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Consensus Indicator

Published quarterly

Welcome to the INREV Consensus Indicator, a new diffusion index designed to measure the direction of trends in the European non-listed real estate market. Our goal is to provide the market with timely quarterly insights into the dynamics of current and anticipated conditions in economy, investment, leasing and operations, development, and new lending. Positioned to become the leading indicator for European non-listed real estate.  


The Consensus Indicator comprises a headline and five sub-indicators, summarising whether market conditions are expanding, staying the same, or contracting.  

Ranging from 0 to 100, the Consensus Indicator offers clear interpretations:  

  • a Consensus Indicator exceeding 50 signals growth; 
  • a reading of 50 denotes no change;  
  • a reading below 50 indicates contraction; 
  • the further the results are from the 50 mark, the greater the level of change. 

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INREV Consensus Indicator

Published on 05 Dec 2023

Latest highlights

The December Consensus Indicator reveals a subdued picture for the European non-listed real estate, with a headline reading of 40.8, slightly below March’s 42.4.  

Key highlights include:   

  • Economic, new development, investment liquidity and financing subindicators remain in the sub-50 territory, indicating on-going contraction / negative sentiment. 
  • Despite the fifth consecutive quarter of value corrections, the investment subindicator remains the weakest, at 29.5.  
  • New development subindicator fell further since September and is now at 37.9.  
  • Leasing and operations is the only subindicator that remains above 50 since we started to track the market consensus in March 2023. It improved to 59.5 in December, up from 56.5 in September. 

Intrigued to learn more? For a quarterly overview of what is happening in the evolving non-listed real estate investment industry at a European and at a global level visit our Market Insights page.