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The planned tightening of Lex Koller and its extension to indirect real estate investments could have far-reaching consequences. They could slow the inflow of capital into the Swiss real estate market and make investments more difficult. Against this backdrop, the Swiss Finance & Property Group offers its assessment. It becomes clear that the objective pursued by the revision has, in the case of indirect real estate investments, already largely been achieved today.

In June, the voters of Zurich will vote on the residential protection initiative. A first-time analysis by Swiss Finance & Property Ltd shows that the well-intentioned proposal may affect real estate investment foundations more than traditional real estate companies – and thus indirectly impact the population’s retirement provision. Why the second pillar is particularly exposed, and what financial consequences could arise, is outlined in the detailed analysis.

Populations are aging and placing new demands on housing and healthcare infrastructure. At the same time, the boom surrounding artificial intelligence and digitalization is driving a sharp increase in demand for high-performance data centers. Together, these two developments are reshaping global real estate markets in a lasting way and opening up long-term growth opportunities for investors.

The Swiss housing market is extremely tight, with strong demand for new rental and owner-occupied apartments. Together with EROP, SFP provides qualified investors with access to high-yield real estate developments through club deals. In this article, the Corporate Finance & Capital Markets team of Swiss Finance & Property Group explains why construction remains attractive despite regulatory hurdles, which risks are decisive, and how SFP Group’s club deals deliberately focus on expertise and risk management to create added value for investors.

Real estate prices in Switzerland will continue to rise in 2026. Residential properties in particular, as well as prime commercial space in prime locations, are driven by declining vacancy rates and persistently strong demand. Indirect investments also continue to perform strongly. Institutional and private investors are allocating capital to real estate more actively than they have in years. At the same time, however, the pace of price increases is likely to slow gradually. The reasons for this are outlined below in our overview of the current situation on the real estate market.

After a surprisingly solid start to 2025, the Swiss economy momentum weakened considerably. In 2026, growth is also expected to remain below potential despite low inflation and a somewhat more relaxed tariff environment. Geopolitical and trade policy risks are rising. This raises the question of how resilient Switzerland remains in this environment and where the key opportunities and risks lie. Find out more in our Economic and Market Overview.

As announced, SF Urban Properties Ltd (SFUP) largely completed its portfolio rotation in the year 2025. This involved the targeted sale of properties outside the cities of Zurich and Basel.

The SF Retail Properties Fund can look back on a successful development: The successful start of leasing at the Dorfstrasse Schöftland centre shows how sustainably planned construction projects are met with a great response. In addition, long-term leases have been signed at several locations, further consolidating the fund's position in the Switzerland market. With the planned capital increase in the fourth quarter of 2025, the fund is also laying the foundation for further growth and future-oriented portfolio expansion.

Sustainability manifests itself in many ways: from well-thought-out densification in urban areas to digital innovation in management.
AST Swiss Real Estate Investment Foundation successfully implements both. Modern, energy-efficient living space is being created in Zurich's Kreis 4 district, while a pilot project with ECCO2 Solutions AG demonstrates how artificial intelligence helps to save energy and reduce emissions. In addition, the SFP Investment Foundation is raising capital for the SFP AST Swiss Real Estate investment group in the fourth quarter of 2025 with a target volume of around CHF 200 million.

With a new flowering meadow and insect house in Möhlin, the SF Commercial Properties Fund is strengthening biodiversity right on its doorstep and sending a clear signal about its commitment to sustainability.
At the same time, the Commercial Fund has recorded several successful lease renewals and new additions in Buchs, which will secure the Quality of location in the long term.

Life has returned to Arnegg with the new village square – the apartments are almost fully let, and tenants are equally impressed by the concept.
Renovation is also progressing rapidly in the Ronchetto district: the first flats are ready for occupancy and demand is high.

Evergreen funds, open-ended private market vehicles with no fixed end date, have experienced rapid growth, particularly in illiquid asset classes such as private equity and infrastructure. Their appeal lies in structural flexibility, ongoing access to capital, and periodic liquidity, attracting investors seeking long-term exposure to illiquid, income-generating assets.