{"id":9887,"date":"2026-04-01T15:48:35","date_gmt":"2026-04-01T15:48:35","guid":{"rendered":"https:\/\/alphaprop.ch\/?p=9887"},"modified":"2026-04-21T08:53:34","modified_gmt":"2026-04-21T08:53:34","slug":"real-estate-funds-with-direct-property-ownership","status":"publish","type":"post","link":"https:\/\/alphaprop.ch\/en\/real-estate-funds-with-direct-property-ownership\/","title":{"rendered":"Real estate funds with direct property ownership"},"content":{"rendered":"\n<div class=\"wp-block-group has-background is-layout-constrained wp-container-core-group-is-layout-3bcd2578 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>Market overview:<\/strong> As at March 2026, the Swiss real estate fund market comprises 71 active vehicles with a market capitalization of around CHF 96 billion, divided into listed funds (CHF 82.6 billion), OTC-traded funds (CHF 2.5 billion) and NAV funds for tax-exempt pension funds (CHF 10.9 billion net assets).<\/li>\n\n\n\n<li><strong>Direct vs. indirect real estate holdings:<\/strong> Almost half of the funds hold real estate directly (CHF 41.5 billion), the other half via real estate companies (CHF 38.8 billion). Funds with direct real estate holdings are subject to higher taxes and duties at fund level, which reduces the distributable net income. <\/li>\n\n\n\n<li><strong>Tax booster for private investors:<\/strong> As income from funds with direct property ownership is already taxed at fund level, distributions are income tax-free for private investors; in addition, there is a greatly reduced wealth tax.<\/li>\n\n\n\n<li><strong>Concrete additional performance:<\/strong> For a married couple in Zurich (35% marginal tax rate on income), the after-tax performance is 0.87 pp (residential funds) or 1.31 pp (commercial funds) higher for direct property ownership.  <\/li>\n\n\n\n<li><strong>Overall performance is crucial:<\/strong> Despite tax advantages, capital gains should not be ignored. Indirect mixed funds have achieved an annualized performance of 6.8% in the last 5 years compared to 4.5% for direct funds. Property ownership is just one parameter among others.  <\/li>\n<\/ul>\n<\/div>\n\n<p>The market for Swiss real estate funds is a dynamic investment environment. For private investors in Switzerland in particular, choosing the right structure in terms of the tax treatment of distributions and wealth tax can be a performance booster. As funds that hold their properties in direct real estate are already taxed at the vehicle level, private investors benefit from significant tax advantages in terms of income and wealth tax. This blog analyzes the current fund landscape as at March 2026 and shows how, depending on the investor&#8217;s situation, the choice of real estate funds by property ownership can have a significant impact on after-tax performance.   <\/p>\n\n<h2 class=\"wp-block-heading\">The Swiss fund landscape at a glance<\/h2>\n\n<p>As at March 2026, the Swiss real estate fund market comprised 71 active funds with a market capitalization of around CHF 96 billion:<\/p>\n\n<ul class=\"wp-block-list\">\n<li><strong>48 listed funds<\/strong> with a market capitalization of CHF 82.6 billion for public investors<\/li>\n\n\n\n<li><strong>17 unlisted funds<\/strong> traded OTC with a market capitalization of CHF 2.5 billion for qualified investors<\/li>\n\n\n\n<li><strong>6 unlisted funds traded at NAV (no premium) with net assets of CHF 10.9 billion<\/strong>, open exclusively to tax-exempt domestic occupational pension funds and tax-exempt domestic social insurance and compensation funds<\/li>\n<\/ul>\n\n<p>Of the funds open to qualified investors, 44 funds hold real estate directly (CHF 41.5 billion).18 funds hold real estate indirectly via real estate companies (CHF 38.8 billion) and three funds have mixed real estate holdings. <\/p>\n\n<p>If the volume of the vehicles is taken into account, funds with direct and indirect real estate holdings are roughly equal. This is due in particular to the fact that older funds generally have indirect real estate holdings and these are larger on average. <\/p>\n\n<figure class=\"wp-block-image size-full is-style-default\"><img fetchpriority=\"high\" decoding=\"async\" width=\"2560\" height=\"1495\" src=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild6-scaled.jpg\" alt=\"\" class=\"wp-image-9891\" srcset=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild6-scaled.jpg 2560w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild6-500x292.jpg 500w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild6-1024x598.jpg 1024w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild6-768x448.jpg 768w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild6-1536x897.jpg 1536w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild6-2048x1196.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/figure>\n\n<h2 class=\"wp-block-heading\">Operational efficiency: taxes and duties in the vessel<\/h2>\n\n<p>The type of property has a significant influence on how much of the rental income flows directly back out in the form of taxes and duties. A comparison of the income statements shows clear differences in taxes and duties (profit, capital and property taxes). The chart shows the tax expenses by type of use and type of property. Regional differences in taxation, which have a significant influence, are not taken into account in the chart. The chart clearly shows that across all uses, a higher proportion of income flows out as taxes and duties for funds with direct land ownership. This means that less income is available for distribution for an identical portfolio with direct land ownership.     <\/p>\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"977\" src=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild7-1024x977.jpg\" alt=\"\" class=\"wp-image-9894\" style=\"aspect-ratio:1.0481200772774557;width:529px;height:auto\" srcset=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild7-1024x977.jpg 1024w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild7-500x477.jpg 500w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild7-768x733.jpg 768w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild7-1536x1465.jpg 1536w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild7-2048x1954.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n<div class=\"wp-block-group has-background is-layout-constrained wp-container-core-group-is-layout-3bcd2578 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-a89b3969 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<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n<h2 class=\"wp-block-heading\">The &#8220;tax booster&#8221; for private investors<\/h2>\n\n<p>For Swiss private investors, direct property ownership is often much more attractive from a tax perspective, as the income has already been taxed at fund level and is therefore exempt from income tax for the investor.<\/p>\n\n<h3 class=\"wp-block-heading\">Example place of residence Zurich<\/h3>\n\n<p>A fictitious married couple without children, non-denominational, has a taxable income of CHF 250,000 and taxable assets of CHF 1,000,000. If this couple is resident in the city of Zurich, the marginal tax rate on income is approx. 35% and the marginal tax rate on assets is 0.31%<a href=\"https:\/\/swisstaxcalculator.estv.admin.ch\/#\/home\" type=\"link\" id=\"https:\/\/swisstaxcalculator.estv.admin.ch\/#\/home\">(according to the FTA tax calculator<\/a>). This is not the average tax rate, but the tax on each additional franc of income or assets.   <\/p>\n\n<p>The table shows a simplified example of how the fund structure affects 100 invested francs. The amount is invested comparatively in a commercial and a residential fund, each with direct and indirect real estate holdings. In general, the assumptions regarding income and expenses are based on the average values in the fund universe. This results in a return per unit, which tends to be slightly higher for commercial funds. All expenses are deducted from this return. In the example, an average value of 30% of the income is assumed for commercial funds and 40% of the income for residential funds. Finally, the taxes and duties levied directly on the product are deducted. Funds with direct real estate holdings are taxed more heavily; in our example, an approximate average value of 10% is assumed on the income. This is significantly less for funds with indirect real estate holdings; an average value of 5% of the income is assumed. A fund with indirect real estate holdings can therefore distribute a higher net income from an identical portfolio.         <\/p>\n\n<p>In addition to the perspective at fund level, there is also the different tax treatment for private individuals. For the example household in Zurich, however, there is an additional 35% marginal income tax on the net income distributed by funds with indirect real estate holdings. No income tax has to be paid on the distribution for funds with direct real estate holdings, and a greatly reduced wealth tax also applies. The marginal wealth tax is applied to 100% of the investment in the indirect fund and a fraction of the investment in the direct fund. In this example, the wealth tax bonus amounts to around CHF 0.30 per CHF 100 invested and is taken into account as additional after-tax performance.    <\/p>\n\n<p>The after-tax performance (including wealth tax benefits) without any change in the value of the units is 0.87 percentage points higher for the example of the residential fund for the household with direct property ownership (2.3% vs. 1.43%). For commercial funds, it is even 1.31 percentage points higher (3.72% vs. 2.41%). <\/p>\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69e76cf35827a&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"69e76cf35827a\" class=\"wp-block-image size-large wp-lightbox-container\"><img decoding=\"async\" width=\"1024\" height=\"639\" 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-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild9-1024x639.jpg\" alt=\"\" class=\"wp-image-9900\" srcset=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild9-1024x639.jpg 1024w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild9-500x312.jpg 500w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild9-768x479.jpg 768w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild9-1536x958.jpg 1536w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild9-2048x1278.jpg 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\taria-label=\"Enlarge\"\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.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\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<h3 class=\"wp-block-heading\">Example place of residence Basel<\/h3>\n\n<p>If the parameters are changed slightly with regard to income (CHF 500,000) and assets (CHF 5,000,000) and place of residence (now Basel), the marginal tax rate on income increases to 40.3% and on assets to 0.8%. In the case of commercial funds, this results in almost 1.98 percentage points higher performance after tax (excl. change in value) when investing in a fund with direct rather than indirect real estate ownership &#8211; even though the fund has higher tax expenses with direct real estate ownership. In the example of a residential fund, the performance is even more than twice as high.  <\/p>\n\n<p>The marginal tax rates of high-income individuals are significantly higher than the marginal tax rates of funds with direct real estate holdings. As a result, taxation at the level of the vehicle brings clear tax advantages. <\/p>\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69e76cf358b83&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"69e76cf358b83\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1616\" 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-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild10-scaled.jpg\" alt=\"\" class=\"wp-image-9905\" srcset=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild10-scaled.jpg 2560w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild10-500x316.jpg 500w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild10-1024x646.jpg 1024w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild10-768x485.jpg 768w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild10-1536x969.jpg 1536w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild10-2048x1292.jpg 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\taria-label=\"Enlarge\"\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.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\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<h2 class=\"wp-block-heading\">Taxes alone are not the only decisive factor for overall performance<\/h2>\n\n<p>Although the tax advantages of direct property ownership for private investors are impressive, pure market performance should not be ignored. Over the last 5 years, for example, indirect mixed funds have outperformed their direct counterparts (4.5%) with an annualized performance of 6.8%. The tax aspect is therefore only one of the parameters that influence the investment decision. Capital gains due to valuation changes in particular have had a significant impact on performance in recent years.   <\/p>\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"794\" src=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild11-1024x794.jpg\" alt=\"\" class=\"wp-image-9908\" style=\"aspect-ratio:1.2896777087204458;width:600px;height:auto\" srcset=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild11-1024x794.jpg 1024w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild11-500x388.jpg 500w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild11-768x595.jpg 768w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild11-1536x1191.jpg 1536w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2026\/04\/Bild11-2048x1588.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n<p>Depending on the private situation, however, direct land ownership can give a clear boost to after-tax performance. However, land ownership should always be considered in the context of the overall characteristics of a fund. Capital gains in particular are central to the performance of a product.  <\/p>\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n<p><em>This article describes a snapshot of the current market environment and does not constitute an investment recommendation.<\/em><\/p>\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Example of tax benefits of real estate funds with direct property ownership for private investors in Zurich and Basel.<\/p>\n","protected":false},"author":6,"featured_media":9919,"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-9887","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 v27.3 - 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