European Insurance News & Views "Empirical approach to Swiss real estate..."

Research evidence excerpt

European Insurance News & Views "Empirical approach to Swiss real estate..."

Global Research

9 June 2026ab

European Insurance News & Views Equities

Europe including UKEmpirical approach to Swiss real estate stocks

Financial

Nasib Ahmed, FIA

Headline: Empirical approach to Swiss Real estate stocks Analyst

nasib-za.ahmed@ubs.com

We highlight an updated note from our Swiss Real estate analyst (see here) where an +44-20-7568 8231

empirical approach is used to assess Swiss Real estate stock valuations. The conclusion Will Hardcastle, CFA

indicates that, although Swiss Real estate shares are down over the last 3 months, the Analyst

model continues to suggest overvaluation. Therefore, we do not see positive read-across will.hardcastle@ubs.com

for Swiss Life (one of the largest real estate managers in Europe) within our coverage. +44-20-7567 9763

Qian Lu

AnalystUBS Summary:

qian-za.lu@ubs.com

+44-20-7567 4657

The empirical model takes macro signals and develops a historical relationship with

Chloe Ryan

share prices. There are different models used; however, the conclusion for listed real Associate Analyst

estate companies is that there is limited upside going forward. Our analyst, therefore, chloe.ryan@ubs.com

reiterates their neutral stance on the Swiss real estate sector. Swiss Life is one of the +44-20-7567 3505

largest managers of real estate in Switzerland and we do not see any positive read-

across from the latest update (see our downgrade note here). We also note potential

political headwinds from the real estate market, and the next date to watch is the 14 of

June vote on the 10 million population cap in Switzerland (see here). We would see a

vote in favour of the cap as implying potential downside for Swiss Real estate given