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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

Q3 2023 highlights

Key highlights: 

  • The new INREV Consensus Indicator, a forward-looking diffusion index reported a headline reading of 40.8. Four out of the five subindicators, namely economic, new development, investment liquidity and financing, remain well below 50 this December.
  • Negative performance is seen across the main countries, where France and Germany registered the lowest total returns of -1.40% and -1.08%, respectively, while the UK and the Netherlands also reported negative performance in Q3, at -0.29% and -0.12%, respectively.
  • On the sentiment front, the UK is once more leading in the net positive for the fifth consecutive quarter, while Germany faces continued headwinds due to a weak economic outlook and ongoing valuation delays. Notably, Italy and Spain have experienced a significant shift towards positive sentiment this quarter, aligning with the structural changes observed in Western European markets in recent years.
  • The industrial/logistic sector delivered a second quarter of positive total returns at 0.81%, its best result since Q2 2022, while retail also displayed a positive performance. In negative territory, residential followed closely while the office sector remains the weakest performing sector at a large margin for the second quarter in a row at -2.13%. 

INREV Consensus Indicator Survey  

  • According to the INREV December 2023 Consensus Indicator Survey, investment sentiment remains strong in positive territory for the UK, while Germany stays on the opposite end, in negative sentiment. On the sector front, all living segments remain also in strong positive sentiment.
  • Risk and return expectations for European real estate deteriorated notably at the end of 2023, reflecting difficult market conditions for both investors and managers.

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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

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