Resilience Amidst Turbulence : A comparative analysis on the impact of rising interest rates on Swiss listed real estate funds versus European counterparts / Guillaume BONNARD

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Resilience Amidst Turbulence : A comparative analysis on the impact of rising interest rates on Swiss listed real estate funds versus European counterparts / Guillaume BONNARD

Study and report

BONNARD, Guillaume . Author

Published by ESCP Business School - 2024

Library: Madrid London Turin Paris Champerret Paris Montparnasse

Source : Syracuse

Item type

Study and report

Dissertation

MRE Real Estate

Language

English

Publication year: 2024

Subjects: NATIONAL INCOME ACCOUNTING - REAL ESTATE TAXATION - INTEREST RATE

Geographical area: LEXICON_00000711

The thesis examines the resilience of Swiss-listed real estate funds compared to European counterparts amid recent interest rate hikes. Key metrics such as Discount to NAV, Maximum Drawdown (MDD), and Loan-to-Value (LTV) are analyzed to assess their sensitivity to macroeconomic shifts. Regression results show a stronger inverse relationship between interest rates and Discount to NAV in Switzerland, while Europe’s market fragility was enhanced by regional disparities. Despite higher LTV ratios, Swiss funds displayed greater stability, with smaller drawdowns than those in Europe. The analysis highlights how market fundamentals, regulation, and leverage shape fund resilience during economic turbulence.