PwC-Immospektive is aimed at all players in the Swiss real estate market and provides an incisive overview of current market activity.
PwC-Immospektive
In addition to clear presentation and interpretation of the latest figures from research and consultancy company Fahrländer Partner, the publication also shows the influence of economic data on various segments and real estate submarkets. Each issue also takes a closer look at current market developments and sector trends. PwC-Immospektive is published quarterly – at the same time as the meta-analysis by Fahrländer Partner.
Interpretation of the FPRE real estate meta-analysis for August 2026
August 2026
The Swiss National Bank is maintaining its policy rate at 0.0%. The low interest rate environment remains broadly supportive of the real estate market, while geopolitical tensions, trade policy uncertainty and rising long-term capital market interest rates represent the greatest risks to the economic outlook. In the rental housing market, the sideways movement observed at the beginning of the year has given way to a broad-based upward trend. Despite weaker immigration, the structural supply shortage persists, while the rejection of Zurich’s Housing Protection Initiative has increased planning and investment certainty for refurbishments and replacement developments. The office market continues to be characterised by declining rents for new leases and significant regional differences in demand, while the planned tightening of the Lex Koller is creating additional uncertainty on the investment side. Yield developments confirm the differing market conditions: multi-family properties continue to generate stable and broadly based total returns, whereas office properties show considerably greater regional variation. In the owner-occupied housing market, prices continued to rise, supported by low financing costs, limited supply and positive price expectations.
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Sebastian Zollinger