KPMG surveyed roughly 400 real estate experts from across Switzerland about their expectations for economic and price developments in the real estate investment market over the next twelve months. This year’s sresi® also examines the significance of the geopolitical and economic situation as an investment factor. It analyzes factors determining the availability of affordable housing, the implementation of risk analyses of portfolios regarding relation to climate risks and natural hazards, and sustainability factors relevant to returns.

      The Swiss Real Estate Sentiment Index (sresi®) 2025 shows that the Swiss real estate sector is optimistic about the future despite a cautious assessment of the economic situation. Within two years, the index has risen from its record low of -77.4 points to a new high of +69.5 points.

      Market players’ price expectations are the main drivers of this record high, with all participant groups anticipating rising real estate prices, particularly in the residential segment but now also for office and special-purpose properties. The price trend for commercial and retail properties continues to be viewed negatively. For the first time since the real estate index's inception, sentiment regarding price expectations for peripheral locations is also positive. Tighter regulation and the economic environment in Europe are once again viewed as the biggest risk factors.

      What is the sresi® and who participates?

      Since 2012, the Swiss Real Estate Sentiment Index (sresi®) has provided important insights on assessments of economic and price developments in the Swiss real estate investment market and has established itself as the market’s leading qualitative indicator for the real estate investment market.

      In this year’s study, roughly 400 real estate experts with a cumulative total investment or appraisal volume of over CHF 350 billion took part in the sresi® survey and shared their assessment of how the real estate investment market and real estate prices will develop in Switzerland. 

      Index and risk at a glance

      Visit our dashboards with all survey results over the time series.

      sresi

      Key findings of the 2025 sresi® survey on the Swiss real estate investment market

      Swiss Real Estate Sentiment Index at all-time high

      In just two years, the Swiss Real Estate Sentiment Index (sresi®) climbed from its historic low of -77.4 points to its all-time high of +69.5 points. This represents an unprecedented increase of 146.9 index points.

      The increase is primarily due to confident price expectations for real estate investments. Never in the index’s history has the assessment of the upcoming price trend been at such a high positive level. At the same time, sentiment regarding the economic situation is more cautious, signaling an expected slowdown in comparison with the previous year.

      Scoring 2.5 points on a three-point scale, the highest score ever recorded, tighter regulation is seen by the real estate sector as posing the biggest threat to the Swiss real estate investment market.

      In second place is the risk of contagion from the economic environment in Europe, which, at 2.0 points, does not differ significantly from the survey results of recent years despite geopolitical and economic challenges. Other risks, such as payment defaults and interest rate and monetary policy developments, are rated much lower, scoring 1.5 or fewer points.

      Real estate prices picking up

      At +131.0 points, price expectations for residential real estate have hit a new all-time high. 94 percent of respondents forecast slightly or significantly rising prices for residential real estate.

      In contrast to last year, price expectations for office and special-purpose properties are in positive territory, whereas price expectations for commercial and retail properties remain slightly negative.

      For the first time in the survey’s history, price expectations are positive across all location classes. This is particularly evident for central locations.

      The real estate industry expects a significant to strong positive price trend for the Zurich economic region, Central Switzerland, and the Lake Geneva region. Price expectations are slightly negative only in Basel and Lugano, but they are significantly higher than in the past three years.

      Special topic: investment factors and housing

      Around 50 percent of survey participants indicate that the geopolitical and economic situations have a moderate to clear impact on their investment decisions.

      Only 9 percent of respondents state that they do not factor the geopolitical and economic situation into their investment decisions.

      According to respondents, regulations and bureaucracy are the biggest factors negatively impacting the availability of affordable housing.More than 60 percent of participants attribute a very negative impact to these factors.

      Political developments and high construction costs are also assessed as being major obstacles.

      Special topic: sustainability factors

      Three quarters of those surveyed conduct at least a partial risk assessment of their portfolio with respect to climate risks and natural hazards. Only 14 percent of participants indicate that they are able to quantify these risks in their portfolios.

      Unsurprisingly, insurers are the investors that take the most specific approach to risk analysis. 

      When assessing investments and determining purchase prices, the focus is on return-relevant sustainability criteria such as location and accessibility, renewable energy sources and space efficiency and functionality in particular.

      Major cost drivers such as building and soil pollutants are named as key criteria as well. Social factors and biodiversity, on the other hand, play only a minor role in investment decisions and pricing.

      Get an overview of the 2025 sresi® results

      The full results of the survey are available on our dashboard. You can also filter the results as needed. 



       

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      Beat Seger

      Partner, Real Estate Advisory, Chief Digital Officer

      KPMG Switzerland

      Nicolas Nagy

      Manager, Real Estate Advisory

      KPMG Switzerland

      Christopher Gion Studer
      Christopher Studer

      Expert, Real Estate Advisory

      KPMG Switzerland

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