The steps necessary to obtain a real estate return are longer and more difficult than those required for the purchase of shares or bonds. However, the risk/return ratio (a given risk for a given return) favours real estate investment, without taking into consideration the possible appreciation. While there is a risk in the short or middle term of seeing the real estate market slow down or even decline, the long-term risk is measured. This risk affects the potential for your property to appreciate in value, and not its return, which you continue to receive.
Whilst markets in other countries have experienced a real estate bubble, this is an unlikely case in Switzerland. The risk is low for two reasons: First, Switzerland is a market of returns and not speculation, and second, recent modifications in Swiss legislation: The requirement of reinforcement of the equity of Swiss banks, a new restriction in the use of the second pillar for purchasing real estate property and to a lesser extent, the new law on national planning and the new ordinance on secondary residences.