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Interpretation of the FPRE real estate meta-analysis for August 2025
15 August 2025
With the second interest rate cut within six months, the SNB lowered the policy rate to 0.0% in June 2025. The reasons for this include declining inflation, geopolitical risks and the threat of trade conflicts with the USA. A return to negative interest rates appears increasingly likely. The rental property market remains tense. Rents for new tenancies rose again, particularly in urban centres such as Zurich, Basel and Geneva. This is due to the shortage of supply combined with sustained demand and continuing low levels of construction activity. In the office space market, the decline in rents for new tenancies is continuing, particularly in peripheral regions. Central and ESG-compliant spaces, on the other hand, are proving more resistant. Market segmentation continues to increase. The situation for residential property is divided. Prices for owner-occupied housing are continuing to rise, while those for single-family units are stabilising or falling slightly. Although interest rates remain low, access to financing remains challenging, partly due to stricter lending guidelines. Nevertheless, many market participants expect prices for residential property to continue to rise.
The information on market developments, on which Immospektive is based, can be found in FPRE’s real estate meta-analysis. References to FPRE graphics in our text are marked [1] etc.
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Contact us
Sebastian Zollinger
Director, Head Real Estate Advisory, PwC Switzerland
Tel: +41 58 792 28 87
