PwC-Immospektive is aimed at all players in the Swiss real estate market and provides an incisive overview of current market activity.
PwC-Immospektive
In addition to clear presentation and interpretation of the latest figures from research and consultancy company Fahrländer Partner, the publication also shows the influence of economic data on various segments and real estate submarkets. Each issue also takes a closer look at current market developments and sector trends. PwC-Immospektive is published quarterly – at the same time as the meta-analysis by Fahrländer Partner.
Interpretation of the FPRE real estate meta-analysis for November 2025
November 2025
The SNB leaves its key interest rate unchanged at 0.0% on September 25, 2025. Despite low inflation and a gloomy global economy, the hurdle for negative interest rates remains high for the time being. The rental housing market remains tight. Rents for new leases continue to rise moderately, driven by scarce supply, especially in urban centers. The Zurich housing protection initiative is considered a significant risk factor for the supply side and, if accepted, is likely to shake up the Zurich real estate market. After several weak quarters, the office market is showing signs of slight stabilization: central, ESG-compliant space remains in demand, while peripheral locations continue to be under pressure and segmentation is increasing. Yields reflect this picture: multi-family homes continue to deliver high total returns, while office properties are recovering in some areas but remain heterogeneous across regions. Prices for residential property continue to rise, driven by condominiums. On the financing side, the environment remains challenging. At the same time, the abolition of the imputed rental value is creating new market dynamics through changed financing strategies and investment incentives. Despite stricter lending policies, market participants' price expectations for residential property remain predominantly positive.
The market information on which Immospektive is based can be found in FPRE's real estate meta-analysis. References to FPRE graphics are marked with “[1]” etc. in our text.
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