The INREV European Quarterly Asset Level Index recorded a total return of 1.28% in Q4 2025, lower than the 1.53% recorded in Q3 2025. This Index release includes 6,846 assets, valued at € 197.3 billion as of the end of the quarter.
- Capital growth remained positive and stood at 0.26%, the one-year rolling capital growth stood at 1.98%. The quarterly income return remained stable at 1.02%.
- Among the main markets, the highest returns were once again delivered by Dutch assets at 1.88%, marking their tenth consecutive quarter leading the ranking. The UK followed, delivering a total return of 1.32%, supported by retail assets which returned 1.89% this quarter.
- French assets posted a return of 0.80% in Q4, with capital growth at -0.18%. Within the market, industrial/logistics recorded the strongest return, at 1.51% (-26 bps q-on-q). German assets delivered -0.15%, turning negative after five consecutive quarters of positive performance.
- At the sector level, retail was the strongest performer at year-end with a total return of 1.88%. Residential followed at 1.77%, while industrial/logistics recorded 1.28%. Office assets remained in positive territory at 0.30%, despite negative capital growth of -0.48%.
INREV is calling for members to join this important initiative.
If you would like to schedule a demo of the Asset Level Index Analysis tool or have questions about this index, contact Jeanne Besner or visit the Asset Level Index page.
Interested in more data-related updates? Subscribe to our Data Spotlight newsletter for insights delivered directly to your inbox, every Thursday for the next 4 weeks.
INREV Asset Level Quarterly Index
Published on 10 Mar 2026
The INREV Asset Level Index is a quarterly pan-European index measuring real estate market performance on an asset level across Europe.