Real Estate Investment in Geneva: Between Caution and Recovery in the Third Quarter of 2025
After a third quarter of 2025 marked by a noticeable intensification of activity, Geneva’s investment property market confirms a cautious yet tangible recovery. The indicators show that the rapid correction observed over recent quarters is now giving way to a more balanced dynamic, supported by a clearer macroeconomic environment and stabilised investor expectations.
An increase in transactions, despite a slight decline in total volume
In the third quarter, the market recorded 35 transactions, representing a 40% increase (10 additional transactions) compared with the previous quarter. Over the same period, the total volume exchanged reached CHF 468 million, reflecting a 10% decline from the previous quarter. These developments indicate a significant decrease in the average amount per transaction, which now stands at CHF 13 million.
Transactions concentrated among a few key players
The five largest transactions of the quarter account for just under 50% of the total investment volume. The most significant were completed by Realstone, totalling CHF 109 million across three acquisitions, followed by Edmond de Rothschild’s SICAV, which invested CHF 63 million across five transactions. These operations highlight the discreet yet noticeable return of investment funds—selective but attentive to high-quality opportunities.
Publication of the 2026 capitalisation rates
As every October, the Council of State released the AFC capitalisation rates applicable for the coming year. These confirm the structural resilience of the residential market. By contrast, the commercial segment shows a more mixed picture, with a more pronounced increase in yields for assets located in secondary or peripheral areas.
A cautious but genuine recovery
Geneva remains an attractive market. The trends observed in the third quarter suggest that this momentum could continue into the fourth quarter, assuming new investment opportunities arise and the economic context remains stable.
