Swiss Real Estate: Expert Call on recent voting outcomes around 10m initiative

Research evidence excerpt

Swiss Real Estate: Expert Call on recent voting outcomes around 10m initiative

Global Research

15 June 2026ab

Swiss Real Estate Equities

SwitzerlandExpert Call on recent voting outcomes around

10m initiative Real Estate

Tommaso Operto, CFA

Analyst

tommaso.operto@ubs.com

Busy weekend for voters +41-44-239 2049

We hosted an expert call with the founder and CEO of a national real estate broker to Charles Boissier, CFA

learn about implications of the popular vote (replay available upon request) from Analyst

June 14th. On a national level, the 10m initiative would have had potentially far reaching charles.boissier@ubs.com

consequences on competitiveness and the economy of Switzerland, but was rejected. +44-20-7568 4415

On a Cantonal level, Zurich voted on three initiatives and two counterproposals with a

focus on residential real estate.

Lex Koller means uncertainty likely to persist

Despite rejection of the 10 million initiative (also called sustainability initiative), the

expert indicated that immigration and housing shortage clearly is an important topic for

the Swiss electorate, and that accordingly, more similar initiatives could appear.

However, these votes would suggest that the radical limitation of immigration and the

risk of seeing a cancellation of bilateral agreements with EU are for less likely, according

to the expert. The tightening of Lex Koller however, and its exact content is still being

discussed. While it has no direct connections to the Sustainability initiative, it does partly

address similar topics. According to the expert, the passing of the tightening would have

potentially far reaching consequences, as it would restrict foreign ownership of

commercial property, in addition to residential property which currently is already more

regulated.