2016年瑞士房地产市场研究报告.docVIP

INVESTMENT SOLUTIONS PRODUCTS Economic Research Swiss Real Estate Market 2016 Banished from paradise March 2016  Rental apartments S upply galloping ahead of demand Page 23 Office property Falling demand exacerbating cut- throat competition Page 36 Crowdfunding Will the crowd revolutionize investing? Page 18  Table of contents Management summary 4 Owner-occupied housing 7 Demand Supply 7 Market outcome 10 Outlook for owner-occupied housing in 2016 12 17 Real estate crowdfunding: Alternative form of financing on the rise 18 Rental apartments 23 Demand 23 Supply Market 26 outcome 27 Outlook for rental apartments in 2016 31 Digitalization: Digital revolution spreads to the construction sector 32 Office property 36 Demand 36 Supply 39 Market outcome 41 The 15 largest office property markets at a glance 43 The five largest office property markets in detail 43 Zurich 44 Geneva 46 Berne 48 Basel 50 Lausanne 52 Outlook for office property in 2016 54 Retail property 55 Demand 55 Supply Market 57 outcome 58 Outlook for retail property in 2016 63 Medical centers: Sharing economy in healthcare 64 Real estate as an investment 67 Direct real estate investments 67 Indirect real estate investments 71 Outlook for real estate as an investment in 2016 76 Factsheets: Regional real estate markets at a glance 77  Management summary Banished from paradise For more than ten years, Switzerlands real estate markets have enjoyed near-paradise conditions of continuously increasing prices and rents, booming demand and low vacancies in the wake of low interest rates. In recent years, however, there have been growing signs that a different era is gradu- ally dawning. Though the future isnt all too bleak, but the fruits are no longer hanging so low and real estate investors will find it difficult to come by such easy returns. L ast years negative interest rates more or less lit the touch paper for the final phase. Going forward