Real Estate Services Switzerland: 5.5–8× EBITDA, 11,157 Firms (2026)

1.0Market Snapshot

11,157: Enterprises in real estate brokerage (NOGA 68.31: 3,778) and property management for third parties (NOGA 68.32: 7,379) in 2024, BFS STATENT. Up from 9,316 in 2011.
49,360: Employees in 2024 (31,258 full-time equivalents), BFS STATENT: 16,428 in brokerage and 32,932 in property management. The average firm has fewer than three full-time staff.
−0.8%: Change in employment in 2024 (49,757 to 49,360), BFS STATENT. Brokerage grew (+3.0%), property management shrank (−2.6%) — its employment has fallen 6% since 2020 while the number of firms stayed flat.
1.00%: Swiss housing vacancy rate on 1 June 2025, the fifth decline in a row and the lowest in twelve years (BFS). Geneva 0.34%, Zug 0.42%, Zurich 0.48%.
CHF 240M: Price PHM Group paid in 2024 for Investis's property-services business (incl. Privera): CHF 180.8M revenue and CHF 17.9M operating profit in 2023 — about 13× EBIT.

According to Val Index analysis of Swiss commercial-register and federal data (2026), Switzerland counts 11,157 real estate services companies — Enterprises in real estate brokerage (NOGA 68.31: 3,778) and property management for third parties (NOGA 68.32: 7,379) in 2024, BFS STATENT. Up from 9,316 in 2011..

2.0Industry Overview

Market Scope

Swiss real estate services have two parts. Property management for third parties — collecting rents, letting, maintenance and tenant contacts for owners such as pension funds, insurers, real estate funds and private landlords — employs 32,932 people in 7,379 enterprises (BFS STATENT, 2024). Brokerage of land, buildings and flats employs 16,428 people in 3,778 enterprises. Together they count 11,157 enterprises and 49,360 employees, but the average firm has fewer than three full-time staff: a few national managers sit on top of thousands of small local agencies.

3.0Industry Health Check (SWOT)

Internal factors

Strengths4

Recurring fee income from management mandates with institutional and private owners

Weaknesses4

Small firms: fewer than three full-time staff on average

External factors

Opportunities4

Consolidation by platforms such as PHM Group, Implenia/Wincasa and insurers

Threats4

Rent regulation and political pressure in a tight housing market

Sector Outlook

DefensiveBalancedGrowth

4.0Key Trends

Scarcer housing

1.00%

On 1 June 2025 Switzerland counted 48,455 vacant homes, 1.00% of the stock — 0.08 points less than a year earlier, the fifth decline in a row and the lowest rate in twelve years. Geneva (0.34%), Zug (0.42%) and Zurich (0.48%) are tightest; Jura (3.03%) and Solothurn (2.05%) have the most vacancies (BFS).

Fewer managers per unit

Employment in property management fell from 35,090 in 2020 to 32,932 in 2024 (−6%), while the number of firms stayed at about 7,300 (BFS STATENT). Digital tools and larger portfolios per manager are replacing staff.

Platforms buy managers

CHF 171.6 million

Implenia bought Wincasa from Swiss Prime Site for CHF 171.6 million (closed May 2023); the Finnish PHM Group bought Investis's property-services business, including Privera, for CHF 240 million (June 2024), entering Switzerland.

Insurers and asset managers consolidate

97.67%

Vaudoise Assurances completed its takeover of the real estate asset manager Procimmo on 1 July 2026 and holds 97.67% of it. Regional groups add local managers: Swisspartners bought LiMa – Die Liegenschaftenmanager GmbH in Hinwil in 2026.

Brokerage grows

3.0%

Brokerage employment rose from 15,947 to 16,428 in 2024 (+3.0%) and has grown 37% since 2011 (BFS STATENT). The number of brokerage firms rose to 3,778.

5.0Cost Structure Benchmark

68%

10%

Personnel68%: managers, letting, accounting
Premises and vehicles10%
IT, software and tenant portals7%
Marketing and other costs5%
EBITDA margin10%

Indicative split for a Swiss property-management firm, not a measured figure. A measured reference: the property-services business PHM Group bought from Investis earned an operating profit (EBIT) of CHF 17.9 million on CHF 180.8 million of revenue in 2023, a 9.9% margin.

6.0Top Real Estate Services Companies in Switzerland

Name	Location	Key Facts
WincasaCHE-106.840.111	Winterthur ZH	Wincasa AG: one of the largest Swiss property managers, about 1,350 employees at 33 locations managing more than 250,000 units worth CHF 81 billion. Owned by Implenia since May 2023, which paid Swiss Prime Site CHF 171.6 million; run as an independent unit in Implenia's Buildings division.
LivitCHE-105.940.454	Zürich ZH	Livit AG: property, letting and construction management, a 100% subsidiary of Swiss Life since 1999. More than 790 employees at nine branches; manages about 205,000 rental units and real estate worth about CHF 64.5 billion.
PriveraCHE-106.087.052	Muri bei Bern BE	Privera AG: property management with about 15 offices across Switzerland, headquartered in Gümligen. Sold with Investis's property-services business to the Finnish PHM Group in 2024 (CHF 240 million).

Wincasa

CHE-106.840.111

Winterthur ZH

Wincasa AG: one of the largest Swiss property managers, about 1,350 employees at 33 locations managing more than 250,000 units worth CHF 81 billion. Owned by Implenia since May 2023, which paid Swiss Prime Site CHF 171.6 million; run as an independent unit in Implenia's Buildings division.

Livit

CHE-105.940.454

Zürich ZH

Livit AG: property, letting and construction management, a 100% subsidiary of Swiss Life since 1999. More than 790 employees at nine branches; manages about 205,000 rental units and real estate worth about CHF 64.5 billion.

Privera

CHE-106.087.052

Muri bei Bern BE

Privera AG: property management with about 15 offices across Switzerland, headquartered in Gümligen. Sold with Investis's property-services business to the Finnish PHM Group in 2024 (CHF 240 million).

Companies are listed when they are confirmed in the commercial register, have a significant Swiss presence in this niche and at least one sourced fact.

7.0Succession & M&A Context

Thousands of small agencies, a few buyers with deep pockets

11,157: real estate brokerage and management enterprises in 2024 (BFS STATENT)
−6%: property-management employment 2020–2024 (BFS STATENT)
~13×: EBIT paid by PHM Group for Investis's property services in 2024
5.5–8.0×: EBITDA deal multiples (ValIndex multiples table)

Real estate services are one of the most fragmented Swiss sectors: 11,157 enterprises with fewer than three full-time staff on average. Many are owner-run agencies whose mandates depend on personal relationships with landlords. The buyers are well identified: platforms (PHM Group, Implenia/Wincasa), insurers and their managers (Swiss Life/Livit, Vaudoise), and regional consolidators. The 2024 PHM deal shows what a large, profitable business can fetch — about 13× operating profit — but small agencies sell for much less, and a large part of the price usually depends on mandates staying after the sale. ValIndex's multiples table puts real estate services firms at 5.5–8.0× EBITDA in transactions and 4.0–6.0× on statutory valuations.

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Valuation Snapshot

Real Estate Services business valuation in Switzerland

Statutory Multiple (EBITDA): 4.0 - 6.0×
Deal Multiple (EBITDA): 5.5 - 8.0×
Market Trend: Stable

Indicative ranges based on market research. Actual multiples vary by company size, growth, and market conditions.

8.0Regional Clusters

Western Switzerland

VDGEFRVSNEJU

3,031 enterprises with 15,570 employees in 2024 (BFS STATENT, NOGA 68.31/68.32) — the largest region. Geneva has 6,711 employees, reflecting its large régies.

Zurich

1,841 enterprises with 10,837 employees — the largest canton. Livit is based in Zurich; Wincasa in Winterthur.

Bern and Solothurn

BESO

1,112 enterprises with 6,243 employees; Privera is based in Gümligen near Bern.

Eastern Switzerland

SGTGGRSHARAIGL

1,565 enterprises with 4,904 employees — about three per firm.

Central Switzerland

LUSZZGOWURNW

1,489 enterprises with 4,510 employees; Zug alone has 457 firms.

Northwestern Switzerland

AGBLBS

1,313 enterprises with 4,833 employees.

Ticino

800 enterprises with 2,454 employees.

Sources

BFS STATENT — institutional units, employees and FTE by NOGA type and canton, 2011–2024 (NOGA 683100 brokerage, 683200 property management for third parties)BFS — Leerwohnungsziffer fällt auf 1 Prozent im Jahr 2025 (vacancy census, 1 June 2025)PHM Group — Inside information: PHM Group to acquire the Real Estate Services business of Investis Group (7 June 2024): CHF 240m, 2023 revenue CHF 180.8m, operating profit CHF 17.9m Implenia — Akquisition von Wincasa erfolgreich abgeschlossen (May 2023): 1,350 FTE, 33 locations, 250,000+ units, CHF 81bn NZZ — Implenia: Baukonzern kauft Wincasa von Swiss Prime Site (price CHF 171.6m)Wikipedia — Livit (Swiss Life subsidiary since 1999; employees, rental units, managed value)investrends — Procimmo Group: Übernahme durch Vaudoise Assurances vollzogen (1 July 2026)finews — Swisspartners stärkt Immobiliengeschäft (takeover of LiMa, Hinwil)Zefix — Swiss Central Business Name Index (register entries of all key players)

Alain Walder, M.A. HSG · ValIndex|Data as of 2026-09|9 sources cited

9.0Frequently Asked Questions

▶How much is a real estate services company worth in Switzerland?

ValIndex's multiples table puts Swiss real estate services firms at 5.5–8.0× EBITDA in transactions and 4.0–6.0× EBITDA on statutory valuations. A measured large deal: in 2024 PHM Group paid CHF 240 million for Investis's property-services business, which had CHF 17.9 million of operating profit — about 13× EBIT. Small agencies sell for less, and part of the price often depends on mandates staying after the sale.

▶What drives the value of a Swiss property-management firm?

Buyers price: (1) the length and transferability of management mandates; (2) client concentration — dependence on one institutional owner; (3) units managed per employee; (4) the owner's role in client relationships; (5) the mix of recurring management fees and one-off brokerage income; (6) trained staff and IT systems.

▶How big is the Swiss real estate services sector?

BFS STATENT counts 11,157 enterprises and 49,360 employees in 2024: 3,778 brokerage firms with 16,428 employees and 7,379 property managers with 32,932 employees. Employment fell 0.8% in 2024. The BFS does not publish the sector's revenue.

▶Who are the largest property managers in Switzerland?

Among the largest are Wincasa (Implenia; about 1,350 employees, more than 250,000 units, CHF 81 billion), Livit (Swiss Life; more than 790 employees, about 205,000 rental units, CHF 64.5 billion) and Privera (PHM Group since 2024).

▶What are the key trends in Swiss real estate services?

Five trends: (1) scarcer housing — 1.00% vacancy in 2025; (2) fewer property-management staff per managed unit; (3) platforms buying managers (Implenia/Wincasa, PHM/Privera); (4) insurers and asset managers consolidating (Vaudoise/Procimmo); (5) growing brokerage employment.

▶What are the main risks when buying a Swiss property-management firm?

The main risks are: (1) loss of mandates when owners re-tender or when the seller leaves; (2) dependence on one large client; (3) rent regulation and political pressure; (4) shortage of trained managers; (5) slower transactions for brokerage firms. Due diligence should check mandate contracts, notice periods and revenue per client.

▶Who buys Swiss property-management companies?

Four types of buyer: international property-services platforms (PHM Group), construction and real estate groups (Implenia with Wincasa), insurers and their managers (Swiss Life with Livit, Vaudoise with Procimmo) and regional consolidators buying local agencies, such as Swisspartners.

▶Where are Swiss real estate services firms located?

Western Switzerland has the most real estate services employment (15,570 employees in 3,031 enterprises in 2024), followed by Zurich (10,837 in 1,841), Bern and Solothurn (6,243 in 1,112), Eastern Switzerland (4,904 in 1,565), Northwestern Switzerland (4,833 in 1,313), Central Switzerland (4,510 in 1,489) and Ticino (2,454 in 800).

Real Estate Services