As part of our series highlighting Julius Baer’s real estate experts across Switzerland, we met with Dany Azevedo, Senior Real Estate Valuation Consultant. Based in Geneva, Dany advises clients and partners on property valuation and real estate advisory across the French-speaking region. With experience in commercial real estate advisory, Swiss real estate funds, and international exposure in London, he brings deep expertise in complex valuations as well as in analyzing market dynamics. Dany holds an MSc in Real Estate from Lucerne University of Applied Sciences and Arts (HSLU) and a BSc in International Finance from Geneva Business School.

What unique characteristics set the Geneva real estate market apart from other Swiss regions?

The Geneva real estate market stands out in Switzerland due to the density and complexity of its regulatory framework. The canton has implemented rules that are nearly unique in the country, particularly regarding the control of certain residential rents (LGL, LUP, LGZD, LDTR), as well as regulations governing the use and development of properties in specific industrial zones (LZIAM).

In addition, Geneva is a pioneer in the application of energy consumption standards (LEn) and places strong emphasis on heritage preservation. This regulatory environment has a direct impact on the valuation of income-generating properties, as well as on the feasibility of renovation, transformation, and construction projects.

In the owner-occupied segment, it is also essential to carefully assess municipal policies related to densification or the protection of villa zones, as these local strategies strongly influence development potential and long-term property value.

How important is local presence in real estate valuation, especially in a market as specific as Geneva? What added value can private clients and investors expect?

Given the specific nature of Switzerland’s legislative structure and the rapid pace at which regulations evolve, a strong local presence is essential to properly understand and integrate regional particularities into valuation methodologies.

Beyond regulatory aspects, the Lake Geneva and Alpine regions are particularly sensitive to location when it comes to pricing real estate. Without in-depth and up-to-date knowledge of transactions, it is difficult to assess property values accurately. Detailed local market knowledge and continuous monitoring of transactions are therefore key to producing reliable valuations.

What are the most common misconceptions clients have about real estate valuation?

Property value is often perceived as a simple price per square meter or the output of an online valuation tool. In reality, the valuation process for a building, house, or plot of land is far more complex.

Professional valuation goes beyond regulatory and financial analysis. Field experience and empirical observation play a crucial role. Factors such as environmental nuisances, sustainability, accessibility, surrounding context, actual construction quality, as well as flexibility of use and layout can significantly impact the final valuation. These elements are rarely captured by automated systems, which rely primarily on quantitative, digitally available data.

The accuracy of statistical models decreases significantly for non-standard properties or those located in atypical segments and areas. For this reason, we typically combine multiple valuation approaches, enriched by deep market knowledge and on-site analysis, to arrive at a robust and reliable value.

Which part of the valuation process do you enjoy the most? And how do you collaborate with the Julius Baer Real Estate team across Switzerland?

What makes the profession of real estate valuation particularly engaging is the diversity of disciplines it draws upon. Valuation requires knowledge of economics, finance, law, architecture, building systems, and sometimes even politics. While my academic background is focused on economics and finance, this profession has allowed me to expand my expertise into many other areas.

Among all aspects, the one I find most fascinating is the legal dimension. Regulations evolve over time and vary significantly from one region to another, and their interpretation and practical application can be complex. In Switzerland, our work involves navigating numerous standards issued by different institutions while ensuring compliance with the local legal framework.

Close collaboration with local Julius Baer mortgage financing specialists, particularly in Geneva, Lausanne, Sion, Crans-Montana, and Verbier, represents a key advantage. With many years of experience and involvement in most regional transactions, they provide valuable insight into market developments while ensuring that local demand dynamics, as well as liquidity considerations and value appreciation potential, are fully taken into account.

What does your ideal Sunday morning look like?

My ideal Sunday morning starts with a ray of sunshine and breakfast. I then enjoy following sports events, whether by watching highlights or live. Toward the end of the morning, as lunchtime approaches, I usually spend time in the countryside with my family, enjoying nature, good food, and the opportunity to disconnect from the week and the city.