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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 12 Mar 2024

Latest highlights

March Consensus Indicator reveals the first glimpse of improvement for the European non-listed real estate with a headline reading of 50.2

Key highlights include:

  • The latest results reveal a notable increase from the 41.8 equivalent in December, as sentiment moves above 50 for the first time since we started to track the market consensus in March 2023.
  • All five subindicators improved since December, yet financing, investment liquidity and new development subindicators remain in the sub-50 territory, indicating on-going contraction / negative sentiment.
  • Leasing and operations maintains the lead and is the only subindicator to reach the above 60 mark. The economic subindicator follows, having increased to 55.1.

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.  

In the press
22 Mar 2024 - Property EU
INREV’s quarterly fund index has confirmed an ongoing correction in the European real estate market, with the Q4 2023 performance yet again negative, with a total return of -1.70%, showing a sharp decline from -0.56% reported in Q3 2023.
18 Dec 2023 - Real Asset Insight
A newly launched “diffusion” index, designed to measure the direction of trends in the European non-listed real estate market, has revealed a subdued picture for the market and indicates that the market has contracted in 2023.

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