In SIT Immobiliare's experience, how does the continued rise in real estate prices impact access to homeownership, despite falling interest rates?
Falling interest rates help with repayments, but they don't offset rising prices: the real obstacle today is the down payment (equity) and meeting sustainability criteria. If prices rise, more equity is needed, increasing the risk of defaulting on financing, even with lower interest rates. Furthermore, supply remains structurally limited in many sought-after areas, so demand quickly shifts to the few high-quality properties, and prices hold. In Switzerland, after the SNB's rate cuts between 2024 and 2025, interest rates have indeed cooled, but the access issue has become primarily a question of capital and bank selectivity.
Why are there such marked differences in price trends between the various linguistic regions of Switzerland?
Because prices don't follow a "single Switzerland," but rather micro-markets with different fundamentals: employment dynamics, wage levels, availability of building land, permit times, attractiveness for businesses and residents, accessibility (transport), and stock quality. In recent years, we've also seen polarization: the most expensive and sought-after areas react differently to rates than more peripheral regions. Market studies clearly show that regional differences have widened and that growth is uneven across regions and types.
What risks does the growing preference for flexible money market mortgages pose for buyers?
«The main risk is cost volatility: with a solution like SARON, the rate can rise relatively quickly and immediately impact the instalment, creating liquidity stress if the budget is tight.
The second risk is behavioral: when rates are low, there is a tendency to underestimate upward scenarios and not plan a hedging strategy. The good news is that many SARON structures allow you to convert to a fixed rate (with rules and timeframes to be carefully evaluated), so flexibility must be managed with discipline: maximum acceptable instalment threshold, liquidity reserve, and conversion plan.
Why are banks strengthening their position relative to other operators in the mortgage market?
Because they have scale, a sales network, processes, and, above all, funding and integrated risk management capabilities. In Switzerland, the share of mortgages remains largely bank-led; insurance companies and pension funds are present, but their overall weight is very limited (just a few percentage points).
Furthermore, the recent phase has rewarded institutions with a strong domestic base and widespread distribution: for example, cantonal banks have further strengthened their dominant position in terms of share".
Why, despite seemingly favorable market conditions, is it still essential to carefully compare financing offers?
Because "rate" doesn't mean "total cost," and because the differences between offers are based on details that matter significantly over time: applied margins, renewal conditions, conversion options, amortization flexibility, additional costs, rules for early repayment, and interest rate risk management. Furthermore, even though target rates have dropped, actual offers can vary significantly between institutions and customer profiles, and in 2026, the choice between fixed and variable rates should be made based on time horizon, income stability, and tolerance for fluctuations, not "following the market." Even comparison platforms show significant discrepancies between the best and worst conditions for the same term.
What are the most interesting real estate solutions you're currently offering in the Ticino market?
«In our portfolio there are many proposals These properties meet high-end residential needs, boasting excellent lake views, or offer attractive investment opportunities with properties for rental. For example, the apartment with REF 12290 on one of Lugano's most important streets is certainly a valuable asset due to its prime location, but also for the quality of the finishes, the result of a synergistic collaboration between SIT Immobiliare and SIT Design. Owners/investors who choose to purchase with a strategic focus on renovating, functionally furnishing, and then reselling or renting out the property can benefit from highly professional support throughout the process. Also in the heart of Lugano, in a prestigious residential area just steps from the city center, a refined 4.5-room apartment (Ref. 12033) with a splendid lake view is offered for sale. The property is located in a modern and exclusive recently built complex, enhanced by high-quality finishes. Other interesting offers are in Massagno (Ref. 12280), in the heart of the prestigious Residenza Santa Lucia, an elegant, recently built complex with modern and refined lines, where a spacious and bright 4.5-room apartment overlooking Lake Lugano is available. In Maroggia, a mixed-use building (Ref. 12230) comprising residential units, commercial spaces, and ancillary rooms is ideal as a medium-term investment with potential for future development. Finally, also in Maroggia, a building plot of approximately 200 m² (Ref. 12231) is available in a residential area nearing completion, conveniently located and well-served.
And what new developments would you like to share with other international markets?
We must always maintain a very cautious approach: as a local operator, international offers should only be communicated if you truly have a pipeline and active partners in those countries. A safe formulation is this: we are carefully evaluating foreign opportunities through selected partners, favoring markets with clear regulations, liquid demand, and easily resold properties. The goal is not to "promise returns," but to offer coherent alternatives with different profiles (second homes, asset diversification, income-generating investments) and with thorough due diligence on legal, tax, and management aspects. A positive example of collaboration is our relationship with a company on Lake Maggiore that serves international clients for vacation homes or luxury properties for clients intending to relocate to Ticino. It's an important vehicle for us to expand our customer base.
