{"id":4461,"date":"2022-12-20T06:12:00","date_gmt":"2022-12-20T06:12:00","guid":{"rendered":"https:\/\/alphaprop.ch\/une-annee-2022-mouvementee-sacheve-sur-le-marche-de-limmobilier-indirect\/"},"modified":"2025-07-21T09:43:39","modified_gmt":"2025-07-21T09:43:39","slug":"une-annee-2022-mouvementee-sacheve-sur-le-marche-de-limmobilier-indirect","status":"publish","type":"post","link":"https:\/\/alphaprop.ch\/fr\/une-annee-2022-mouvementee-sacheve-sur-le-marche-de-limmobilier-indirect\/","title":{"rendered":"Une ann\u00e9e 2022 mouvement\u00e9e s&rsquo;ach\u00e8ve sur le march\u00e9 de l&rsquo;immobilier indirect"},"content":{"rendered":"\n<div class=\"wp-block-group has-black-color has-text-color has-background has-link-color wp-elements-fdbacc96e3fdc2bf945bc2c019671279 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>Avec le retour de l\u2019inflation et les hausses de taux d\u2019int\u00e9r\u00eat des banques centrales, les corrections des placements immobiliers cot\u00e9s sont arriv\u00e9es. L\u2019indice des fonds cot\u00e9s SWIIT affiche une performance YTD de -14,69%. <\/li>\n\n\n\n<li>Les rendements des placements ont \u00e9galement \u00e9t\u00e9 positifs pour les produits dont la date de cl\u00f4ture est le 30 septembre (et dont les informations sont d\u00e9j\u00e0 publi\u00e9es), avec une moyenne de 5,74%. <\/li>\n\n\n\n<li>Les rendements du cash-flow \u00e9taient en moyenne de 3.7%.<\/li>\n\n\n\n<li>Les taux d\u2019actualisation ont baiss\u00e9 de 14 points de base en moyenne.<\/li>\n\n\n\n<li>L\u2019\u00e9volution du march\u00e9 a en partie modifi\u00e9 sensiblement l\u2019acc\u00e8s aux capitaux pour les produits de placement. Malgr\u00e9 cela, les valeurs fondamentales restent attrayantes. <\/li>\n<\/ul>\n<\/div>\n\n\n\n<p>2022 a \u00e9t\u00e9 une ann\u00e9e turbulente pour les placements immobiliers indirects. Apr\u00e8s des ann\u00e9es de taux d\u2019int\u00e9r\u00eat historiquement bas, l\u2019inflation est \u00e9galement revenue en Suisse et, avec elle, la r\u00e9action de la BNS. Avec l\u2019augmentation de 50 points de base du taux directeur de la BNS le 15 d\u00e9cembre, la BNS a augment\u00e9 le taux directeur de 175 points de base au total (de -0,75% \u00e0 1%) en 2022, ce qui repr\u00e9sente un changement consid\u00e9rable.  <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Correction apr\u00e8s une \u00e9valuation tr\u00e8s \u00e9lev\u00e9e fin 2021<\/h2>\n\n\n\n<p>En tant que \u00ab thermom\u00e8tre \u00bb du march\u00e9 immobilier, la partie cot\u00e9e en bourse des placements immobiliers indirects fait l\u2019objet d\u2019une surveillance accrue. L\u2019indice de rendement total des fonds immobiliers cot\u00e9s SWIIT a corrig\u00e9 de plus de 14% en 2022 (\u00e9tat au 19.12.2022). Il faut toutefois tenir compte du fait que les fonds immobiliers cot\u00e9s pr\u00e9sentaient en moyenne un agio de plus de 40% \u00e0 la fin de l\u2019ann\u00e9e 2021. Actuellement, les agios pour le SWIIT sont d\u2019environ 14,5% (\u00e9tat au 19.12). Des augmentations de capital de fonds immobiliers au T3\/T4 2022 ont \u00e9t\u00e9 annul\u00e9es ou report\u00e9es et diff\u00e9rents produits sont menac\u00e9s de rachat de parts.    <\/p>\n\n\n\n<p>La performance YTD de l\u2019indice KGAST Immo, qui r\u00e9unit 42 groupes de placement n\u00e9goci\u00e9s \u00e0 la VNI, \u00e9tait de 4,42% \u00e0 la fin novembre 2022. Cela montre clairement qu\u2019il s\u2019agit pour l\u2019instant surtout d\u2019une correction d\u2019un march\u00e9 auparavant en surchauffe, comme en t\u00e9moigne la fonte des agios. Les produits de placement n\u00e9goci\u00e9s en VNI ont \u00e9t\u00e9 un placement stable au cours d\u2019une ann\u00e9e turbulente. Il existe toutefois une incertitude quant \u00e0 l\u2019\u00e9volution du tournant des taux d\u2019int\u00e9r\u00eat et, par cons\u00e9quent, aux valorisations des portefeuilles qui ont augment\u00e9 au fil des ann\u00e9es. Cette situation s\u2019accompagne d\u2019une incertitude accrue quant \u00e0 la demande future de surfaces commerciales. En cons\u00e9quence, 13 des 41 fonds immobiliers cot\u00e9s sont actuellement n\u00e9goci\u00e9s avec un disagio. 9 d\u2019entre eux sont majoritairement des produits \u00e0 orientation commerciale.      <\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><\/td><th>YTD (19.12.2022)<\/th><th>Depuis jan 2020 (3y)<\/th><th>Depuis jan 2018 (5y)<\/th><\/tr><tr><th>SWIIT<\/th><td>-14.69%<\/td><td>1.45%<\/td><td>15.91%<\/td><\/tr><tr><th>KGAST Immo Index*<\/th><td>4.42%<\/td><td>15.98%<\/td><td>27.95%<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">*Performance du KGAST Immo Index Performance jusqu&rsquo;\u00e0 fin novembre 2022<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Les fondamentaux restent solides<\/h2>\n\n\n\n<p>Les donn\u00e9es fondamentales des produits de placement continuent d\u2019\u00e9voluer de mani\u00e8re satisfaisante. Pr\u00e8s de 60% des produits de placement avec date de cl\u00f4ture du bilan au 30.09 ont d\u00e9j\u00e0 publi\u00e9 un rapport annuel contr\u00f4l\u00e9. Le graphique suivant montre le rendement des placements r\u00e9parti entre le rendement des gains\/pertes sur investissements et le rendement des activit\u00e9s op\u00e9rationnelles (rendement du cash-flow) par produit de placement. En moyenne, le rendement des placements \u00e9tait de 5,74% avec une dispersion entre 3,07% et 12,62%. Le rendement du cash flow des activit\u00e9s op\u00e9rationnelles \u00e9tait de 3,7%.     <\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69dc5f5793e08&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"69dc5f5793e08\" class=\"wp-block-image aligncenter size-full wp-lightbox-container\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1350\" height=\"1446\" 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\/2022\/12\/Anlagerendite2022NachGesamterfolg_FR_klein.webp\" alt=\"\" class=\"wp-image-4463\" srcset=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2022\/12\/Anlagerendite2022NachGesamterfolg_FR_klein.webp 1350w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2022\/12\/Anlagerendite2022NachGesamterfolg_FR_klein-467x500.webp 467w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2022\/12\/Anlagerendite2022NachGesamterfolg_FR_klein-956x1024.webp 956w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2022\/12\/Anlagerendite2022NachGesamterfolg_FR_klein-768x823.webp 768w\" sizes=\"(max-width: 1350px) 100vw, 1350px\" \/><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>Les informations montrent que les fondamentaux restent solides et que l\u2019activit\u00e9 op\u00e9rationnelle g\u00e9n\u00e8re des revenus locatifs stables. L\u2019indexation sur l\u2019inflation d\u2019une grande partie des baux commerciaux devrait aider \u00e0 r\u00e9percuter l\u2019inflation et \u00e0 g\u00e9n\u00e9rer des loyers nominaux plus \u00e9lev\u00e9s. La m\u00eame chose, bien que moins prononc\u00e9e, devrait suivre pour le logement : L\u2019adaptation du taux d\u2019int\u00e9r\u00eat de r\u00e9f\u00e9rence hypoth\u00e9caire suivra tr\u00e8s probablement l\u2019ann\u00e9e prochaine, ce qui augmentera les revenus locatifs nominaux d\u2019environ 3% pour la partie des contrats de location conclus selon le taux d\u2019int\u00e9r\u00eat de r\u00e9f\u00e9rence actuel.  <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u00c9valuations inchang\u00e9es, voire en hausse<\/h2>\n\n\n\n<p>Le point d\u2019interrogation reste derri\u00e8re les valorisations. Les \u00e9valuations de portefeuille \u00e0 la fin de l\u2019exercice donnent un aper\u00e7u trimestriel de l\u2019\u00e9volution, mais avec 3 \u00e0 4 mois de retard. M\u00eame pour les produits de placement dont la date de cl\u00f4ture est le T3 2022 (et dont le rapport est publi\u00e9), le taux d\u2019actualisation moyen appliqu\u00e9 a \u00e9t\u00e9 abaiss\u00e9 de 14 points de base en m\u00e9diane. Il est important de noter qu\u2019il ne s\u2019agit pas d\u2019une observation \u00ab like-for-like \u00bb et que des transactions peuvent \u00e9galement entra\u00eener la modification de la moyenne. Les indices publi\u00e9s par la BNS pour les immeubles collectifs indiquent une stagnation ou un l\u00e9ger recul des prix depuis le deuxi\u00e8me trimestre 2022. Mais les produits de placement plus anciens en particulier devraient encore contenir une r\u00e9serve d\u2019\u00e9valuation consid\u00e9rable apr\u00e8s des ann\u00e9es de hausse des prix. Le rendement net moyen obtenu sur le portefeuille existant (rendement net \/ valeurs de march\u00e9 du portefeuille existant) est de 2,71% pour les 16 produits de placement avec informations \u00e0 la date de cl\u00f4ture du bilan fin septembre 2022, avec une dispersion de 1,62% \u2013 4,02%. Cela indique en partie des diff\u00e9rences consid\u00e9rables.       <\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69dc5f5794ba1&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"69dc5f5794ba1\" class=\"wp-block-image aligncenter size-full wp-lightbox-container\"><img 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\">Le manque de liquidit\u00e9s comme risque<\/h2>\n\n\n\n<p>La situation sur le march\u00e9 des capitaux est devenue nettement plus exigeante avec le changement de taux d\u2019int\u00e9r\u00eat. Les augmentations de capital pr\u00e9vues ont \u00e9t\u00e9 annul\u00e9es ou report\u00e9es. Alors que pendant des ann\u00e9es, les augmentations de capital \u00e9taient en majorit\u00e9 enti\u00e8rement souscrites, depuis l\u2019automne 2022, les volumes vis\u00e9s ne sont souvent plus atteints. Les produits avec un disagio ne sont plus en mesure de r\u00e9aliser des augmentations de capital ou sont m\u00eame concern\u00e9s par des rachats. Si, dans le m\u00eame temps, le financement externe est d\u00e9j\u00e0 \u00e9puis\u00e9, la marge de man\u0153uvre des produits de placement se r\u00e9duit consid\u00e9rablement. Cela signifie que les opportunit\u00e9s qui se pr\u00e9sentent sur le march\u00e9 ne peuvent pas \u00eatre exploit\u00e9es. S\u2019il existe de grands projets de d\u00e9veloppement avec des contrats d\u2019entreprises totales sign\u00e9s et des obligations (de liquidit\u00e9s) correspondantes, la situation peut m\u00eame devenir inconfortable.      <\/p>\n\n\n\n<p>Ainsi, m\u00eame si les valeurs fondamentales restent solides, il convient de garder un \u0153il sur les produits de placement et de les analyser sur la base de donn\u00e9es.<\/p>\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:\/\/data.snb.ch\/fr\/topics\/uvo\/cube\/plimoinchq\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Portail de donn\u00e9es de la BNS<\/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>2022 a \u00e9t\u00e9 une ann\u00e9e mouvement\u00e9e pour le march\u00e9 immobilier indirect. Notre analyse met en lumi\u00e8re ces changements pour l\u2019immobilier indirect. <\/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-4461","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>Une ann\u00e9e 2022 mouvement\u00e9e s&#039;ach\u00e8ve sur le march\u00e9 de l&#039;immobilier indirect - alphaprop<\/title>\n<meta name=\"description\" content=\"2022 a \u00e9t\u00e9 une ann\u00e9e mouvement\u00e9e pour le march\u00e9 immobilier indirect. 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