GKB stays neutral on Swiss listed real estate as rates and valuations cap near-term upside
XLRE•GKB kept a positive outlook for Swiss real estate investments in Q3 2026 but remained neutral on listed funds and real estate equities, citing interest rates, high valuations and limited short-term return potential.
1. Neutral on listed vehicles
GKB said housing shortages, stable rents and limited new supply supported its positive outlook for Swiss real estate investments in Q3 2026. It held a neutral stance on listed real estate funds and equities, citing interest-rate conditions, high valuations, heavy issuance after prior-year gains and valuation dispersion. The bank flagged further Q4 2026 capital raises by non-listed vehicles, which it said are mainly accessible to pension funds rather than retail investors.
