After two years of slowdown marked by rising interest rates, the market for income-producing buildings in French-speaking Switzerland is showing signs of life. But it would be too simple to see this as a return to normal. What is taking hold is something more structural, and more demanding.
Signs of recovery, not a general upturn
At the end of 2025, buyers returned. Files that had been on hold for 12 to 18 months started moving again. Transaction volume is up slightly, driven by easing financing conditions and renewed visibility for investors. But the volumes of 2021–2022 remain out of reach. The market is fluid, for the right products.
A clear polarisation between assets
The market is clearly splitting into two categories. On one side, well-located, renovated residential buildings with low rental vacancy: they find buyers quickly, sometimes with several buyers competing. On the other, energy-intensive properties or those with technical or rental issues: timeframes are lengthening, prices are adjusting and negotiations are becoming markedly more technical.
The intrinsic quality of the asset has once again become the primary value driver, ahead of location alone.
Buyer profiles are reshaping
Institutional investors (pension funds, investment funds, insurers) are back, but with stricter requirements on ESG criteria and a marked preference for so-called “core” assets, secure and free of apparent defects. Private investors and family offices, for their part, play a growing role in the mid-market segments: more flexible about repositioning, they capture off-market opportunities and situations that call for an entrepreneurial approach. They are often the ones who make the market where others hesitate.
Negotiation has become technical again
The era of ultra-competitive processes is over. Due diligence is rigorous, and the gaps between asking prices and transaction prices have widened, particularly for assets that need repositioning. The market is more rational and buyers are better informed. This is good news for those who know how to structure an offer.
2026: sell or acquire?
For sellers, the window remains open, provided the property is well positioned and the pricing is consistent with market realities. Waiting is not without risk: energy and regulatory requirements could weigh more heavily on valuations in the coming years.
For buyers, 2026 offers advantages rarely found together: real room for negotiation on certain assets, and access to files that would not have been available two years ago. Value creation now depends on the ability to identify the right asset, control conversion costs and position oneself at the right point in the cycle.
The expert’s view
Immersia supports you in the analysis, structuring and arbitrage of your real estate transactions. Let us talk about your file.