INREV Market Insights
Published quarterly
Welcome to the INREV Market Insights, a research snapshot aggregating views from the membership to assess the dynamics and business-oriented implications for the non-listed real estate industry. This report draws data from the INREV European indices and surveys, including the Consensus Indicator, Asset Level Index, INREV Fund Index and more.
For Global Market Insights, click here.
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Market Insights indicate sentiment downturn at the start of 2026
- While market performance showed further signs of improvement at year-end 2025, sentiment weakened amid rising geopolitical tensions in the Middle East, increasing inflationary pressures and concerns over a global economic slowdown.
- Q4 2025 results from the Global ODCE Index highlighted the continued stability of European ODCE funds, marking seven consecutive quarters of positive total returns. At 1.12%, the European ODCE Index outperformed both its Asian (-0.57%) and US (0.70%) counterparts.
- At the asset level, Spain led performance in Q4 with a total return of 2.69%, primarily driven by retail. The Nordics followed at 2.07%. Among the four largest markets, the Netherlands was the strongest performer (1.88%).
- Retail assets outperformed residential at year-end 2025, delivering 1.88%, up from 1.53% in the previous quarter. This resulted in a 2025 annualised return of 7.85%, slightly below the residential sector (8.16%).
In the press
25 Mar 2026 - INREV
The March INREV Consensus Indicator fell to 54.7, down from an all-time high of 59.4 in December 2025, as recent geopolitical developments prompted a sharp reassessment of near-term expectations.
26 Mar 2026 - Requadro
25 Mar 2026 - CRE Herald
European real estate gains momentum in Q4, but sentiment slips on geopolitical concerns, INREV says.
25 Mar 2026 - IPE Real Assets
Geopolitical uncertainty has triggered a sharp deterioration in European real estate investor sentiment, according to INREV’s latest survey, despite improving returns.
26 Mar 2026 - Seeking Alpha
InREV recently published their Consensus Indicator for March 2026, revealing that sentiment remains positive but is moderating amid rising geopolitical and interest rate pressures.
25 Mar 2026 - Real Asset Insight
Geopolitical uncertainty has triggered a sharp deterioration in European real estate investor sentiment, according to INREV’s latest survey, despite improving returns.
25 Mar 2026 - Property Magazine International
The March INREV Consensus Indicator fell to 54.7, down from an all-time high of 59.4 in December 2025, as recent geopolitical developments prompted a sharp reassessment of near-term expectations.
All press releases