{"id":4391,"date":"2023-12-18T15:54:00","date_gmt":"2023-12-18T15:54:00","guid":{"rendered":"https:\/\/alphaprop.ch\/augmentation-des-couts-de-financement-et-placements-immobiliers-indirects\/"},"modified":"2025-07-21T09:42:43","modified_gmt":"2025-07-21T09:42:43","slug":"augmentation-des-couts-de-financement-et-placements-immobiliers-indirects","status":"publish","type":"post","link":"https:\/\/alphaprop.ch\/fr\/augmentation-des-couts-de-financement-et-placements-immobiliers-indirects\/","title":{"rendered":"Augmentation des co\u00fbts de financement et placements immobiliers indirects"},"content":{"rendered":"\n<div class=\"wp-block-group has-black-color has-text-color has-background has-link-color wp-elements-8d81d5ec6d95d0725c62c082b608f85b 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<h3 class=\"wp-block-heading\">R\u00e9sum\u00e9<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>La hausse des co\u00fbts de financement a un impact direct sur le r\u00e9sultat op\u00e9rationnel des placements immobiliers indirects.<\/li>\n\n\n\n<li>Sur l\u2019ensemble des fonds, l\u2019effet de la hausse des co\u00fbts de financement peut \u00eatre compens\u00e9, du moins en partie, par des revenus locatifs plus \u00e9lev\u00e9s.<\/li>\n\n\n\n<li>Certains produits de placement sont toutefois fortement touch\u00e9s par la hausse des co\u00fbts de financement et doivent potentiellement adapter leurs distributions.<\/li>\n<\/ul>\n<\/div>\n\n\n\n<p>En Suisse, l\u2019utilisation de fonds \u00e9trangers est relativement faible, notamment en raison des prescriptions r\u00e9glementaires pour les fonds et les fondations de placement. La quote-part des fonds \u00e9trangers, qui inclut \u00e9galement les \u00e9ventuels imp\u00f4ts latents en tant que fonds \u00e9trangers, s\u2019\u00e9l\u00e8ve en moyenne \u00e0 28,9 % pour les fonds immobiliers cot\u00e9s, \u00e0 14,6 % pour les fondations de placement et \u00e0 49 % pour les soci\u00e9t\u00e9s immobili\u00e8res cot\u00e9es \u00e0 la SIX. Bien qu\u2019il existe quelques cas aberrants, cela montre que l\u2019utilisation de l\u2019effet de levier dans les placements immobiliers indirects est relativement faible. Malgr\u00e9 cela, les produits de placement et leurs investisseurs ont pu profiter de l\u2019effet de levier pendant des ann\u00e9es dans un environnement de taux d\u2019int\u00e9r\u00eat n\u00e9gatifs. Alors que l\u2019on discute actuellement beaucoup de l\u2019\u00e9valuation des portefeuilles, qui n\u2019ont jusqu\u2019\u00e0 pr\u00e9sent subi que des corrections minimes, le changement des taux d\u2019int\u00e9r\u00eat a une influence directe sur le r\u00e9sultat op\u00e9rationnel des placements indirects en raison de l\u2019augmentation des co\u00fbts de financement.    <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Un peu plus de 40% des hypoth\u00e8ques sont \u00e0 court terme<\/h2>\n\n\n\n<p>Les fonds immobiliers suisses publient les hypoth\u00e8ques d\u00e9tenues individuellement, ce qui permet des analyses passionnantes sur le moment o\u00f9 l\u2019augmentation des co\u00fbts de financement a une influence. Le graphique suivant permet de visualiser l\u2019\u00e9ch\u00e9ance du financement externe des fonds immobiliers suisses. Le volume total des hypoth\u00e8ques s\u2019\u00e9l\u00e8ve \u00e0 CHF 20,5 milliards. Un peu plus de 8,5 milliards, soit 41,4 %, sont financ\u00e9s \u00e0 court terme. Les 58,6 % restants se r\u00e9partissent sur les dix prochaines ann\u00e9es.    <\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69dc6050523ce&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"69dc6050523ce\" class=\"wp-block-image size-large wp-lightbox-container\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"871\" 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\/2023\/12\/20231222_EcheancesHypotheques.png-1024x871.webp\" alt=\"\" class=\"wp-image-4393\" srcset=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2023\/12\/20231222_EcheancesHypotheques.png-1024x871.webp 1024w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2023\/12\/20231222_EcheancesHypotheques.png-500x425.webp 500w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2023\/12\/20231222_EcheancesHypotheques.png-768x653.webp 768w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2023\/12\/20231222_EcheancesHypotheques.png-1536x1306.webp 1536w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2023\/12\/20231222_EcheancesHypotheques.png.webp 1711w\" 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=\"Agrandir\"\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\n\n<p>En fonction de la date du rapport, les hypoth\u00e8ques \u00e0 court terme ont d\u00e9j\u00e0 \u00e9t\u00e9 conclues \u00e0 un taux d\u2019int\u00e9r\u00eat d\u2019environ 2 %. Les financements encore en cours \u00e0 des taux plus bas devraient \u00eatre refinanc\u00e9s dans une fourchette de 1,5 \u00e0 2 %. Environ la moiti\u00e9 des hypoth\u00e8ques \u00e0 long terme arrivant \u00e0 \u00e9ch\u00e9ance \u00e0 partir de 2023 ont un taux d\u2019int\u00e9r\u00eat inf\u00e9rieur \u00e0 1 %. Il faut tenir compte du fait qu\u2019une partie de l\u2019augmentation des co\u00fbts de financement est d\u00e9j\u00e0 prise en compte dans les donn\u00e9es et que le taux m\u00e9dian des nouveaux financements \u00e9tait d\u00e9j\u00e0 sup\u00e9rieur \u00e0 1,5 % \u00e0 partir du 1er trimestre 2023.   <\/p>\n\n\n\n<p>Pour illustrer l\u2019impact sur l\u2019univers des fonds, voici un exemple de calcul : pr\u00e8s de 50 % des hypoth\u00e8ques des fonds immobiliers suisses doivent \u00eatre renouvel\u00e9es en 2023 et 2024. Celles-ci ont un taux d\u2019int\u00e9r\u00eat pond\u00e9r\u00e9 de 1,3 %. En partant d\u2019un taux d\u2019int\u00e9r\u00eat de 1,75 % pour les financements jusqu\u2019\u00e0 fin 2024, le taux d\u2019int\u00e9r\u00eat moyen sur l\u2019ensemble du volume hypoth\u00e9caire de CHF 20 milliards passe de 1,14 % actuellement \u00e0 1,35 %. Cela correspond \u00e0 des d\u00e9penses d\u2019int\u00e9r\u00eats de CHF 276 millions.   <\/p>\n\n\n\n<p>Dans le dernier rapport annuel disponible, qui, en fonction de la date de publication, refl\u00e8te d\u00e9j\u00e0 le changement des taux d\u2019int\u00e9r\u00eat, les fonds ont d\u00e9pens\u00e9 159 millions de CHF, soit 4,4 % des recettes, pour le financement. Ce chiffre passerait \u00e0 7,6 % des revenus si les recettes restaient inchang\u00e9es. Par cons\u00e9quent, 3,2 % des revenus ne seraient plus disponibles en tant que revenu net \u00e0 distribuer et le revenu net serait inf\u00e9rieur de 5,8 %.  <\/p>\n\n\n\n<p>Gr\u00e2ce \u00e0 un taux d\u2019int\u00e9r\u00eat de r\u00e9f\u00e9rence plus \u00e9lev\u00e9 et \u00e0 des loyers index\u00e9s sur l\u2019inflation, il est \u00e9galement possible d\u2019augmenter les revenus sur la m\u00eame p\u00e9riode. Une augmentation des revenus locatifs de 3 % peut donc neutraliser en grande partie la hausse des co\u00fbts de financement. Pour l\u2019ensemble des fonds, l\u2019effet encore attendu de la hausse des co\u00fbts de financement est donc supportable, tant que les attentes refl\u00e9t\u00e9es dans les taux de swap se r\u00e9alisent.  <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">De grandes diff\u00e9rences entre les produits d&rsquo;investissement<\/h2>\n\n\n\n<p>Bien que l\u2019effet global soit g\u00e9rable, les revenus op\u00e9rationnels de certains fonds immobiliers peuvent \u00eatre fortement influenc\u00e9s par la hausse des co\u00fbts de financement. Les rapports semestriels de mi-ann\u00e9e ont montr\u00e9 que certains produits ont d\u00e9pens\u00e9 jusqu\u2019\u00e0 20 % de leurs revenus pour le financement. <\/p>\n\n\n\n<p>Le graphique suivant montre quelle part de la fortune totale doit \u00eatre renouvel\u00e9e sous forme d\u2019hypoth\u00e8que dans les 24 mois suivant la derni\u00e8re date de publication et quel est le taux d\u2019int\u00e9r\u00eat moyen de ces hypoth\u00e8ques arrivant \u00e0 \u00e9ch\u00e9ance. Les fonds qui se trouvent dans le quadrant inf\u00e9rieur droit du graphique doivent s\u2019attendre \u00e0 une forte augmentation des co\u00fbts de financement. Les fonds situ\u00e9s dans le quadrant inf\u00e9rieur gauche doivent financer \u00e0 des co\u00fbts plus \u00e9lev\u00e9s, mais la part de la fortune totale est faible et l\u2019effet est donc faible. Les fonds qui sont d\u00e9j\u00e0 financ\u00e9s \u00e0 hauteur de 2 % peuvent se refinancer \u00e0 des co\u00fbts d\u2019int\u00e9r\u00eat inchang\u00e9s. La m\u00e9diane, marqu\u00e9e par un point rouge, se situe \u00e0 12,8 % de la fortune totale et un taux d\u2019int\u00e9r\u00eat des hypoth\u00e8ques arrivant \u00e0 \u00e9ch\u00e9ance de 1,35 %.    <\/p>\n\n\n\n<p>L\u2019aper\u00e7u montre qu\u2019il existe de grandes diff\u00e9rences et que, pour une partie des produits, le rendement net peut \u00eatre consid\u00e9rablement influenc\u00e9 par l\u2019augmentation des co\u00fbts de financement. Si cela s\u2019accompagne de rendements nets \u00e0 peine sup\u00e9rieurs ou inf\u00e9rieurs aux co\u00fbts de financement, les perspectives du produit d\u2019investissement peuvent s\u2019en trouver nettement assombries. <\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69dc60505451c&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"69dc60505451c\" class=\"wp-block-image aligncenter size-large wp-lightbox-container\"><img decoding=\"async\" width=\"813\" height=\"1024\" 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\/2023\/12\/20231218_AffectationCoutsFinancement_v3.png-813x1024.webp\" alt=\"\" class=\"wp-image-4396\" srcset=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2023\/12\/20231218_AffectationCoutsFinancement_v3.png-813x1024.webp 813w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2023\/12\/20231218_AffectationCoutsFinancement_v3.png-397x500.webp 397w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2023\/12\/20231218_AffectationCoutsFinancement_v3.png-768x968.webp 768w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2023\/12\/20231218_AffectationCoutsFinancement_v3.png.webp 1153w\" sizes=\"(max-width: 813px) 100vw, 813px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Agrandir\"\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\n\n<p>En r\u00e9sum\u00e9, les produits de placement dans le domaine des placements immobiliers indirects sont solidement financ\u00e9s. Pour l\u2019ensemble des fonds immobiliers, l\u2019effet des co\u00fbts de financement plus \u00e9lev\u00e9s peut \u00eatre compens\u00e9, du moins en partie, par des revenus locatifs plus \u00e9lev\u00e9s. Certains produits de placement sont toutefois fortement touch\u00e9s par la hausse des co\u00fbts de financement et doivent potentiellement adapter leurs distributions.  <\/p>\n","protected":false},"excerpt":{"rendered":"<p>La hausse des co\u00fbts de financement a un impact direct sur le r\u00e9sultat op\u00e9rationnel des placements immobiliers indirects. Sur l\u2019ensemble des fonds, cet effet peut \u00eatre compens\u00e9, du moins en partie, par des revenus locatifs plus \u00e9lev\u00e9s. Certains produits de placement sont toutefois fortement touch\u00e9s et doivent potentiellement adapter leurs distributions.  <\/p>\n","protected":false},"author":1,"featured_media":4396,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[10],"tags":[51],"class_list":["post-4391","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-non-categorise","tag-placements-immobiliers-indirects"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Augmentation des co\u00fbts de financement et placements immobiliers indirects - alphaprop<\/title>\n<meta name=\"description\" content=\"L&#039;augmentation des co\u00fbts de financement a un impact direct sur le r\u00e9sultat op\u00e9rationnel des placements immobiliers indirects.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/alphaprop.ch\/steigende-finanzierungskosten-als-herausforderung\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Augmentation des co\u00fbts de financement et placements immobiliers indirects - 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