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Market Insights

The market insights publications provide the industry with a quarterly overview of what is happening in the non-listed real estate investment industry at a European and at a global level. 

On this page you can download and view the highlights from three publications: the INREV European Market Insights, the INREV Sentiment and Valuation Survey and the ANREV, INREV/ NCREIF Global Market Insights. 

INREV Market Insights

Q4 2023 highlights

Germany and offices continue to see the sharpest correction in European non-listed real estate performance

  • The Consensus Indicator reported a headline reading of 50.2, a notable improvement from 41.8 in December 2023.
  • The main four markets of the Asset Level Index reported negative returns in Q4 2023. 
  • On the sector front, offices once again witnessed sharp correction across all markets, hitting their weakest quarter since the Index’s inception at -4.53%.
  • On the sentiment front, the UK is again leading in the net positive for the sixth consecutive quarter, while Germany remains firmly in the negative, concurring with the latest weak performance results. 
  • The living sectors remain high in participants’ preference on the net positive sentiment end. Simultaneously, the industrial/logistics sector consistently maintained a positive sentiment, while the retail sector emerged from net neutral sentiment this time around.  

INREV Consensus Indicator Survey  

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


Global Market Insights February 2024

Key highlights:

  • Real estate allocations are set to rise for investors in the Asia-Pacific and North American regions, while witnessing a downward trend among European investors
  • The GREFI All Funds Index reports that global returns have improved slightly in Q3 2023, though they remain in negative territory
  • Greater liquidity and richer clarity on pricing are key prerequisites for the eventual recovery of the market