Fig. 3
Net initial returns and the spread. Notes: Net initial returns (source: Wüest Partner AG) comprise yearly returns, whereas real estate specific costs, such as refurbishment or running costs, have been deducted. Net initial returns are available for residential housing and industrial real estate. The spread for residential housing and industrial real estate has been calculated in subtracting yields on governmental bonds with 10-year maturity (source: data.snb.ch) from net initial returns of the respective real estate segment. The displayed time frame ranges from 2005 Q1 to 2018 Q4