{"id":4448,"date":"2023-02-13T06:06:00","date_gmt":"2023-02-13T06:06:00","guid":{"rendered":"https:\/\/alphaprop.ch\/taux-dactualisation-des-placements-immobiliers-indirects-au-t3-2022\/"},"modified":"2025-07-21T09:43:31","modified_gmt":"2025-07-21T09:43:31","slug":"taux-dactualisation-des-placements-immobiliers-indirects-au-t3-2022","status":"publish","type":"post","link":"https:\/\/alphaprop.ch\/fr\/taux-dactualisation-des-placements-immobiliers-indirects-au-t3-2022\/","title":{"rendered":"Taux d\u2019actualisation des placements immobiliers indirects au T3 2022"},"content":{"rendered":"\n<div class=\"wp-block-group has-black-color has-text-color has-background has-link-color wp-elements-773efbd457089e0acb010000e6d26615 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>Les taux d\u2019actualisation ont continu\u00e9 \u00e0 baisser en YoY, y compris pour les produits d\u2019investissement dont la date de cl\u00f4ture est le T3 2022.<\/li>\n\n\n\n<li>Sur 36 produits de placement d\u2019une valeur de march\u00e9 sup\u00e9rieure \u00e0 50 milliards de CHF, le taux d\u2019actualisation moyen appliqu\u00e9 par portefeuille a baiss\u00e9 de 14 points de base en m\u00e9diane.<\/li>\n<\/ul>\n<\/div>\n\n\n\n<p>Avec la publication des rapports annuels de Swiss Prime Site et de Mobimo, les premi\u00e8res \u00e9valuations au 31.12.2022 sont d\u00e9j\u00e0 connues. Les taux d\u2019actualisation moyens r\u00e9els appliqu\u00e9s ont encore l\u00e9g\u00e8rement baiss\u00e9. Mais la question de l\u2019\u00e9valuation des portefeuilles continue de pr\u00e9occuper les investisseurs, alors que les donn\u00e9es de base concernant le taux de vacance et les revenus locatifs r\u00e9alis\u00e9s sont bonnes. En d\u00e9cembre, nous avons \u00e9tabli <a href=\"https:\/\/alphaprop.ch\/fr\/une-annee-2022-mouvementee-sacheve-sur-le-marche-de-limmobilier-indirect\/\">un premier aper\u00e7u<\/a> bas\u00e9 sur 16 portefeuilles d\u00e9j\u00e0 publi\u00e9s.   <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Taux d&rsquo;actualisation toujours en baisse<\/h2>\n\n\n\n<p>A la date de cl\u00f4ture du bilan fin septembre et fin octobre, 37 portefeuilles d\u2019une valeur de march\u00e9 de 50,7 milliards de CHF de fonds et de groupes de placement de fondations de placement ont \u00e9t\u00e9 r\u00e9\u00e9valu\u00e9s. Pour 36 produits de placement, une valeur de l\u2019ann\u00e9e pr\u00e9c\u00e9dente est disponible \u00e0 titre de comparaison, qui a par exemple \u00e9galement \u00e9t\u00e9 indiqu\u00e9e comme taux d\u2019actualisation r\u00e9el. 7 portefeuilles (volume de 5,7 milliards de CHF) avaient un taux d\u2019actualisation moyen plus \u00e9lev\u00e9. La variation m\u00e9diane YoY \u00e9tait de -14 points de base. La moyenne \u00e9tait de -8 points de base.    <\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69dc61bebffa1&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"69dc61bebffa1\" class=\"wp-block-image aligncenter size-full wp-lightbox-container\"><img fetchpriority=\"high\" decoding=\"async\" width=\"2560\" height=\"1801\" 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\/02\/MedianveraenderungDurchDiskontsatzQ32022_FR-1-scaled.webp\" alt=\"\" class=\"wp-image-4453\" srcset=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2023\/02\/MedianveraenderungDurchDiskontsatzQ32022_FR-1-scaled.webp 2560w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2023\/02\/MedianveraenderungDurchDiskontsatzQ32022_FR-1-500x352.webp 500w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2023\/02\/MedianveraenderungDurchDiskontsatzQ32022_FR-1-1024x720.webp 1024w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2023\/02\/MedianveraenderungDurchDiskontsatzQ32022_FR-1-768x540.webp 768w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2023\/02\/MedianveraenderungDurchDiskontsatzQ32022_FR-1-1536x1080.webp 1536w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2023\/02\/MedianveraenderungDurchDiskontsatzQ32022_FR-1-2048x1440.webp 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=\"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<h2 class=\"wp-block-heading\">Sensibilit\u00e9 \u00e9lev\u00e9e \u00e0 bas niveau<\/h2>\n\n\n\n<p>L\u2019analyse de sensibilit\u00e9 figurant dans le rapport annuel r\u00e9cemment publi\u00e9 par Swiss Prime Site met clairement en \u00e9vidence ce qui est math\u00e9matiquement incontest\u00e9 et clair pour les acteurs du march\u00e9 : \u00e0 un niveau de 2,69%, toute variation d\u2019un point de base a des r\u00e9percussions consid\u00e9rables sur l\u2019\u00e9valuation. A titre de comparaison, le taux d\u2019actualisation r\u00e9el moyen pour SPS \u00e9tait encore de 3,35% en valeur r\u00e9elle en 2017 et de 3,06% en valeur r\u00e9elle en 2019. Si l\u2019on devait revenir sur ces bases, le tableau montre de mani\u00e8re exemplaire comment l\u2019\u00e9valuation du plus grand portefeuille cot\u00e9 de Suisse serait gouvern\u00e9e. Il faut toutefois garder \u00e0 l\u2019esprit qu\u2019il s\u2019agit d\u2019une consid\u00e9ration statique \u00bb ceteris paribus \u00bb et que les rendements ne sont pas fixes dans la r\u00e9alit\u00e9. Les bailleurs commerciaux, comme SPS, peuvent justement r\u00e9percuter l\u2019inflation gr\u00e2ce \u00e0 des contrats de location index\u00e9s et augmenter en cons\u00e9quence les revenus locatifs.    <\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"703\" height=\"280\" src=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2023\/02\/SPS_SensitivityAnalysis.webp\" alt=\"\" class=\"wp-image-4456\" srcset=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2023\/02\/SPS_SensitivityAnalysis.webp 703w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2023\/02\/SPS_SensitivityAnalysis-500x199.webp 500w\" sizes=\"(max-width: 703px) 100vw, 703px\" \/><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/sps.swiss\/fileadmin\/user_upload\/redakteure\/gruppe\/pdf\/geschaeftsberichte\/en\/Report_2022.pdf\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Analyse de sensibilit\u00e9 (SPS Rapport annuel 2022 &#8211; Annexe p. 22)<\/a><\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Sources<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Univers de donn\u00e9es Alphaprop<\/li>\n\n\n\n<li><a href=\"https:\/\/sps.swiss\/fileadmin\/user_upload\/redakteure\/gruppe\/pdf\/geschaeftsberichte\/en\/Report_2022.pdf\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Rapport de gestion SPS<\/a><\/li>\n<\/ul>\n\n\n\n<p>Vous souhaitez en savoir plus sur Alphaprop et son univers de donn\u00e9es ? Contactez-nous pour obtenir un login de d\u00e9monstration gratuit ou une pr\u00e9sentation du produit sans engagement : <a href=\"mailto:contact@alphaprop.ch\">contact@alphaprop.ch<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Les taux d\u2019actualisation ont continu\u00e9 \u00e0 baisser en YoY, y compris pour les produits d\u2019investissement dont la date de cl\u00f4ture est le T3 2022. Sur 36 produits de placement d\u2019une valeur de march\u00e9 sup\u00e9rieure \u00e0 50 milliards de CHF, le taux d\u2019actualisation moyen appliqu\u00e9 par portefeuille a baiss\u00e9 de 14 points de base en m\u00e9diane. <\/p>\n","protected":false},"author":1,"featured_media":4453,"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-4448","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>Taux d\u2019actualisation des placements immobiliers indirects au T3 2022 - alphaprop<\/title>\n<meta name=\"description\" content=\"Les taux d\u2019actualisation ont continu\u00e9 \u00e0 baisser en YoY, y compris pour les produits d\u2019investissement dont la date de cl\u00f4ture est le T3 2022. 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