Zurich, Bahnhofstrasse, late morning. Outside the windows, trams rumble past, bankers hurry toward Paradeplatz, and groups of tourists stop in front of shop windows. Inside the office of the LIKA Group, Esat Likaj hardly stands still—sometimes leaning over a large site plan of the Swiss Midland, sometimes moving to an interactive screen, writing down figures and sketching floor plans. His group’s portfolio is not only large and diverse, it is also constantly in motion. “We’re already building here,” he says, pointing to a photo of a property; “here we’re waiting for approval, here we’re in advanced talks.” Then he sits down—only to get back up moments later because another example comes to mind.

Esat Likaj is not a long-established figure in the industry. A few years ago, the Kosovo-born entrepreneur appeared on Switzerland’s real estate scene—and made a name for himself in a short time. In around ten years, he has turned a straightforward scaffolding company into an integrated real estate platform that is now active across the entire country: the LIKA Group develops, builds and manages residential developments in the Midland, long-stay apartments, luxury properties on Lake Zurich, commercial buildings near Zurich Airport, resorts and hospitality projects in Davos as well as in the Engadin. In recent years, the company has realized more than 80 projects with over 200 buildings, spread across more than a dozen cantons.

Likaj is emblematic of a broader trend: a generation of private developers who start in niches—such as residential housing in the Midland—and then work their way into segments where deals involve tens of millions, approval processes take years, and land is politically sensitive. The opportunities are clear: population growth, persistent demand for housing, and capital flowing into real estate. It’s no coincidence that Switzerland’s real estate market has grown steadily for years—with stable annual increases in the low single-digit percentage range, as UBS analyses, for example, show. But the risks are just as real: high land prices and planning and permitting phases that can drag on for years and push young companies to their limits.

Likaj has, to a certain degree, made his peace with that logic—and tries to turn disadvantages into advantages through determination and skill. “Striving for success is important to me,” he says. “I bought plots in the most unlikely places in Switzerland and renovated the properties with a lot of dedication.”

Yet despite all his success, Likaj has no intention of slowing down. His goal is a big one: one day, he wants to break the billion mark. But above all, he also wants to give something back. “I’m extremely grateful to Switzerland for what it has made possible for me.”

Likaj’s journey begins not in Zurich, but in Kosovo. In the 1950s, his grandfather founded a raw timber business; after the Kosovo war, his father and uncles rebuilt the company. That’s where the young Esat learns the basics of trade, margins and entrepreneurship. After earning a bachelor’s degree in management and information technology in Pristina, he completes an English diploma at the American University in Bulgaria, followed by a master’s in International Marketing & Management at the University of East London. During those years, Likaj travels to Switzerland repeatedly and meets the woman who is now his wife. After finishing his studies, he moves to Switzerland for good—and initially fails in his job search: he can’t find a suitable position.

Out of necessity, he starts a scaffolding company in Zug, LIKA AL GmbH—a classic entry point into the construction industry, far removed from project development and financing. Then, in 2013, comes a turning point: Likaj suffers a serious workplace accident. His recovery takes time, and his perspective changes. During that period, the plan to move into real estate development takes shape.

“My first property purchase was in 2014 in Schöftland in the canton of Aargau,” he says in the interview. “Back then we only had about CHF 8,000 in equity.” It is not a prestige asset, but a small deal on the edge of the Midland, combined with a plot in Oberentfelden; the property is bought, renovated and resold. For Likaj, it is less an emotional milestone than a test of whether his logic works: start small, create value, sell, and reinvest.

More acquisitions follow in 2015 and 2016. Together with a business partner, he buys land, renovates properties, and learns how much money can be made through quality and speed of execution. In this phase, Likaj also begins bundling services: scaffolding, construction services, renovations, later in-house development. The aim is to bring those parts of the value chain under one roof that would otherwise end up as fees paid to others.

His first bigger breakthrough comes in 2017 with a former industrial site—a mixed-use property combining factory, office and residential space—which he buys at auction for CHF 2.6 million. Within eight months, the complex is renovated and repositioned. For Likaj, it’s a moment that validates his approach: he sees that speed doesn’t necessarily come at the expense of quality—if planning, financing and execution are tightly managed.

At the same time, a second pillar grows: residential developments in the Midland. In Aargau, the LIKA Group develops multi-family buildings (Birrhard) as well as an apartment complex with long-stay units under the brand “La Maison Suisse” (Döttingen). These projects have a long-term impact because they create housing where commuters between Zurich, Aarau, Olten or Baden are looking for affordable alternatives.

At the same time, the focus shifts. From the Midland, LIKA pushes into regions where available plots are scarce and expectations are high: in Goldach on Lake Constance, 24 condominiums are being built directly on the waterfront; in Paradiso near Lugano, the group is realizing modern condominiums with commercial space under the name “Butterfly”; in Celerina near St. Moritz in the Engadin, a residential building with twelve exclusive second homes is being planned.

One of the most demanding projects is in Davos: on the site of the former Thurgauisch-Schaffhausische Höhenklinik, a hospitality project is being developed with a hotel, residences, and a spa and wellness area, complemented by second homes. “Davos is a prime example of how long you can have to wait for building permits today,” says Likaj. “All in all, we’re talking about six years of permitting time.” Capital is tied up for a long period, and predictability is limited. Likaj says: “For young developers, that can be existential. If you wait four or five years for a permit and interest rates or the market shift, you can quickly end up bankrupt.”

In response, the LIKA Group has been gradually built into a platform that covers as many parts of the real estate lifecycle as possible: from development and construction execution to property management. In addition, the group is active in energy solutions and long-stay concepts through companies such as New Green Energy and La Maison Suisse.

“If you outsource everything, you lose time and control,” says Likaj. “My standard is that we’re set up internally so we can move fast without losing quality.” The strategic focus is German-speaking Switzerland, with Ticino as a second market and selected priorities in French-speaking Switzerland as a third.

Word has spread in the industry: the references in LIKA’s presentations include major architectural names such as Tilla Theus, Markus Hotz, Aebi & Vincent or Kalfopoulos Architekten; consulting firms such as Deloitte, PwC or JLL; and brokerage houses such as CBRE or Wüst und Wüst.

Likaj explicitly wants to become wealthy—but not just for himself. “If you build something, it doesn’t help if only you benefit. You have to create a system in which others can become wealthy too.” Asked why he stayed in Switzerland even though his profile could also work in London or Dubai, he answers without hesitation: “Because Switzerland offers a combination you hardly find anywhere else: stability, demand, capital. For years everyone has been saying the real estate market will crash—and yet demand keeps rising.”

He sees parallels when he talks about potential expansions. The U.S., London, and above all the United Arab Emirates are on his list. “In certain ways, the Emirates remind me of Switzerland,” he says. “Strong immigration, long-term development plans, a clear vision of what should be built. And many claim the market is about to go down.”

Today, he assesses that step differently than he did a few years ago. Back then, intuition would have been enough—now every expansion is calculated in detail, with different scenarios. Anyone who has experienced a serious accident calculates risk differently.

When Likaj talks about his path, one sentence comes up again and again: “If you stay in the village, you stay in the village—if you want to grow, you have to leave it.” It’s also a comment on those in the industry who operate in tight markets and shy away from bigger bets.

At the same time, Likaj sticks to one principle: maintain control. Hence the vertical integration and the decision to consolidate the LIKA holding structure in Risch and to gradually structure the group, instead of operating only project by project.

“In the end, I’m an entrepreneur,” says Likaj. “I want to shape things, not just manage them.” The line comes almost as an aside, but it sums up his position well: he sees himself less as a classic investor allocating capital and more as a developer who changes real places.

The shares are 100% owned by the Likaj family—and that is meant to remain the case. Only on a project basis can he imagine working more with co-investors in the future. But even then, the setup has to fit. Whether he will reach his goal of one day playing in the top league is impossible to say today.

The only certainty is that the rise is no longer coming out of nowhere. Behind the address on Bahnhofstrasse now stand dozens of projects, partner networks, and a team operating construction sites and properties across Switzerland. For Likaj himself—who once started in Schöftland with CHF 8,000—it is an intermediate stage: “I have the feeling we’re only at the beginning.”

Photos: Mara Truog