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VIDEO · 09 JULY 2026

Five × Five: The Lex Koller Reform — A Legal Change Aimed At The Wrong Problem (Video)

Lindemann Rechtsanwälte
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Switzerland's Federal Council proposes a stricter Lex Koller that would subject listed real estate funds, SICAVs, and real estate companies to authorization requirements for the first time. The reform aims to address housing shortage concerns but faces criticism for treating capital market investments like direct land ownership, raising questions about enforceability, proportionality, and unintended consequences for the financial center.

SwitzerlandReal Estate and Construction
Dr. iur. Alexander Lindemann
Dr. iur. Alexander Lindemann
Emmanouil Kazakos
Emmanouil Kazakos

Switzerland is arguing over a housing shortage, and the Federal Council delivers an answer: a stricter Lex Koller. The consultation has been running since 15 April 2026 and ends on 15 July 2026. For the first time, listed real estate funds, SICAVs and real estate companies are to fall under the authorisation regime. It sounds like decisive action. Above all, it is symbolism. For the bill does not address the cause of the scarcity, but the capital market that helps finance housing construction, and it does so with an instrument that can hardly be enforced in exchange trading. The political trigger is well known: after the debate over the «10-million Switzerland», the Federal Council promised accompanying measures. This reform is one of them. The driver is the optics of the immigration debate, not evidence that foreign investors are driving up rents.

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