05 November 2026 — Ramzi Chamat
Editorial update :
Geneva, Lausanne, Zurich, Basel, Bern: Where to find value?
Choosing an investment city is not about designating the one where prices will rise the most. One must reconcile entry budget, rental demand, renovation work, financing, and holding horizon. Geneva, Lausanne, Zurich, Basel, and Bern offer five grounds for analysis, but no address becomes a good deal simply because of its reputation.
Cover: AI-generated conceptual illustration, without exact geographical representation of the cities.
1. Using indicators without creating a buying ranking
In its analysis of August 6, 2026, UBS presents a regional map based on first-quarter data. Zurich shows high imbalance there and Lausanne an increased imbalance. In Basel, Bern, and Geneva, below-average price growth in recent years has contributed to a relaxation.
This relative reading of risks does not mean that every building in these cities is overvalued or undervalued. It does not constitute a return forecast either. The opportunities below are areas of research, not available offers or acquisition recommendations.
2. Five cities, five priority investigations
City | Track to examine | Decisive question |
|---|---|---|
Geneva | Well-connected existing residential | Does the budget include renovations and rental framework? |
Lausanne | Asset to improve | Does the price gap actually cover the renovation? |
Zurich | Disciplined purchase | Does the result withstand a high entry price and debt cost? |
Basel | Rental profile and employment pool | Is demand too dependent on one type of tenant? |
Bern | Long-term holding | Do the occupants' needs match the property and its maintenance? |
These questions are our method of comparison. They do not claim to describe local statistics that the sources consulted do not provide.
3. Comparing flows, not just gross yield
A useful indicator is the operational yield after charges: reasonably collectable annual rents, minus non-recoverable charges and maintenance provision, divided by the total acquisition budget. Vacancy must be taken into account without double counting. Financing, taxation, major works, and exit costs require separate analysis.
Hypothetical example: two buildings show the same gross yield. One requires major work in the short term; the other presents a higher relocation risk. They do not necessarily produce the same disposable income. No actual local return is assumed in this example.
4. The checklist for a defensible opportunity
- Gather references for comparable rents and transactions.
- Verify rental constraints and legal situation.
- Establish a renovation schedule and a financial reserve.
- Test debt, vacancy, and exit in a less favorable scenario.
- Examine dependence on an employer or an occupant profile.
The UBS communal tool can serve as a documentary starting point, not a validation of your investment.
5. Perspectives are built through scenarios
Consider stable demand, less favorable financing, or more expensive works, rather than an automatic capital gain in 2027. An attractive city does not compensate for a poor entry price. To refine your criteria, contact OAKS.
Sources and revision
UBS: price development and regional imbalances, consulted on November 5, 2026. Editorial review: November 5, 2026. General analysis, without personalized financial advice or guaranteed return.
