Download property market report 2023
Download property market report 2023


For those involved in the Swiss property market, 2022 was dominated by crisis. We were still experiencing the aftermath of the pandemic. Disrupted supply chains hampered the economy, in particular the construction industry. In addition, the war in Ukraine resulted in a dramatic rise in raw material and energy prices, fuelling global inflation. Fears of inflation and recession sent share prices tumbling. Due to the onset of a change in monetary policy after more than a decade of low interest rates, the mood among the majority of institutional investors deteriorated. It is thus not surprising that interest rate changes topped the CSL investment survey 2022 as the factor that will have the most impact in coming years.

Property investors therefore exercised caution during the second half of 2022: planned capital increases were postponed, and many of the major players retreated to the sidelines. Instead of buying new property, they increasingly invested in their existing inventory. Others took what is likely to be the final opportunity to optimise their portfolio. As well as isolated properties in prime locations, many in Class B and Class C locations also came up for sale. Listed investors in particular sold off any properties that did not meet sustainability requirements and where energy-related upgrades would have an excessive impact on profitability. Smaller players, such as family offices and wealthy individuals, more frequently participated in bidding processes as buyers.
"Is there a new top class among the real estate investment segments? Office properties in A-locations were the absolute frontrunner in 2021."
Annica Anna Pohl
Head of Marketing