As the crisis in international Geneva deepens, Robert Curzon Price, head of real estate firm Barnes, warns of the potential impacts on the local property market. In his view, Geneva authorities should move to acquire parcels that may become available as international organisations move out.<\/p>\n
From his office, Robert Curzon Price casts a contented glance over the \u00c9tang district in Vernier. \u201cYou see, it\u2019s starting to come to life,\u201d he says, with a warm smile. But the chief executive officer and partner of Barnes Commercial Realty did not agree to meet with Le Temps to talk up his firm as one of Switzerland\u2019s leading brokerage players or to celebrate a new neighbourhood on the rise. He is worried about the hollowing-out of international Geneva and what it means for the property market \u2013 an issue he cares about \u201cas a citizen\u201d.<\/p>\n
\u201cWe are at a turning point. International Geneva will not return to its previous state,\u201d he explains. \u201cPart of the space currently occupied by international organisations and NGOs will be freed up. The state must not miss this unique opportunity to regain control of these properties, even if it\u2019s temporary. It\u2019s a significant land reserve, and a particularly valuable one at a time when housing is scarce.\u201d<\/p>\n
A silent exodus<\/p>\n
While the cantonal master plan for 2050 is at a standstill, construction procedures tend to drag on, and developers vye for the last buildable plots in the canton, international Geneva has barely featured in the public debate. \u201cIt\u2019s the elephant in the room,\u201d says Curzon Price.<\/p>\n
Yet, last year, consultancy firm W\u00fcest Partner estimated that the international organisation sector accounted for 650,000 square metres of office space \u2013 half the size of the future PAV (Praille-Acacias-Vernets) urban development zone. The space is spread between the Nations district and the municipalities of Grand-Saconnex and Pregny-Chamb\u00e9sy. \u201cThose are among the most beautiful areas in Geneva,\u201d notes Curzon Price, who says he has already visited several vacant buildings.<\/p>\n
This potential is the direct result of the funding crisis impacting international Geneva. Since the first job cuts were announced following the Trump administration\u2019s retreat from multilateralism in early 2025, that trend has continued, though more discreetly. Many international civil servants are now returning to their home countries without appearing in official unemployment statistics, leaving the true scale of departures difficult to assess. Switzerland\u2019s foreign affairs ministry, which issues legitimation permits for international Geneva workers, reported a drop of around 1,000 staff between 2024 and 2025 \u2013 from 25,600 to 24,600 \u2013 across UN agencies with a headquarters agreement.<\/p>\n
Paola Ceresetti, spokesperson for Switzerland\u2019s diplomatic mission in Geneva, describes a constantly evolving situation. \u201cWe will see the full effects over the course of the year, once employment contracts formally expire following legal notice periods. In cases of layoffs or voluntary departures, it can take between six and nine months.\u201d<\/p>\n
The real situation for NGOs and the broader Geneva network is equally uncertain. B\u00e9atrice Ferrari, head of the canton\u2019s international affairs department, declined to provide any further comment. During the World Economic Forum in Davos, Geneva cantonal councillor Nathalie Fontanet acknowledged that \u201cinternational Geneva will have to reinvent itself\u201d.<\/p>\n
For Curzon Price, the state must not \u201cstand by and watch the train go by\u201d. \u201cThe creation of public-private consortiums bringing together Geneva-based institutional actors could make it possible to acquire and enhance these strategic assets,\u201d he suggests. Without it, the private market will fill the void, with well-funded actors, including insurers and Swiss pension funds, chief among them.<\/p>\n
Cautious political response and technical constraints<\/p>\n
That idea has been quietly floated among some senior officials, with little effect so far. Politicians also remain cautious, wary of sending the \u201cwrong signal\u201d about Geneva\u2019s and Switzerland\u2019s support for international Geneva. <\/p>\n
\u201cIt must be preserved at all costs. That is the number one priority,\u201d insists S\u00e9bastien Desfayes, a local lawmaker. The centrist politician says he is \u201cless pessimistic\u201d than a few months ago, noting that the war in Iran has reshuffled the deck and weakened certain \u201csystemic\u201d competitors such as Dubai and Abu Dhabi.<\/p>\n
\u201cI support converting administrative offices into housing where possible,\u201d Desfayes continues. But as president of Geneva\u2019s Grand Council\u2019s housing committee, he is aware of the many legal and technical hurdles. First, there\u2019s the issue of buying back the building surface rights granted by authorities to international organisations for periods stretching over several decades \u2013 a prerequisite for any change of use.<\/p>\n
The second challenge involves renovations. Despite a loosening of regulations in 2015, only around ten conversions are completed in Geneva each year. \u201cThere is a whole range of standards to meet, whether for sanitation or ventilation systems. The work is not impossible, but it is costly,\u201d says Laurent Seydoux, another lawmaker. The buildings occupied by international organisations feature specific layouts: conference rooms and other spaces that are difficult to convert, as well as challenging security requirements.<\/p>\n
Nevertheless, Seydoux believes \u201ca comprehensive assessment\u201d of the situation is much needed. \u201cThis is not about selling off international Geneva, but about determining what can be taken over in the long term, at what price and for what purpose. I am not in favour of state ownership of buildings, but we need to anticipate and have a clear vision,\u201d he says.<\/p>\n