A survey is conducted to record the level and structure of expectations of return and risk in the Swiss property market. The main interest of the study is to uncover the relationship between expected return and expected risk for various geographical regions and property sub-markets as well as to understand the investment target of institutional investors. Research in the equity market (Shefrin 2001) indicates that investors do not always invest according to the CAPM but succumb to the affect heuristic, using for investment a negative relation between risk and return. The aim of the study is to understand if the short term dynamic is similar in the property market and if is to what extent.