Property

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Listed Swiss Property Fund List – Overview

For a client I recently compiled the following list of Swiss Property Funds; Available as XLS and Immofonds PDF for download. Name ISIN Marktkapit. In Mio. CHF * Ausschüttungs-rendite (%) Anlagefonds Agio Grundbesitz Kurs 30.04.17 UBS Swiss Sima CH0014420878 7’787.00 2.9 Gemischt 30.4 Indirekt 112 CS 1A Immo PK CH0008443035 3’959.00 3.5 Gemischt 24.9 Direkt 1500 CS Ref Siat CH0012913700 3’163.40 2.6 Wohnen 44.6 Indirekt 204.9 CS Ref Livingplus CH0031069328 2’857.00 2.4…

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Buy Shares / Equities or a House?

If you take a look at what the masses are doing, and you subscribe to the opinion that the masses are more often not good investors than vice versa, then currently is a great time to sell a house and buy equities with the proceeds. In my opinion. The following graphs illustrate the issue: I found these graphs at http://zendepot.de/8-immobilien-irrtuemer-teil-1/


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Swiss Real Estate Investment Funds – List 2015

Investors looking for a bargain in the Swiss Real Estate market will have trouble finding value. Currently the premium paid is close to 20% (the long term average is 7%). The agios for real estate funds have reached new absoulte highs of over 35%. That’s more than double the historic agio of 16%. Only when compared, this is the key, to the zero yield government bonds or cash markets are…


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Züblin Immobilien (ZUBN) – A play on ECB QE for 2015-2016

Züblin Immoblien has a large part of its property portfolio in France, Holland and Germany (next to Switzerland). As the company has announced it wants to sell the commercial properties in France, which are in somewhat of a slump, it can be expected that ECB QE will lead to more liquidity and therefor a higher probability of being able to sell the properties. As it’s currently not clear where the…




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Second Homes Initiative and Ermatingen

Here’s some background by Credit Suisse research on the theme Second Homes Initiative (PDF), which is also published on the website of the Swiss Tourism Association: Ermatingen had 1240 flats according to RFP2000 data of which 84% (1046) are in use all the time, 9% (119) some of the time and 6% (75) none of time. As of 31.12.2011 the number of flats has increased to 1557 of which 82% (1269)…


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UBS: Swiss Office Space Index – Supply exceeding Demand

Today I came across this article this article in the bi-weekly magazine “Bilanz Homes”. Interesting to note that both large banks – Credit Suisse and UBS (Office-Investment-Index-DE) – come to the conclusion that the market is showing supply diverging away from demand. UBS notes that the increase of 40-50’000 jobs contrasts the office space coming to market for close to 70’000 jobs. This oversupply situation fits with anecdotal evidence I received 10…


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Mortgage Rates in Switzerland Accelerating Up

According to the chart below, published by comparis.ch today, mortgage rates are spiking upwards. In the last 6 months the rates for 10-year mortgages in Switzerland have moved up 0,5%. The pace has been accelerating in the past 2 months which saw 0,3% or 60% of the 6 month move. If the pace continues, rates could be at 4% by end 2014, beginning 2015 (also check 2nd chart). Anecdotal evidence…


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Housing Bubble in Norway?

These remarks out from S&P late on Friday regarding Norway caught my eye: A possible short-term risk is the vulnerability of households’ debt-servicing capacity to increased interest rates or a correction in house prices. Average house prices have increased by more than 50% since 2005, and by 8% on average over the past three years. Prices are now 190% of the 1992-2012 average, substantially higher than Nordic peers. Household debt…