How will FX rates influence Nordic and Swiss property values?

The currency driven boost to total returns in euro terms in Nordic and Swiss property markets seen over the past three years might have a little further to go. At some point, though, we would expect currencies in these countries to fall back. This could, in turn, trigger a drop in overall investment demand and a wave of profit-taking by international investors. But with little regional dependence on foreign investment, any impact on values is likely to be small.