On 18 August 2026, the National Council’s Economic Affairs Committee followed up by recommending that the substance of Motion 24.3961 be adopted. It aims to reverse previous relaxations of the Lex Koller and, in the case of main residences, second homes, holiday homes, blocks of flats and commercial properties, return to a position closer to that of the Lex Friedrich of 1985.
This approach strikes a particularly sensitive chord in the commercial property sector. Office blocks, hotels, retail spaces and logistics properties often require significant investment for energy-efficiency refurbishments, technical upgrades and changes of use. If a portion of foreign capital is withdrawn, it remains unclear who is to fill this gap in large-scale portfolio projects.
Federal strategy employs other levers
The contradiction with official housing policy is clear. The Action Plan on Housing Shortages of 13 February 2024 comprises 35 measures and focuses on faster procedures, densification and an increased supply. A tightening of the Lex Koller is not among them. In parallel, on 15 April 2026, the Federal Council opened the consultation on the revision of the Act and also published a regulatory impact assessment.
This situation is a delicate one for the property sector, as it means two political approaches are running in parallel. On the one hand, the federal government wants to facilitate the creation of more housing through planning and procedural measures. On the other hand, regulations are being pushed through that also affect commercial property, even though it is precisely in this sector that substantial funds are often required to renovate existing stock.
Domestic capital is not a given
The investment side also argues against simplistic replacement assumptions. According to the 2025 Swiss Pension Fund Study, Swiss property accounted for 22.6 per cent of portfolios, whilst indirect foreign property accounted for 3.7 per cent. Whilst this demonstrates the strong position of property within the second pillar, it does not indicate an unlimited reserve for additional large-scale refurbishments of the commercial property portfolio.
Geneva illustrates just how capital-intensive such projects can be. The Fairmont Grand Hotel Geneva has been closed since 20 December 2024 for a comprehensive renovation and is aiming to reopen in 2028. Industry media estimated the investment volume in 2025 at around 350 million Swiss francs. Projects on this scale cannot simply be replaced by other sources of capital in the Swiss market.
More restrictions, unclear impact
This brings an uncomfortable question to the fore. If Switzerland imposes stricter restrictions on foreign investors’ access to commercial property, it is precisely those refurbishments and conversions designed to bring buildings up to standard in terms of energy efficiency and operational performance that may be delayed. The next political step now lies with the National Council, which must decide on the main demand of Motion 24.3961, supported by the WAK-N.
