{"id":10563,"date":"2026-08-07T08:55:50","date_gmt":"2026-08-07T08:55:50","guid":{"rendered":"https:\/\/alphaprop.ch\/?p=10563"},"modified":"2026-08-07T09:36:02","modified_gmt":"2026-08-07T09:36:02","slug":"indirect-swiss-real-estate-investments-in-august-2026-significant-performance-differences-in-q1-financial-statements","status":"publish","type":"post","link":"https:\/\/alphaprop.ch\/en\/indirect-swiss-real-estate-investments-in-august-2026-significant-performance-differences-in-q1-financial-statements\/","title":{"rendered":"Indirect Swiss Real Estate Investments in August 2026"},"content":{"rendered":"\n<div class=\"wp-block-group has-background is-layout-constrained wp-container-core-group-is-layout-26a738c0 wp-block-group-is-layout-constrained\" style=\"border-radius:24px;background-color:#ecf0f3;padding-top:24px;padding-right:24px;padding-bottom:24px;padding-left:24px\">\n<h2 class=\"wp-block-heading\">Summary<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Capital increases as performance drivers:<\/strong> It is not size, sector, or region, but rather capital market activity that correlates most strongly with year-to-date performance.<\/li>\n\n\n\n<li><strong>Subdued index performance:<\/strong> As of the end of July, the SWIIT remains slightly in the red year-to-date, while listed real estate stocks have gained over 6%. Premiums are down by a good 32% from their February highs. <\/li>\n\n\n\n<li><strong>Discount rates continue to decline, while revaluations remain intact:<\/strong> Real discount rates are continuing to decline slightly as of Q1 2026. Across 15 portfolios (CHF 24.4 billion market value), residential properties appreciated by 2.2% year-over-year, while commercial properties appreciated by 0.6%. <\/li>\n\n\n\n<li><strong>Solid, broadly diversified operating performance:<\/strong> The 15 investment products as of March 31, 2026, generated an average return on investment of 4.61%.<\/li>\n<\/ul>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Capital increases dampen performance<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The market for indirect Swiss real estate investments is performing unremarkably in the summer of 2026, with the focus on operational performance. Following a turbulent spring and the June 14 vote on the Zurich Housing Protection Initiative, market sentiment has calmed down again. The SWIIT Index of listed funds remains slightly negative year-to-date (YTD) as of the end of July, while listed real estate stocks have posted a return of over 6%. As of the end of June, the KGAST stands at 2.05%, slightly below the long-term average. Premiums on listed real estate funds in the SWIIT currently stand at just over 32% (August 5, 2026), well below the February highs. However, the 10-year CHF swap rate, at 0.635%, is also higher than it has been in some time.     <\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a76cf6fda3ad&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6a76cf6fda3ad\" class=\"wp-block-image size-large is-resized wp-lightbox-container\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"722\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/08\/20260807_Performance_EN-1024x722.png\" alt=\"\" class=\"wp-image-10605\" style=\"aspect-ratio:1.4262176067674632;width:583px;height:auto\" srcset=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/08\/20260807_Performance_EN-1024x722.png 1024w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/08\/20260807_Performance_EN-500x352.png 500w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/08\/20260807_Performance_EN-768x541.png 768w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/08\/20260807_Performance_EN-1536x1083.png 1536w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/08\/20260807_Performance_EN-2048x1444.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\tdata-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.thisImage.buttonRight\"\n\t\t\tdata-wp-style--top=\"state.thisImage.buttonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">As in the previous year, the volume of capital increases is very high. Across all funds (listed and unlisted), CHF 2.8 billion has already been subscribed, with an additional CHF 1.1 billion announced for the remainder of the year\u2014though a significant portion of that is likely to come in Q4. These inflows are reflected in the funds\u2019 performance. The drivers of YTD performance are not size, utilization, or market region, but rather capital market activity\u2014which shows the strongest correlation with YTD performance. If we exclude funds with an initial public offering (IPO) scheduled for 2026, funds with completed or announced capital increases (22 funds) show a YTD performance that is more than 3 percentage points lower\u2014both in the median and the average\u2014than the group without a capital increase in 2026 (25 funds). Of course, there are outliers in both directions in both groups.     <\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"794\" src=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/08\/20260807_Kapitalerhohungen_EN-1024x794.png\" alt=\"\" class=\"wp-image-10608\" style=\"aspect-ratio:1.2897303499713137;width:613px;height:auto\" srcset=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/08\/20260807_Kapitalerhohungen_EN-1024x794.png 1024w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/08\/20260807_Kapitalerhohungen_EN-500x388.png 500w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/08\/20260807_Kapitalerhohungen_EN-768x596.png 768w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/08\/20260807_Kapitalerhohungen_EN-1536x1192.png 1536w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/08\/20260807_Kapitalerhohungen_EN-2048x1589.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Discount Rates Continue to Fall Slightly<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">An analysis of the annual reports as of the end of Q1 2026 shows a continued slight decline in the average real discount rates of the portfolios. Q1 is the quarter with by far the fewest transactions. The analysis covers 15 portfolios with net assets of CHF 20.6 billion and properties with a market value of CHF 24.4 billion. Within these portfolios, residential properties appreciated by 2.2% year-over-year on a market-value-weighted basis, while commercial properties appreciated by 0.6%.  <\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a76cf6fdb0a0&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6a76cf6fdb0a0\" class=\"wp-block-image size-full is-style-default wp-lightbox-container\"><img decoding=\"async\" width=\"2560\" height=\"1398\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/08\/20260807_Discountrate_EN-scaled.png\" alt=\"\" class=\"wp-image-10611\" srcset=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/08\/20260807_Discountrate_EN-scaled.png 2560w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/08\/20260807_Discountrate_EN-500x273.png 500w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/08\/20260807_Discountrate_EN-1024x559.png 1024w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/08\/20260807_Discountrate_EN-768x419.png 768w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/08\/20260807_Discountrate_EN-1536x839.png 1536w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/08\/20260807_Discountrate_EN-2048x1119.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\tdata-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.thisImage.buttonRight\"\n\t\t\tdata-wp-style--top=\"state.thisImage.buttonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<div class=\"wp-block-group has-background is-layout-constrained wp-container-core-group-is-layout-26a738c0 wp-block-group-is-layout-constrained\" style=\"border-radius:24px;background-color:#ecf0f3;padding-top:24px;padding-right:24px;padding-bottom:24px;padding-left:24px\">\n<h2 class=\"wp-block-heading\">The Alphaprop data portal supports the analysis and comparison of indirect real estate investments<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Clear, intuitive dashboard for the entire universe of indirect real estate investments in Switzerland<\/li>\n\n\n\n<li>Used by leading asset managers, pension funds, consultants and product providers<\/li>\n\n\n\n<li>Over 170 products with over 180 billion net assets<\/li>\n\n\n\n<li>Analysis option down to individual property level (over 9,500 properties)<\/li>\n\n\n\n<li>Create clear product comparisons and benchmark reports in PDF format<\/li>\n\n\n\n<li>Upload your own indirect or direct portfolio and asset-weighted presentation<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-3e41869c wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline is-style-outline--1\"><a class=\"wp-block-button__link has-text-align-center wp-element-button\" href=\"https:\/\/alphaprop.ch\/en\/indirect-real-estate-investments-made-transparent\/\" target=\"_blank\" rel=\"noreferrer noopener\">Learn more<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Solid operating performance with broad diversification<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">An analysis of the 15 investment products (funds and investment foundations) as of the balance sheet date of March 31, 2026, shows an average investment return of 4.61%. However, the range is very wide, from -3.3% to 10.5%. On average, 2.95% was generated from net income and 1.7% from investment income.  <\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a76cf6fdbe83&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6a76cf6fdbe83\" class=\"wp-block-image size-full is-resized is-style-default wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1943\" height=\"2560\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/08\/20260807_Anlagerendite_EN-scaled.png\" alt=\"\" class=\"wp-image-10614\" style=\"aspect-ratio:0.75;object-fit:cover;width:486px;height:auto\" srcset=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/08\/20260807_Anlagerendite_EN-scaled.png 1943w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/08\/20260807_Anlagerendite_EN-379x500.png 379w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/08\/20260807_Anlagerendite_EN-777x1024.png 777w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/08\/20260807_Anlagerendite_EN-768x1012.png 768w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/08\/20260807_Anlagerendite_EN-1166x1536.png 1166w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/08\/20260807_Anlagerendite_EN-1554x2048.png 1554w\" sizes=\"(max-width: 1943px) 100vw, 1943px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\tdata-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.thisImage.buttonRight\"\n\t\t\tdata-wp-style--top=\"state.thisImage.buttonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary><em><strong>Methodology used to present the investment return<\/strong><\/em><\/summary>\n<p class=\"has-small-font-size wp-block-paragraph\"><em>The chart shows the investment return of all real estate funds and investment foundations with a focus on Swiss real estate that close their financial year on a defined balance sheet date (30.09; incl. products closing on 31.10) and whose data was published and available at the time the analysis was prepared.<br><br>The investment return is divided into a component from the net income and a component from the capital return. The respective portions are calculated per unit on the basis of the change at the end of the year. In the event of capital increases, income from the sale of units and allocations\/withdrawals of depreciation that affect net assets, a residual value may arise, which we report separately.  <br><br>The chart represents a snapshot of the current market environment and does not constitute an investment recommendation.<\/em><\/p>\n<\/details>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Positive Market Sentiment Despite Challenges<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Capital market activity remains high, reflecting the continued underlying interest in indirect real estate investments and real estate investments in general. Ultimately, interest rate trends will be the decisive factor. Despite volatile oil prices, inflation in Switzerland remained low at 0.4% in July, according to the Federal Statistical Office (FSO).<br>The first half of the year saw a great deal of activity, including fund launches and three initial public offerings (IPOs). The legal completion of the merger of the three UBS funds\u2014LivingPlus, Hospitality, and Residentia\u2014into the new UBS LivingPlus is now scheduled for September 30, 2026, retroactive to June 30, 2026. This is likely to be positive for the merged fund, given that the affected funds have shown subdued performance since the premium adjustment following the merger announcement in November 2024.    <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Capital market activity has a greater impact on year-to-date performance than size, utilization, or region, while fundamentals remain solid.<\/p>\n","protected":false},"author":6,"featured_media":10358,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[55,56],"class_list":["post-10563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-indirect-real-estate-investments","tag-market"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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