facility, Credit Suisse Asset Management wanted to have the heating system replaced by a contractor instead of producing heat itself. The sustainability of the solution proposed by ewz with a river water heat pump convinced the client even after a detailed examination by specialists.

    More about the project

    White paper on the topic of energy-efficient refurbishment
    In addition to the practical example “Webermühle”, the white paper “Energy-related renovations as an opportunity for the real estate industry”, which was created in close cooperation between ewz and the research and consulting company intep, offers insights into the relevance of energy-related renovations.

    Knowing that the building sector is responsible for about a quarter of emissions, there is an urgent need to renovate the building stock. Because the few climate-friendly and energy-efficient new buildings will not have a major effect on the entire sector. At the moment we are in a renovation backlog. The current renovation rate of one percent must be doubled in order to achieve the climate targets.

    Practical experience shows that during renewal processes, too little attention is paid to energy-related refurbishment compared to replacement new buildings. The landowners often lack basic information that shows them the economic, ecological and social potential of energy-related renovations. The whitepaper is intended to make a contribution to precisely this. There is a basic overview of the urgency, legal framework, benefits, opportunities and possible strategies of energy-related renovations.

    The results of an ecological balance sheet (life cycle analysis, LCA) and an analysis of the life cycle costs (LCC), for example, form an excellent basis for decision-making. These quantitative assessment methods take into account the entire building life cycle.

    The life cycle analysis (LCA) to determine the environmental impact and the analysis of the life cycle costs (LCC) offer quantitative decision bases for energy renovation. (Source: Kellenberger (intep), 2021)

    To the white paper

  • Miele's most successful business year with sales up 7.5%

    Miele's most successful business year with sales up 7.5%

    The business of the Miele Group was characterized by strong contrasting developments in the past year. On the one hand, the historic special boom caused by Corona provided a strong tailwind. On the other hand, Miele is also feeling the effects of the disruptions in the global supply chains, particularly in the case of semiconductors. Nevertheless, more devices were produced and sold in 2021 than ever before in the 123-year history of the premium brand. The order backlog at the start of the new year is also higher than ever, so the signs point to growth for 2022 as well. In order to shorten the sometimes significantly longer delivery times, Miele produces in all plants with the greatest possible capacity.

    On the other hand, the prospects for the further course of the year are shaped by the political and economic effects of the war in the Ukraine, where Miele, like in Russia, is represented with its own sales company. The management and staff of the Miele Group are deeply shocked by the suffering of the people in the war zone and on the escape routes. There is a great wave of willingness to help throughout the group, which starts with protecting the 54 Miele employees in Ukraine and their families, but also goes far beyond that. Due to the geopolitical situation and the resulting imponderables, the Miele Group has completely stopped supplying appliances to Russia with immediate effect and until further notice, in addition to the EU sanctions currently being imposed. Products for medical care are excluded unless they are also subject to sanctions. The company’s own shops (Miele Experience Center) and the web shop have been closed since last week and investments in the store have been frozen. The jobs of the more than 230 employees and their pay will be retained for at least six months.

    Positive development in all regions and product areas
     With the sales growth reported for 2021, the Miele Group has grown significantly faster than the long-term average, with Eastern Europe, China and the USA in particular making disproportionate contributions. In Germany, Miele achieved sales of 1.39 billion euros and thus gained a further 5.1 percent from a very high level. And Switzerland also played its part with the most successful financial year since it was founded. “We are proud that Miele Switzerland was once again placed with great confidence this year. It’s not for nothing that customers have voted us Most Trusted Brand for the fifth time in a row,” reports Rico Fallegger, Managing Director Miele Switzerland.

    Further information at: www.miele.ch

  • The bachelor's degree in geomatics focuses on the future of the industry

    The bachelor's degree in geomatics focuses on the future of the industry

    Since the origins of surveying training at today’s FHNW almost 60 years ago, the geoinformation world has changed radically. While the professional field used to focus on surveying and then also on geographic information systems, graduates are now increasingly taking on tasks in other application areas, e.g. in the future-oriented areas of GeoBIM, infrastructure management, environmental analysis or in data-supported planning.

    In order to meet the increasing demand for specialists in all areas of geomatics, the bachelor’s degree in geomatics is being revised, starting in autumn 2022. Four new holistic and interdisciplinary specialization profiles have been created, in which specialist and methodological skills are taught in the context of current areas of application . Always with a view to future job descriptions and the needs of a changing and diversifying industry. With a focus on project-based learning, interdisciplinary project modules with complex practical issues and a field course are offered in each profile. The combination of main and secondary profile guarantees that graduates not only have a specialization but also the desired breadth of specialist knowledge.

    With the appointment of Christian Gamma as Professor of Land Management and Cadastral Systems, the new GeoDesign and Land Management profile is strongly positioned with an expert from the field right from the start.

    The trained surveyor and studied geomatics engineer Christian Gamma is a certified engineer surveyor and has managed the surveying office of the canton of Aargau as cantonal surveyor for the last few years. Since 2016 he has been working as an external lecturer for cadastral surveying at the institute. He sees the sustainable development and use of the space as a major challenge, to which geomatics makes important contributions: “Thanks to interdisciplinary cooperation under the leadership of geomatics, the rooms are being designed and rearranged. The results must then be recorded geometrically and descriptively in an up-to-date, reliable, binding, public and official information system, the so-called cadastre. I look forward to accompanying this development and preparing future specialists and managers for these interesting and demanding tasks.»

    The redesign of the bachelor’s program in geomatics focuses not only on new content but also on the promotion of self-directed learning and critical self-reflection. The creation of freedom, for example to take elective modules, contributes to the independence of the students and enables them to put lifelong learning into practice as part of their portfolio even after they have completed their studies. The future graduates are more ready than ever for the challenges and developments of the future and an enrichment for the companies and organizations that will be able to benefit from their specialist knowledge in the future.

  • Vail Resorts is investing CHF 149 million in Andermatt-Sedrun Sport AG

    Vail Resorts is investing CHF 149 million in Andermatt-Sedrun Sport AG

    Vail Resorts’ investment of CHF 149 million consists of two parts. On the one hand from an investment of CHF 110 million in Andermatt-Sedrun Sport AG to improve the guest experience on the mountain. On the other hand, from an amount of CHF 39 million, which is paid to ASA and fully reinvested in real estate development. ASA invests in the further development of the core business in Andermatt and Sedrun, ie in real estate, hotels and infrastructure as well as the expansion of Andermatt Reuss. The CHF 110 million will be invested via Andermatt-Sedrun Sport AG in lift systems, snowmaking systems, gastronomy, leisure activities and infrastructure in the SkiArena Andermatt-Sedrun.

    Andermatt Swiss Alps AG has already invested around CHF 1.3 billion in the development of Andermatt in recent years. This includes around CHF 150 million that was invested via Andermatt-Sedrun Sport AG to expand and modernize the SkiArena Andermatt-Sedrun. Vail Resorts’ investments in Andermatt-Sedrun Sport AG will significantly accelerate the expansion of the SkiArena Andermatt-Sedrun and the destination as a whole. The partnership between Vail Resorts and ASA is based on a shared vision to build and expand a premier alpine destination and ski area.

    “As a partner, Vail Resorts is an ideal match for our goal of developing Andermatt into a prime alpine destination,” says Samih Sawiris, majority owner and Chairman of the Board of Directors of Andermatt Swiss Alps AG. “With its high level of expertise in the successful operation of integrated destinations, its impressive marketing capacities and the fresh capital, Vail Resorts will provide a strong boost for the further development of Andermatt-Sedrun.”

    Omar El Hamamsy, CEO of Orascom Development Holding AG (ODH), ASA’s second major shareholder, adds: “It’s great to have Vail Resorts as a partner in our group of 14 destinations.” ODH has a long and successful history of developing luxury destinations in Europe and the Middle East, which in combination with Vail Resorts’ partnership and investments will further strengthen the Andermatt-Sedrun destination.

    “Entering the European market is a long-term strategic priority for Vail Resorts. We are extremely excited to partner with ASA and invest our capital and resources to support the transformation of Andermatt-Sedrun into a premier destination,” said Kirsten Lynch, CEO of Vail Resorts. “We want to rely heavily on and learn from our partners, the community and the Andermatt-Sedrun team while gaining experience and getting to know the area, its guests and operations. We are proud to add this unique Swiss destination to our network of world-class resorts and to incorporate it into the Epic Pass, expanding access for our existing pass holders and seeking to create an even more diverse offering for skiers in Europe.”

    The companies’ partnership goes beyond a shared commitment to enhancing the guest experience. Both Vail Resorts and ASA place safety, sustainability and contributing to the success of local communities first. In particular, both companies have individual obligations to protect and preserve nature. Vail Resorts is doing this with the Commitment to Zero initiative (net zero carbon footprint and zero waste at all 40 resorts by 2030). Through the Andermatt Responsible campaign, the ASA is committed to sustainable and climate-friendly tourism in the Andermatt region, with the aim of being CO2-neutral in operation by 2030.

    A representative from Vail Resorts will take over the presidency of the board of directors of Andermatt-Sedrun Sport AG, the ASA will provide the vice-president. Topics such as future organization and others will be decided over the next few months. The winter operation that has already started will continue as planned. There are no changes for employees.

    The negotiating team was led by Naguib S. Sawiris, member of the ASA Board of Directors and designated Chairman of the Board of Directors of Orascom Development Holding AG. The transaction is expected to close before the 2022/23 ski season. Vail Resorts plans to include Andermatt-Sedrun in the 2022/23 Epic Pass and Epic Day Pass with access to all resorts, subject to the timing of transaction completion.

  • MIPIM 2022: Between desire and reality

    MIPIM 2022: Between desire and reality

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    MIPIM 2022 took place from March 15th to 18th – and it was far from the industry euphoria of three years ago under the impression of a conflict almost 2,000 kilometers away. While the Ukraine was at least visually represented with a mostly deserted stand, there was hardly a trace of Russia or Russian cities. Only a few obvious gaps in the trade fair room allocation indicated that there had also been cancellations at short notice.

    Interest rates are rising again…
    The industry buzzwords ESG, impact investing and interest rates were also part of the discussions in many places. From the Federal Reserve Bank in the USA alone, further interest rate hikes are expected this year, which would result in key interest rates of just under two percent at the end of the year. The market assumes that other central banks (UK, EU, CH) will follow suit, albeit with a time lag. For Switzerland, this means that negative interest rates will soon be a thing of the past. In the case of ten-year federal bonds, a value of 0.425 percent was already reached on the Wednesday of the fair (March 16, 2022) – a level that was last recorded at the end of 2014.

    … and what next for decarbonization?
    The topic of sustainable or green investments was also represented in many MIPIM panels and discussions. But even if there are now many options for measuring sustainability as well as certificates and labels: the coming years will challenge the construction and real estate industry on many levels. On the side of the energy sources alone, the change away from fossil fuels to renewable ones has added another dimension with the Ukraine-Russia conflict. It is now time to reassess the oil and gas factors in the real estate industry’s decarbonization efforts. It remains to be seen whether this will ultimately lead to oil and gas heating systems being discarded sooner in this country.

    Farewell to old braids
    Other significant changes are also becoming apparent in the traditional asset classes. The traditional real estate classifications such as residential, office and retail are becoming more diverse. This has already been shown in recent years thanks to online shopping, coworking and coliving. The hospitality forum on the Thursday of the trade fair, for example, showed that there is also something new happening in the hotel industry. Swiss Life Asset Managers announced the new camping investment class there and is even considering launching its own fund product in this area. In general, it can be said that the star classifications are becoming less important for hotel users, with the focus increasingly being on the extraordinary experience, special locations and trips close to nature and the local people.

    Propel Awards for newcomers
    The four winners of the PropTech competition Propel were also chosen this year at the real estate fair in Cannes: From the 20 finalists, centralF (optimization tool for workplaces) in the data category, Apricot (leasing for homebuyers) in the investment category, OakTree Power ( Demand optimization for building energies) in the sustainability category and Parametric Solutions (software solution for project developments) in the user experience category. A Swiss proptech startup was not represented in the global competition.

    Swiss project wins MIPIM competition
    On the evening of the Thursday of the fair, however, there was an award for an outstanding Swiss construction project: the Musée Atelier Audemars Piguet in Le Brassus received an award in the “Best Cultural and Sports Infrastructure” category. The museum extension designed by the Danish Bjarke Ingels Group (BIG) includes a new glass structure that integrates into the landscape by means of two spiral structures. Inside, the museum offers a glimpse into the history of watchmaking in the Vallée de Joux.

    25th anniversary of Swiss exhibition stands
    The two Swiss networks Swiss Circle for German-speaking Switzerland and Horizon Léman for western Switzerland also had something to celebrate this year. The exhibition stand organizers and initiators Roman H. Bolliger and Yves de Coulon were delighted to receive congratulations and two “birthday cakes” from the MIPIM organizer RX on their 25th anniversary. The handover took place after the MIPIM event “Forum Suisse”, where Swiss industry players from Swiss Prime Site, Mobimo, M3 and Wüest Partner discussed the topic of “mobility and its consequences for the real estate industry”. In 2022, more than 50 companies from Switzerland used the two trade fair platforms Swiss Circle and Horizon Léman for international exchange on the Côte d’Azur.

  • Thomas Hinderling becomes the new division manager

    Thomas Hinderling becomes the new division manager

    Thomas Hinderling has been with Wincasa since 2017. He played a key role in setting up the Mixed-Use Site Management (MUSM) department, which has been in existence for five years, and initially managed the projects in the Zurich area. From 2019, he was assigned to head the MUSM German-speaking part of Switzerland. In this role, he was responsible for the sub-area within Center & Mixed-Use Site Management (CMSM) and was the deputy head of CMSM. The 47-year-old has an Executive MBA Marketing FH, a CAS in Urban Management FH and was CEO and partner of various marketing and distribution companies before joining Wincasa. From May 1, 2022, he will be the new Head of CMSM at Wincasa and thus a member of the Executive Board. Thomas Hinderling will be succeeded by Philipp Arnold as the new head of MUSM German-speaking Switzerland.

    Internal succession regulations
    Thomas Hinderling is looking forward to his new role: “It fills me with joy and pride to take over the management of CMSM from Felix Kubat. We both have worked very well together in the past and have successfully launched many projects. Now it is important to push this work further together with my new team, because there is still a lot of potential.»

    The CMSM department has been headed by Felix Kubat since the end of 2019. During his tenure, he successfully developed and implemented a new strategy for the area. This included, among other things, the establishment of two CMSM locations, thanks to which great added value could be achieved through a targeted bundling of strengths and expertise on the part of center and mixed-use site management. He also confidently led the business through the Corona crisis. He is leaving the company of his own volition and will in future devote himself to management and teaching activities at a commercial vocational school. «In the past 2.5 years at Wincasa, I have been able to shape and continuously develop the Center and Mixed-Use Site area. It was a very exciting and intensive time, which I look back on with great pleasure. Now I’m looking forward to a new chapter. For several years I have been sporadically working as a lecturer at HF level in the field of management training. I will now continue to pursue this passion with a position as a manager and lecturer at a commercial vocational school,” says Kubat about his move.

    Thomas Hinderling’s successor is also an internal change. Philipp Arnold is now taking on the role of Head of MUSM German-speaking Switzerland. He has been with Wincasa since 2014, started out as Center Manager Zentrum Regensdorf & HUB and then took over management of the MUSM Hub Zurich in January 2020. Among other things, Philipp Arnold has a degree in business administration, an MAS in real estate management, an MAS in brand and marketing management and is a RICS member. He is therefore well prepared to succeed Thomas Hinderling.

    Oliver Hofmann, CEO of Wincasa, is very positive about the two internal career steps: “I would like to thank Felix Kubat for his valuable commitment and the good cooperation. It is very gratifying that we were able to nominate Thomas Hinderling as the new head of CMSM and Philipp Arnold as the new head of MUSM German-speaking Switzerland and to organize the successor internally. We are convinced that with this personnel solution we can further strengthen our already leading position in the market.»

  • What is the ideal building age for an investment?

    What is the ideal building age for an investment?

    In order to answer the question of the ideal age of a real estate investment, PriceHubble first examined the development of market prices and rents for buildings of different ages for its analysis. “Buildings, like cars, tend to depreciate faster in the early part of their life cycle than in later years. However, since a property usually also includes a plot of land that does not wear out, the value of the property then approaches the value of the land,” says Dr. Nima Mehrafshan, Head of Research at PriceHubble.

    The analysis was carried out based on the PriceHubble valuation model. For each of these, a location in a major Swiss city was selected and a typical apartment in this location was evaluated. The year of construction was varied for each apartment assessed, while all other influencing factors were kept constant – including the time of the assessment. “In this way, we can determine how the market value and market rent of a typical apartment decrease with age, ignoring market-wide price changes over time,” adds Dr. Mehrafshan.

    Biggest loss in value in Bern and sharpest drop in rent in Basel – real estate in Geneva with the smallest loss in value
    The majority of the price loss occurs across all the cities examined in the first 40 years after construction and then levels off between 17 and almost 26 percent. Real estate in the city of Bern experienced the greatest loss in value at around 26 percent. In contrast, real estate in Geneva only lost around 17 percentage points.

    A similar picture emerges when it comes to rents, with the decline in market rents already having largely taken place after 20 to 30 years. After this time, rents are between -12 and -25 percent compared to a new building. Rents in the city of Basel are falling the most at around 25 percent, while rents in Geneva are only falling by just under 12 percent.

    Lowest rental yield after 10 to 20 years
    Basically, rental yields are only slightly influenced by the age of the building. The rental yields for new buildings are only slightly lower than for older buildings. The rents fall slightly in the first few years, since the market rents fall a little faster than the market prices with the age of the building. In general, rental yields are lowest for buildings that are 10 to 20 years old and range between 2.3 percent and just under 3.0 percent. After almost 60 years, returns reach their zenith and remain between 2.6 percent and 3.4 percent.

    The city of Bern is the leader in terms of rental returns with a rental return of around 3.4 percentage points after 60 years. The city of Zurich has the lowest average rents and shows a return of 2.6 percent after 60 years.

    10-year return: Bern is the leader
    A similar picture emerges when looking at 10-year returns (combination of rental returns and market value loss through wear and tear). Here, too, the yields level off from an age of just under 60 years. The city of Bern is also the front runner with a total return of around 33 percent. Real estate in the city of Zurich meanwhile has the lowest average return of around 26 percent.

    In principle, the return on buildings under 20 years of age also falls to 16 percent to 23 percent over a 10-year period. «In order to answer the question of the best building age for an investment, investors must also consider the maintenance costs in addition to our analysis. Here, of course, the faster depreciation early in the property’s life is offset by the higher maintenance costs for most older buildings. Nevertheless, investors can use the results of the study to review their investment strategy,” says Dr. Mehrafshan.

    Detailed information at: https://bit.ly/3tzmpt6

  • Data literacy: a no brainer!

    Data literacy: a no brainer!

    “Data is the new gold” – that’s what we’ve been hearing for years. Against the background of an increasing complexity of issues and requirements, data analysts are being recruited in companies across all industries and corresponding teams are being set up. However, data per se does not lead to any solutions. Rather, it is necessary to derive a strategy from it – this not only requires the intelligent linking of data but also appropriate market knowledge and analysis in a specific context.

    How can market needs be better determined and suitable living space developed and built? Digitization has created many possibilities for the planning and construction of real estate. With the appropriate tools – for example from Luucy, Archilyse or PriceHubble, to name just a few – processes and decisions along the entire value chain can be simplified and accelerated: from the acquisition of suitable plots of land, through development and marketing, to the management of the properties. AI-based technology is being used more and more here.

    The “hard facts” are certainly the basis for data-based evaluations. But developers are also increasingly wanting “soft key figures” to supplement their decisions, for example information on the satisfaction of residents. Ultimately, of course, it is the experience that counts – the best decisions are, as is well known, the ones where the “subjective gut feeling” is right. Because even with the best data, it is always the human who decides in the end.

    You can find more impulses on the subject here: https://proptechmarket.net/impulse

  • Power Integrations opens new plant in Biel

    Power Integrations opens new plant in Biel

    Power Integrations , a company specializing in power electronics, has opened a new plant in Biel. This covers around 4600 square meters and also houses offices and laboratories. The Biel-based operation specializes in so-called gate drivers for high-power applications such as solar and wind energy, electric locomotives and efficient DC transmission lines. In addition to production, the location is also used for the development of prototypes. In total, around 60 engineers and other technology experts are employed.

    Power Integrations has reportedly invested around $20 million in the Biel site. The facility was planned and built by the Biel architects GLS Architekten . A photovoltaic system with an output of 25 kilowatts is located on the roof.

    Power Integrations’ presence in Switzerland dates back to the acquisition of Biel-based CT-Concept Technologie AG in 2012. Headquartered in San Jose, Power Integrations employs around 770 people worldwide.

    “We are excited to open our new, permanent headquarters in Biel, bringing together all of our local employees under one roof and giving us ample room for the growth we expect in the years to come,” said Balu Balakrishnan, CEO of Power Integrations , quoted in the communication.

    Biel’s Mayor Erich Fehr (SP) welcomes the investment. “The fact that such an innovative and fast-growing company has settled here speaks for the attractiveness of our city and our region as a business location,” he says.

  • Aargau Verkehr receives the first train of the new Limmattalbahn

    Aargau Verkehr receives the first train of the new Limmattalbahn

    Aargau Verkehr AG (AVA) has received the first of eight light rail vehicles for the new Limmattalbahn. The Tramlink, a low-floor tram that was broken down into three parts, was built by Stadler Rail , based in Bussnang TG, at its plant in Valencia, Spain, and brought to Bremgarten by heavy-duty truck. According to the press release , the parts were then reassembled there by technicians from Aargau Verkehr and Stadler Valencia to form the 44.3 meter long light rail system. By November, the Tramlink fleet will be successively completed with a further seven light rail vehicles.

    From the timetable change on December 11, 2022, the eight Stadtbahn trains will transport passengers on the Limmattalbahn between Killwangen-Spreitbach and Zurich Altstetten. Line 20 then serves a total of 27 stops over a distance of 13.4 kilometers.

    The first railway that has now been delivered is to be used in the Limmattal from summer when the infrastructure for the Limmattalbahn is ready. Test drives are made from the new depot in Dietikon.

    According to AVA, the light rail vehicles procured jointly with BLT Baselland Transport AG belong to a modern and comfortable generation of vehicles. According to the AVA website , the Tramlink models are multi-articulated low-floor trams. With stepless entry and exit, you meet the requirements of the Disability Equality Act. In addition to full air conditioning, a passenger information system and comfortable seats, there are functional compartments with space for prams, wheelchairs and heavy luggage. All tram links are equipped with emergency call stations.

  • Subordinated real estate loans

    Subordinated real estate loans

    Subordinated loans as a complement to traditional financing
    In Switzerland, private real estate debt is increasingly establishing itself as an alternative form of real estate financing. This is mainly because structural changes in the traditional credit market and stricter regulations have led to traditional mortgage institutions becoming increasingly reluctant to lend capital. Private Real Estate Debt supplements the classic mortgage and is aimed at small and medium-sized real estate developers, among others, who are finding it increasingly difficult to obtain financing from traditional sources. Real estate companies and private property owners use this financing solution for reasons of yield optimization, freeing up capital and as a source of liquidity for asset reallocation. In any case, the financing is secured with subordinated promissory notes from Swiss real estate.

    The advantages for investors
     A regulated way is opening up for investors to invest in mortgage-backed loans. Credit checks and project security are of the utmost importance. Thanks to regular interest payments, the asset class has a fixed-income character related to the Swiss real estate market and only a low correlation to the stock markets.

    About Property One
     Property One is an independent, owner-managed group of companies owned by private shareholders, consisting of the public limited companies Property One Partners AG, Property One Investors AG and Property One Ticino SA. It provides services along the entire real estate value chain. The group combines the four business areas of investment management, development and planning, marketing and real estate family office under one roof. Property One combines real estate expertise with knowledge of financial investments. To date, credit requests exceeding an annual volume of CHF 1 billion have been processed. And so far, several hundred million francs in subordinated loans have been granted. The company employs over 40 real estate and finance specialists at the locations in Zurich, Zug and Ascona.

    CTA: Learn more about Private Real Estate Debt.

    The information in this document has been prepared with the greatest care and to the best of our knowledge, is intended solely for informational purposes and does not constitute investment advice. Opinions and assessments contained in this document are subject to change and reflect the point of view of Property One Investors AG (POI). No liability is assumed for the correctness and completeness of the information. Past performance is not an indicator of current or future development. This document is marketing material.




  • Finalists for the Enterprize have been determined

    Finalists for the Enterprize have been determined

    The three projects Holzbau-LAB, Swiss Mobility Program and Entrepreneurial Thinking and Acting at Vocational Schools in Switzerland are in the final of this year’s Enterprize , the SVC Foundation for Entrepreneurship and the Swiss Federal College for Vocational Training ( SFIVET ) inform in a statement . With the Enterprize, they honor outstanding projects in professional training and further education every year. Around 30 projects applied for the prize this year.

    Finalist Holzbau-LAB imparts practice-oriented knowledge and activities in the timber construction industry. The digital learning and theme worlds of the project of the Swiss timber construction industry association are open to learners, management employees, entrepreneurs, educational providers and teachers alike.

    The Swiss Mobility Program was launched in 2015 by the cantons of Lucerne and Ticino. Here, apprentices in all professions can complete an internship in the partner canton. The canton of Vaud has also been a partner since 2018.

    With the project Entrepreneurial Thinking and Acting at Vocational Schools in Switzerland, the Swiss Directors’ Conference of Vocational Schools wants to anchor the myidea.ch program in general education classes. Myidea.ch imparts entrepreneurial skills for learners at vocational schools. The program is currently being implemented by the four pilot cantons of Bern, Solothurn, Valais (French-speaking part) and Ticino.

    The winning project will be able to receive the Enterprize on May 31 at the EMS anniversary conference. The award ceremony takes place under the patronage of Federal Councilor Guy Parmelin.

  • Warteck Invest grows profitably

    Warteck Invest grows profitably

    Despite the ongoing pandemic, 2021 was a successful financial year, Warteck Invest wrote in a statement . Specifically, the Basel real estate company increased its net profit by 2.4 percent to CHF 27.4 million. Excluding the gain from the revaluation of properties, growth of 5.6 percent to CHF 17.4 million was realised.

    At CHF 36.9 million, rental income was 0.4 percent up on the previous year. Financial expenses fell year-on-year by 2.6 percent to CHF 5.5 million. The vacancy rate was reduced by 0.6 percentage points to 2.4 percent compared to 2020.

    The market value of Warteck Invest’s real estate portfolio increased by CHF 35.8 million to CHF 874.4 million in the course of the year under review. The increase was not achieved through acquisitions, but through investments in new construction and renovation projects and the resulting revaluations. In the past financial year, the real estate company invested a total of CHF 22.8 million in ongoing projects. A project pipeline with a total volume of over 270 million Swiss francs should generate further growth over the next five to seven years.

  • Energeek makes investing in solar energy accessible to everyone

    Energeek makes investing in solar energy accessible to everyone

    The cleantech-project.org of Energeek Group AG and CES Cleantech Energy Systems GmbH wants to enable everyone to participate in the energy transition. CES Cleantech Energy Systems explains in a press release that those who do not have the financial means to renovate their own roof or do not own any property at all cannot usually contribute to climate neutrality through solar energy. To remedy this, Energeek Group AG offers investments in solar panels for specific real estate projects.

    Interested parties can purchase one or more panels and then rent them out to the project company, as explained in the press release. A project on a horse farm and hotel in the Freiberge mountains is given as an example. Here Energeek offers panels at a price of just over 900 francs per piece. In addition to the annual rental income of 82.50 francs, the buyers benefit from federal subsidies for solar systems, the one-off payment.

    As an advantage of Energeek’s projects, the company emphasizes the use of so-called solar trackers. In addition to permanently installed panels, panels are installed that turn towards the sun via the solar trackers. In this way, morning and evening sun and gaps in the clouds can also be used to produce solar power.

    Energeek provides online information on the current range of real estate projects, the prices and the rental income of the corresponding solar panels. According to the statement, purchased panels and the associated rental agreement with the project company can be resold, inherited or given away at any time.

  • Zurich launches platform MeinQuartier.Zuerich for more say

    Zurich launches platform MeinQuartier.Zuerich for more say

    The City of Zurich is launching an online platform to increase networking and involve people in their districts. On MeinQuartier.Zuerich , residents should be able to receive information from and about their districts and get in touch with clubs and community centers as well as neighbors, according to a press release .

    MeinQuartier.Zuerich is based on the open-source software Decidim , which various cities around the world are already using. In this country, Geneva, Lausanne and Lucerne use the open source software. The costs for the construction and operation of MeinQuartier.Zuerich for the city of Zurich amount to around CHF 175,000 by the end of the pilot phase at the end of 2023.

    The district platform is the result of a participatory process between urban development and the districts in 2019. A digital platform for the districts emerged from this “as an important concern of this process,” according to the media release. It includes functions such as publishing information, events and blog entries as well as conducting surveys.

    Four neighborhood associations, the Zurich community centers and other organizations were involved in the development process. “Contact with the population is very important to us. We hope that we can support our work with digital surveys and collections of ideas even better and, above all, more broadly in the district,” Balz Bürgisser, President of the Witikon District Association, is quoted as saying in the media release.

    Clubs and organizations can register using aform on the website and take part in an information event on March 29th.

  • Betterhomes joins SwissPropTech

    Betterhomes joins SwissPropTech

    SwissPropTech has a new member. At the beginning of 2022, Betterhomes joined the innovation network of the Swiss real estate and construction industry, the Zurich-based brokerage firm announced in a statement. As part of its membership, Betterhomes wants to pass on knowledge and promote a planned expansion. So far, Betterhomes has been active with its technology platform for broker and customer software in Switzerland, Germany and Austria.

    “We are pursuing the ambitious goal of opening up 30 countries in Europe over the next eight years,” Betterhomes CEO Cyrill Lanz is quoted as saying in the statement. “I don’t count the technology so much as the biggest challenges, but rather the organic growth in sales and the cultural differences in the different countries.” The company is currently preparing a new website and a new learning management system for its technology platform Betternet 3.0 before.

    For SwissPropTech, the entry of Betterhomes is “a strong signal for our industry,” explains Lars Sommerer, Managing Director of SwissPropTech, in the press release. “A digital ‘real estate fair broker’ from the very beginning recognizes the importance of innovation and digitization and now wants to pass on his experience and expertise.”

  • Walo awarded by EcoVadis

    Walo awarded by EcoVadis

    According to a message on Facebook, the Dietiker construction company Walo Bertschinger AG has been awarded bronze certification in the sustainability ranking of the international independent agency EcoVadis . The company received the bronze award in its very first application. According to the statement, the certification is a motivation for further improvement in the area of sustainability.

    Walo, headquartered in Dietikon, operates internationally and is a fourth-generation family business. According to the company’s website , Walo has been combining consistency and innovation for 105 years. The Walo Group employs 2,450 people at 21 locations in three countries.

    EcoVadis evaluates the sustainability performance of companies in the areas of environment, working conditions, procurement and ethics. According to the announcement, over 90,000 companies have already been assessed.

  • Madaster wins Integral Baumanagement as a partner

    Madaster wins Integral Baumanagement as a partner

    Madaster wants to strengthen the circular economy in the construction and real estate sector. To this end, it offers digital tools on its platform, such as material passports and indices for recording the economic and circular value of buildings. In addition, companies that are committed to the circular economy in the construction and real estate sector are networked. With Integral Baumanagement AG , the Swiss register for materials has now gained another comrade-in-arms, Madaster Switzerland informs in a statement . The company based in Olten provides overall services in the planning and realization of buildings for builders and real estate owners.

    With the decision to make Integral Baumanagement AG fit for Madaster, “we are investing in a better future and thus making a significant contribution to achieving climate neutrality in construction,” Mauro Giorgini is quoted in the statement. The managing director of Integral Baumanagement AG relies on Madaster to catalog the materials used in the building and to determine their value, suitability for reuse and their impact on the environment. “In this way, we can lay the foundation for a sustainable future and optimal market positioning of your property with our customers.”

    Madaster’s building records record data about the materials used in a building. “We live in a closed system and resources are finite,” explains Marloes Fischer in the statement. For the managing director of Madaster Services Schweiz AG, individual buildings as well as entire areas and cities should be used as “gold mines for material”. “If we write down what’s there now, we’ll make building the future easier.”

  • Superblocks make cities more livable

    Superblocks make cities more livable

    A study by the Swiss Federal Laboratories for Materials Testing and Research ( Empa ) examined which cities have the potential to be transformed using superblocks. This means of urban planning can counteract increasing heat, noise and air pollution and dwindling green spaces due to climate change or population growth. Urban planning is key, study author Sven Eggimann is quoted in a statement by Empa: “The design and use of street space influences the quality of life of residents and has the potential to significantly improve the urban climate.”

    Barcelona is a model for the formation of superblocks. There, ideally, 3 by 3 blocks and their inner courtyards are combined into a super block. The development traffic is routed around the outside, the inside remains completely car-free. Instead of streets and parking lots, bicycle paths and footpaths, green areas and meeting zones will be created. In addition, heat-reducing measures can be implemented.

    According to Eggimann, the potential of this urban design is so high because streets make up a significant part of the total area in today’s urban areas. In European cities, this is typically between 15 and 25 percent.

    Eggimann calculated the superblock potential of individual cities with values between 1 percent and a third of the streets. Cities such as Mexico City, Madrid and Tokyo showed the greatest potential. However, according to Eggimann’s study, cities whose streets are laid out less grid-like than in Barcelona are also suitable for super blocks: “This offers the opportunity to make urban districts more attractive by putting people and not vehicles at the center.”

  • Swiss pavilion receives award

    Swiss pavilion receives award

    The Swiss Pavilion at Dubai Expo has won a gold medal. According to a press release , it was voted the best pavilion for medium-sized country presentations at the World Expo Awards organized by Exhibitor magazine.

    A central showpiece in the Swiss Pavilion is the artificially generated fog. The effect changes constantly for the visitor, so that at the end a Swiss mountain panorama becomes visible. The expert jury also voted the fog the third best staging element of the Expo in terms of theme and implementation.

    The Zurich scenography agency Bellprat Partner AG is behind the Swiss fog. According to the information, she worked on the development of the Swiss Pavilion for more than five years. She was also supported in the implementation by Zurich architects OOS and Lorenz Eugster ‘s office for landscape architecture, also in Zurich. The partners worked on behalf of Presence Switzerland .

    The Swiss pavilion was not only well received by the jury of the World Expo Awards. With a total of 1.5 million visitors so far, it is one of the five most popular buildings at the entire Expo. Overall, the world exhibition in Dubai has so far had over 19 million visitors. It runs until the end of March.

  • UBS sells stake in real estate company in Japan

    UBS sells stake in real estate company in Japan

    UBS Asset Management and Mitsubishi Corporation have agreed to sell their Mitsubishi Corp.-UBS Realty Inc. (MC-UBSR) joint venture to American private equity firm KKR & Co. Inc. , UBS Group AG and UBS AG announce in a press release. The transaction, which is still subject to the approval of the relevant authorities, is expected to be completed in the coming month. The sale has “no impact on UBS’s asset management, wealth management and investment banking business in Japan,” explains the major Zurich bank.

    The sale marks the end of a 20-year success story for the joint venture. According to her, MC-UBSR has developed into one of Japan’s largest asset managers in the real estate sector. “We believe KKR is well positioned to continue to grow the business,” Suni Harford, President of UBS Asset Management, said in the statement. For UBS, the sale is expected to generate a gain in asset management and an increase in core capital (CET1) of around $0.9 billion.

    “The Japanese market remains a cornerstone of our Real Estate & Private Markets business in Asia Pacific going forward,” said Harford. Real estate investments in Japan are to be offered to clients through the UBS Japan Advisors unit.

  • TerraRail Modalsplit transports excavated material by rail

    TerraRail Modalsplit transports excavated material by rail

    With the newly founded company TerraRail Modalsplit AG, the transport of excavated material for large construction projects in the canton of Zurich is to be shifted from road to rail. According to a press release by Eberhard Bau, the companies HASTAG (Zürich) AG based in Birmensdorf ZH, Schneider Umweltservice AG in Miles ZH and Eberhard Bau AG in Kloten ZH have merged to form the company. TerraRail Modalsplit is also based in Kloten.

    The reason for the merger of the three companies is a new legal provision in the canton, as the announcement shows. Since July 1, 2021, clean excavation from excavation pits with a volume of over 25,000 cubic meters must be transported away by train in the canton of Zurich.

    With the founding of TerraRail Modalsplit AG, the transport of excavated material and aggregate is offered by rail and truck traffic is shifted to rail. The excavated material can be delivered to the Rümlang, Volketswil, Winterthur and Birmensdorf sites and the aggregates can then be picked up. According to the announcement, the locations – Birmensdorf is still under development – all offer a direct rail connection and can cover the necessary handling capacities. The excavated materials are then transported away by train and deposited or recycled in a material extraction point.

    The new company can “cover the demand triggered by the law, use synergies with the previous construction site transport and relieve the traffic area with the train. We were already able to actively offer the service for the first tenders,” Markus Streckeisen, President of the Board of Directors of TerraRail Modalsplit AG, is quoted as saying.

  • PropTechs in western Switzerland

    PropTechs in western Switzerland

    Prize de l’innovation

    At the beginning of April, RENT Switzerland 2022 will take place at the Swiss Tech Convention Center of the EPFL in Lausanne. proptechnews.ch will be there and will report later on the event. As part of the Prix de l’innovation, the nine companies selected for the final introduce themselves:

    • Digital solutions: ecco2 building intelligence, sparrow, DOMO
    • Solutions construction: auprès de mon arbre, FenX, AETERNUM enabling circular buildings
    • Solutions énergétiques: enerdrape, ExerGo, STEEN sustainable energy

    ePotek is realigning itself

    Let’s stay in western Switzerland, where Prop/FinTech ePotek is realigning itself. The platform is now called Resolve . As CEO Romain Desquesne told my dear friend Mathias Rinka from domblick.eu, Resolve aims to become the reference partner in Switzerland for optimized financial decisions relating to mortgage financing. The name was changed and new services were developed. The aim is to mutate from startup ePotek to scaleup Resolve.

    Stena joins Swiss Immo Lab

    Stena, one of Sweden’s largest family companies with global activities in shipping, ferries, offshore, real estate and finance, has joined Swiss Immo Lab (SIL) as the fifth founding partner through its Swiss subsidiary. Andy Böhm, Managing Director at Stena (Switzerland), became a member of the Board of Directors of SIL, and Per Hellberg, Investment Director at Stena (Switzerland), became a member of the Investment Committee of SIL. Stena Property owns and operates more than 25,700 residential properties and 4,000 commercial premises in Swedish metropolitan areas.

    “With Stena (Switzerland), Swiss Immo Lab has found a fifth founding partner who ideally complements the expertise of the four others and brings an international perspective,” says Alexander Seel, Managing Director of Swiss Immo Lab. “Having established our track record, we are now working on the next step to bring proptech investing to a broader international investor base,” he adds.

    Coop works with hausheld.ch

    Coop Bau + Hobby works together with hausheld.ch . A craftsman service for Coop’s DIY store customers is to be launched together. Herisauer Vermando AG is behind hausheld.ch. The customer buys the products such as floor coverings, paints, plants or lamps from Coop Bau + Hobby and can then have these professionally installed by the craftsmen who have been provided.

    PropTechs in western Switzerland.

    Selected events

    From 18th to 20th March 2022 the Zurich Real Estate Days will open in the Kongresshaus.

    On March 24, 2022, Alpha IC Schweiz AG invites you to the Office Lab in Zurich-Altstetten on the subject of “The Swiss FM market 2022”.

    Anyone who wants to face a large audience will get their money’s worth at the REAL PropTech Pitches 2022 . These will take place digitally and on site on April 6th and 7th, 2022.

    If Germany is too far away for you, you can make a pilgrimage to Lausanne. RENT Switzerland 2022 will take place there from April 6th to 7th. RENT SWITZERLAND 2022 will take place at EPFL’s SwissTech Convention Center , a symbol of innovation.

    Swissbau has been postponed to May 2022. Between May 4th and 6th, startups will present themselves as part of the “Swissbau Challenge”.

    The Big Handshake will take place on June 21, 2022 in the event hall JED in Schlieren.

    On September 13, 2022, The HALL will host the 8th Real Estate Summit in Dübendorf.

  • DecentWorld brings real value to virtual real estate

    DecentWorld brings real value to virtual real estate

    Swiss Asset Management – Vermögensverwaltung launched its Metaverse platform DecentWorld on March 1st. The game offers users the opportunity to invest in digital real estate and roads using NFT (Non-Fungible Token) technology. According to a media release , the creators of DecentWorld expect their creation to “step by step revolutionize the blockchain industry and bring real value to virtual real estate.”

    The purchased virtual roads can be grouped into collections. Completed collections automatically generate income. These are accumulated and distributed at regular intervals.

    As the release goes on to say, Switzerland is on the way to becoming the next Silicon Valley for crypto and blockchain. “Inspired by the Swiss approach to designing the future”, the development team “created a unique user interface with an artistic touch”. DecentWorld also stands for trust and transparency in the blockchain industry through the use of state-of-the-art security functions.

  • Allreal increases corporate profit

    Allreal increases corporate profit

    In the 2021 financial year, Allreal achieved a company result that was significantly higher than in the previous year, the real estate company with its own general contractor informed in a press release . Specifically, Allreal reported a profit of CHF 182.6 million, compared to CHF 167.2 million in 2020. Excluding the revaluation effect on the real estate portfolio, a profit of CHF 133.3 million was realized.

    In the real estate division, Allreal achieved “an excellent result” in the year under review, the press release goes on to explain. The company from Opfikon emphasizes the expansion of its portfolio in western Switzerland as a growth driver. He increased the market value of the investment properties to CHF 5.11 billion. In addition, rental income increased year-on-year by CHF 4 million to CHF 204.4 million.

    In general contracting, a profit of 53.4 million francs was realized in 2021, compared to 46.6 million francs in the previous year. Here the company benefited “from high sales success”, writes Allreal. The completed project volume, on the other hand, developed “less dynamically than expected”, as in 2020. The division’s result, at CHF 13.8 million, was nevertheless CHF 6 million higher than in the previous year.

    Allreal writes that the backlog of around CHF 694 million secured at the end of the year will ensure capacity utilization for around two years. For the current fiscal year, the company is assuming rising real estate income and further growth in the operating result.

  • Rental prices rose slightly by 0.26 percent in February

    Rental prices rose slightly by 0.26 percent in February

    The rental index of the online real estate marketplace homegate.ch in cooperation with the Zürcher Kantonalbank rose again in February. According to a press release , rental prices rose slightly by 0.26 percent. The index was thus slightly higher than in the previous month at 117 points.

    Rental prices have risen in almost all cantons and cities, above all in the canton of Graubünden by 2.15 percent. There was a drop in rents there in January, which has now been offset by the increase in February. In addition to Graubünden, Appenzell, Glarus, Schwyz and Valais also recorded an increase of more than 1 percent in February.

    With the exception of Bern and St.Gallen, rents rose in all cities in February, with the strongest increases in Lausanne at 1.7 percent and Lugano at 1.41 percent. In the respective cantons of Vaud and Ticino, on the other hand, prices rose less sharply or even fell.

    Rents in the canton of Zug have fallen by 0.56 percent. Rents rose significantly here in January. “A comparison of the cantons shows that, in addition to the majority of increases in rents, there have also been fluctuations over the last few months,” says the press release.

  • Second homes make the highest jump in price

    Second homes make the highest jump in price

    The prices of single-family houses increased in 2021 compared to the previous year by an average of 9 percent to CHF 1.42 million. The prices of condominiums rose by an average of 8.3 percent to CHF 0.91 million. This is shown by the figures from the Home Market Price Analysis presented annually by the real estate marketplace Homegate and the Swiss Real Estate Institute of the Zurich School of Economics (HWZ). As stated in a media release , this is the highest price dynamic for residential property in ten years.

    For second homes, prices rose by 35 percent compared to the previous year. “The price increases for first homes are amazing,” says Peter Ilg, head of the Swiss Real Estate Institute. “But in the case of second homes, a market has been created due to the strict limitation on supply by the second home initiative that is ideal for real estate speculation.”

    Condominiums are still the most expensive in the Zurich region, single-family homes in the Lake Geneva region. The sharp rise in prices seems to be leading to fewer sales transactions, at least for single-family homes. They fell by 10 percent.

    There are major differences between the regions at the community level: With the same budget of 3.1 million francs, for which there was a house in Erlenbach ZH, you could buy a good six single-family houses in Brugg AG. The lowest average prices for condominiums were paid in the municipality of Sainte-Croix VD at CHF 0.28 million, the highest in Zumikon ZH at CHF 2.37 million.

  • Station area Wettingen becomes a residential area

    Station area Wettingen becomes a residential area

    Under the aspect of living and working directly on the track, the SBB has announced an architectural competition for the design of their area at the railway station in Wettingen . According to the press release, the results are now available. They can be viewed in an exhibition in the foyer of the Tägi Wettingen until Tuesday, March 8th.

    The winning project is called Stadtlaube and, according to the SBB announcement at Wettingen station, envisages two long, five-storey residential buildings with service, retail and catering areas on the lower floors and a four-storey service building with public-oriented uses. The historical railway buildings are preserved.

    The two buildings to the west of the station form a boundary opposite the track field and thus create living and recreation space in a central location, according to the project announcement. The entrance areas and partly open-plan staircases are intended to provide a view of the railway tracks. There will be small squares and a play street in front of the house entrances. Flexible 2.5 to 4.5 room apartments with private outdoor areas and communal roof terraces are planned.

    A four-storey service building with shops and restaurants is planned to the east of the residential buildings and embedded in the historic station buildings. According to the announcement, the protected individual objects Lokremise, goods shed, station building and turntable will be preserved.

    The winning team of the architectural competition consists of Burkard Meyer Architects from Baden AG, ASP Landscape Architects from Zurich, MWV Civil Engineers from Baden, Leimgruber Fischer Schaub from Ennetbaden AG, Mühlebach Partner from Winterthur and Scherler AG from Lucerne.

  • Dutch central bank builds with new strength

    Dutch central bank builds with new strength

    The Dutch Central Bank uses CO2-neutral concrete in the renovation of its Amsterdam headquarters. This is made possible thanks to a collaboration between the Dutch New Horizon Urban Mining BV and the Swiss start-up neustark , according to a LinkedIn announcement .

    New Horizon’s technology makes it possible to reduce the carbon footprint of concrete by 75 percent, they say. For this, cement is obtained from concrete recycling material. The remaining footprint is offset by neustark. The start-up has developed a technology with which CO2 from the atmosphere can be permanently stored in recycled concrete. For this purpose, liquid CO2 is introduced into demolition material.

    Neustark is a spin-off from the Swiss Federal Institute of Technology in Zurich ( ETH ) based in Bern. The company works with Holcim , among others, to drive innovation and sustainability in the construction sector. As part of the collaboration, neustark is investigating the CO2 conversion potential of Holcim’s recycled demolition concrete. Holcim, in turn, optimizes the concrete produced by neustark.

  • Second Homes Act affects real estate markets less than expected

    Second Homes Act affects real estate markets less than expected

    On March 12, 2012, the Swiss population accepted the second home initiative. The corresponding Second Homes Act stipulates that no additional holiday homes or houses may be built in communities with more than 20 percent second homes. Experts feared that if the initiative were accepted, the prices for corresponding real estate in the tourist areas would explode.

    Ten years later, these fears have not been confirmed, writes the Lucerne University of Applied Sciences and Arts ( HSLU ) in a statement . Researchers at the HSLU have examined the effects of the Second Homes Act in two studies. According to the results, house prices did not increase until 2018, but instead actually decreased.

    “The acceptance of the initiative has led to a panic-like flood of last-minute building applications,” the head of the relevant study, Daniel Steffen, is quoted as saying in the statement. “Ironically, this has caused a temporary oversupply.” It was only with the outbreak of the pandemic that the demand for apartments in the tourist mountain regions increased. “Today, prices are roughly back to the level at which model calculations show they would be even without the second home initiative,” says Steffen.

    The hotel industry and mountain railways also felt only minor consequences of the new regulation, as is further explained in the communication. Only the hotel industry’s model of cross-financing renovations through the construction and sale of second homes is restricted by the Second Homes Act. In the construction industry, however, the researchers identify significant impairments for construction companies active in the affected communities. “In particular, larger, strategically broad-based companies” are already “orientated more towards the valley floor, where orders are not so heavily dependent on the construction of second homes,” the head of the corresponding study, Stefan Lüthi, is quoted in the statement.

    “Looking at all sectors, it can be expected that the effects of the Second Homes Act will only be noticeable in the coming years,” the HSLU researchers state.