{"id":275070,"date":"2026-08-24T23:42:18","date_gmt":"2026-08-24T23:42:18","guid":{"rendered":"https:\/\/www.europesays.com\/ch-fr\/275070\/"},"modified":"2026-08-24T23:42:18","modified_gmt":"2026-08-24T23:42:18","slug":"le-paradoxe-des-fonds-immobiliers-suisses","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ch-fr\/275070\/","title":{"rendered":"Le paradoxe des fonds immobiliers suisses"},"content":{"rendered":"

\n Graphique de la semaine de Swisscanto. Pourquoi les agios record ne refl\u00e8tent plus la remont\u00e9e des rendements obligataires.\n <\/p>\n


\n\u00a9Keystone<\/p>\n

\u00a0<\/p>\n

Les fonds immobiliers suisses se n\u00e9gocient \u00e0 32,9% d\u2019agio \u00e0 fin juillet, dans le d\u00e9cile sup\u00e9rieur de leur historique sur 28 ans \u2014 loin du plus bas de 5% (octobre 2023), pas si loin du record de 44,9% (juillet 2021). Habituellement, l\u2019agio se comprime quand les rendements obligataires montent: la relation historique, nettement n\u00e9gative, le confirme. Depuis 2023 pourtant, le march\u00e9 d\u00e9roge \u00e0 cette logique \u2014 le rendement \u00e0 10 ans des Conf\u00e9d\u00e9r\u00e9s a nettement progress\u00e9, sans que la prime vers\u00e9e pour d\u00e9tenir de l\u2019immobilier cot\u00e9 ne s\u2019ajuste en cons\u00e9quence.<\/p>\n

Le signal le plus r\u00e9v\u00e9lateur vient du financement: le Pfandbrief \u00e0 10 ans, r\u00e9f\u00e9rence du refinancement hypoth\u00e9caire suisse, rend d\u00e9sormais plus de 1%. La prime de risque implicite entre rendement immobilier et co\u00fbt de la dette s\u2019est donc \u00e9rod\u00e9e, sans que les agios n\u2019en tiennent compte.<\/p>\n

Cette d\u00e9connexion tient \u00e0 la structure de l\u2019offre, contrainte, face \u00e0 une demande institutionnelle domestique \u2014 caisses de pension, assureurs \u2014 qui continue d\u2019affluer vers un proxy obligataire fiscalement avantageux, ind\u00e9pendamment du cycle des taux.<\/p>\n

Reste \u00e0 savoir ce qui, d\u2019une remont\u00e9e des taux ou d\u2019un choc de liquidit\u00e9, forcera le march\u00e9 \u00e0 repricer cet \u00e9cart.<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"Graphique de la semaine de Swisscanto. Pourquoi les agios record ne refl\u00e8tent plus la remont\u00e9e des rendements obligataires.…\n","protected":false},"author":2,"featured_media":275071,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[6],"tags":[45,44,43,23],"class_list":["post-275070","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economie","tag-business","tag-economie","tag-economy","tag-suisse"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ch_fr\/117153139811724293","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch-fr\/wp-json\/wp\/v2\/posts\/275070","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ch-fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ch-fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch-fr\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch-fr\/wp-json\/wp\/v2\/comments?post=275070"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch-fr\/wp-json\/wp\/v2\/posts\/275070\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch-fr\/wp-json\/wp\/v2\/media\/275071"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch-fr\/wp-json\/wp\/v2\/media?parent=275070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch-fr\/wp-json\/wp\/v2\/categories?post=275070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch-fr\/wp-json\/wp\/v2\/tags?post=275070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}