To mark its 40th anniversary, Swiss consultancy Wüest Partner conducted a fascinating analysis: What if you had invested the equivalent of 100,000 currency units in listed real estate companies across 14 countries in 1985 – and held those investments until the end of 2024?

The results vary widely: In Hong Kong, the investment would have grown to over 6.6 million HKD. Adjusted for inflation, Norway takes the lead – with an 18-fold increase in real terms. Switzerland stands out with its combination of stable returns, moderate fluctuations, and the highest risk-adjusted performance (Sharpe ratio).

The study included mature real estate markets such as Australia, Canada, France, Germany, Hong Kong, Italy, Japan, the Netherlands, Norway, Singapore, Sweden, Switzerland, the UK and the US. The focus was on publicly traded real estate firms – companies that own and manage residential, office, or commercial properties and are listed on the stock exchange.

Surprisingly weak: Canada. Despite its strong image as a high-quality place to live, the Canadian real estate market delivered a negative real return – largely due to the long-term depreciation of the Canadian dollar.

Real estate investments can offer substantial long-term gains – but only in markets that combine economic stability, reliable policy frameworks and sustainable financial structures.