(Financial) services Real estate companies in turmoil over Lex Koller - delisting looms
The planned tightening of the Lex Koller could hit listed Swiss real estate companies hard. Industry representatives are warning of delisting, more difficult financing and negative consequences for the housing market.
20.05.2026, 14:54
SDA
The planned tightening of the rules on real estate purchases by foreigners has met with widespread criticism from listed Swiss real estate companies. This is because they could effectively force companies to delist. The sector is hoping that parliament will call off the Federal Council.
The Federal Council wants to significantly tighten the Lex Koller, which restricts the purchase of real estate in Switzerland by foreigners. The consultation opened on April 15 stipulates, among other things, that "persons abroad" will no longer be allowed to buy shares in listed residential real estate companies or regularly traded units in real estate funds. Persons abroad" are defined as persons without permanent residence in Switzerland and third-country nationals without a permanent residence permit in Switzerland.
In addition, purchases of commercial real estate by persons abroad are only to remain permit-free if they are used for their own business. In the case of third-country nationals, additional permit requirements are envisaged for main residences. The Federal Council justifies the revision with the tense situation on the housing market.
"Unrealistic preliminary review"
Around 20 real estate companies are listed on the Swiss stock exchange. And the proposal is causing some of them great concern. Mobimo CEO Daniel Ducrey hinted at a capital market day at the beginning of May that the new regulation would probably result in delisting from the stock exchange.
If foreign investors are no longer allowed to buy real estate shares, the question arises for the companies concerned as to whether a listing on the stock exchange would still be practicable. Hiag CEO Marco Feusi is particularly clear about this. He told the news agency AWP that the new obligation for stock exchange participants to check transactions involving listed securities was "unrealistic".
Stock exchange transactions must be executed quickly and often even automatically, he explained. A thorough preliminary check would not be possible. According to Feusi, the consequence would be: "All listed real estate companies would be delisted."
For Hiag itself, delisting would be technically possible but difficult, according to Feusi. Equity and debt capital would have to be refinanced, and third-party shareholders such as pension funds, insurance companies and small shareholders would also be affected.
The industry leader also warns
Swiss Prime Site, the largest real estate group on the stock exchange with a portfolio worth almost CHF 14 billion, has also issued a warning. In its current form, the bill "fundamentally calls into question" the capital market viability of listed real estate companies and real estate funds.
Other companies are more cautious. Warteck Invest, for example, states on request that the consequences for its own listing cannot yet be conclusively assessed. "Our current business model would certainly be noticeably affected. Delisting would be one of the reactions that would have to be examined."
Last word not spoken
Allreal is more relaxed. The company is convinced that the discussion is only at an early stage and that the bill will be revised after the consultation and during the parliamentary process. "We do not assume that it will be capable of winning a majority in its current form." However, if the bill were to be passed unchanged, this would "certainly have a significant impact on the financing of real estate investments in Switzerland".
SFP, which is listed on the stock exchange with its SF Urban Properties AG, does not consider delisting to be imperative even if the bill were to pass unchanged. The proportion of foreign shareholders is of a subordinate level, "so a delisting would not be a necessary consequence".
Nevertheless, the impact on the segment would be "immense" in SFP's view, because important representatives of the listed investment universe would have to go down this path. Delistings could also force sales of investment assets if foreign capital could not be fully replaced by domestic capital.
"Shooting sparrows with cannons"
The fundamental assessment of the reform ranges from skepticism to outright rejection. Hiag CEO Feusi calls the proposal "unnecessary, ineffective and in many cases even harmful" and speaks of "shooting at sparrows with cannons". Warteck Invest also considers the changes to be "not mandatory, largely unnecessary, ineffective and in some cases even harmful". The exclusion of foreign capital would reduce investment and further reduce the supply of rental apartments, which could create additional rental pressure.
Swiss Prime Site and Allreal argue similarly. SPS describes the tightening as "disproportionate and not expedient"; it would harm the economy and the functioning of the Swiss real estate market without helping to ease the situation on the housing market. Allreal calls the Federal Council's proposal "completely disproportionate" and points out that foreign capital does not take an apartment away from anyone, but rather contributes to the financing of real estate investments.
Zug Estates and Admicasa, which is listed on the BX Swiss, also doubt the effect on the housing market. Zug Estates does not consider the tightening to be suitable for alleviating the problems: The measures neither increased the supply of apartments nor did they have a significant impact on demand. Admicasa points to other causes of the housing shortage, such as lengthy approval procedures, rising construction and financing costs and sharp increases in land prices. The company is "skeptical" as to whether the Federal Council's measures will change anything in this context.
