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Long reserved for owners and institutional investors, Swiss real estate funds are now accessible to all private individuals.


  • They open the door to portfolios composed of dozens of properties (residential, office, retail), managed by professionals who optimize each asset in order to ensure regular returns.
  • For many private investors, this is a way to participate in the dynamics of "Swiss real estate" while avoiding the day-to-day management of a property and the constraints related to maintenance or tenants.
  • The fund generates income mainly from collected rents, as well as potential capital gains when properties are resold. These revenues are distributed to investors proportionally to their units.

What is a real estate fund?

A real estate fund is a collective investment instrument regulated by the CISA (Federal Act on Collective Investment Schemes). It allows investors (private individuals, pension funds, etc.) to indirectly hold a diversified portfolio of real estate assets located mainly in Switzerland.


The main objective of a real estate fund is to generate regular income through the collection of rents and, potentially, capital gains upon the resale of buildings.


Each unit represents a fraction of the total value of the portfolio, which amounts to becoming a co-owner of the whole without directly purchasing a property. As a result, you do not have to manage all the administrative procedures usually required in the context of a traditional acquisition.


Why invest in a real estate fund?

Swiss real estate enjoys a reputation as a safe haven, notably thanks to historically resilient prices, sustained demand in the most active economic areas (Geneva, Lausanne, Zurich…), and a highly structured legal framework.


Simplified management

No administrative management, no property condition inspections, no interaction with tenants: everything is handled by the fund’s team. Your role is limited to holding your units, receiving distributions, and monitoring management reports.


A diversified portfolio

Whereas a traditional real estate purchase concentrates your wealth in a single asset, a fund spreads the investment across a multitude of assets.


This diversification reduces exposure to fluctuations in a specific neighborhood or segment. Residential properties, offices, retail spaces: risks are smoothed over a broad base, which is one of the strengths of Swiss "paper real estate".


Accessibility and increased liquidity

With a real estate fund, there is no need to invest millions of francs. Indeed, this structure allows access to paper real estate with a much lower initial amount, often equivalent to the price of a single unit.


Moreover, unlike direct property ownership, where selling can take months and generate significant costs funds (especially those listed on the stock exchange) offer daily liquidity. You can buy or sell your units during market hours through your bank or broker, making portfolio adjustments easier.


How to invest in a Swiss real estate fund?

Where to buy units?

The simplest method is to go through your bank or an online broker. Listed real estate funds are traded like shares on the stock exchange: you place a buy order, and the units then appear in your securities portfolio.


This direct mechanism facilitates monitoring and allows buying or selling at any time during market hours.


What is the entry price?

The entry ticket depends on the unit price, which varies by fund: some display unit values around CHF 100, while others exceed CHF 1,000. This flexibility makes it possible to spread investments over time and gradually adjust exposure to real estate.


What types of funds should be favored?

Listed real estate funds (SIX Swiss Exchange)

These are a type of collective investment that pools investors’ money to acquire a diversified portfolio of Swiss real estate assets. Their units are publicly traded on the Swiss stock exchange (SIX Swiss Exchange), thus offering excellent liquidity compared to direct real estate.


This model allows private individuals to access real estate with small amounts and benefits from a preferential tax regime in Switzerland.


Unlisted real estate funds (restricted)

These funds are not traded on the stock exchange, which makes their units less liquid. They are mainly intended for qualified or institutional investors, as entry and exit conditions are stricter and take time.


In return, their value is generally more stable, as it directly reflects the value of the underlying real estate assets, without the daily influence of stock market fluctuations. For a private investor, flexibility is limited, but they offer low volatility.


Real estate funds: how much do they yield?

The two types of returns to monitor

To assess the overall return of a real estate fund, two sources of performance must be considered:


  • Distributions: periodic income derived from rents, paid annually or semi-annually. It varies depending on the portfolio composition, occupancy rate, and management costs.
  • Total performance: the change in the value of the fund’s units. It increases when the fund’s properties gain value (through energy improvements, land revaluation, targeted renovations, or rising local demand).

Vacancy rate

The vacancy rate measures the percentage of unlet properties in the portfolio. It is a key indicator for assessing the solidity of a real estate fund. The lower it is, the more occupied the buildings are, ensuring better stability of rental income.


Well-managed portfolios maintain low vacancy rates thanks to careful location selection, continuous building renovation, and active tenant management.


Fees to watch (TER)

The Total Expense Ratio (TER) includes all costs charged by the fund: management, administration, maintenance, auditing, and communication. This percentage, expressed relative to the total value of the fund, mechanically reduces net returns.


An excessively high TER can weigh on performance, even if the portfolio’s properties deliver good results. When selecting a fund, consider comparing TERs among similar funds to identify those that combine efficient management with a controlled cost structure.