PwC Immospektive

PwC Immospektive is aimed at all players in the Swiss real estate market and provides an incisive overview of current market activity.

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.

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Interpretation of the FPRE real estate meta analysis Q4/17


An economic upturn is projected for 2018. The upbeat economic prospects spread optimism for the office and retail segments. The prices of residential investment properties have risen further and driven peak returns to record lows.




All editions

PwC-Immospektive 4Q/16

Economists are still sceptical about the recent recovery of the Swiss economy and warning against premature euphoria. Investment in homebuilding driven by negative interest rates is supporting construction, and the construction index has leapt up. Net yields have therefore reached a new record low, despite the increased space on offer and falling rents. Declining sales, especially in non-food, are putting pressure on sales-based rents and the market value of retail stores.

PwC-Immospektive 3Q/16

Although Brexit has had little impact on the Swiss economy to date, economic growth remains weak. Economists have not yet incorporated the potential influence of the British referendum in their forecasts, and they expect a gradual improvement in economic growth in the second half of the year. The real estate market in Switzerland is still benefiting from low interest rates, which should pave the way for a further reduction of the interest reference rate in 2017.

PwC-Immospective 1Q/16

The Swiss economy will struggle to gain momentum until 2017. However, farsighted investors may benefit from this situation. While prices for residential properties may have peaked, office properties in well-developed “B” locations might offer good investment opportunities. The slow economic recovery will increase demand for such properties. Owners of retail properties are also waiting for this kind of recovery. So far, consumers have spent their savings from low energy prices at online retailers or at foreign locations close to the Swiss border.


Marie Seiler

Director and Leader Real Estate Advisory, Zurich

+41 58 792 56 69