European asset performance slightly down to 1.54% in Q2

The INREV European Quarterly Asset Level Index recorded a total return of 1.54% in Q2 2025, slightly down from 1.73% in Q1 2025. This Index release includes 6,822 assets, valued at  € 194.4 billion as of the end of the quarter.

• Capital growth stood at 0.52%, pushing the one-year rolling capital growth to 2.59%. Income return was unchanged at 1.02%.

• In Q2, Dutch assets once again outperformed the wider index and was the top performing main market for the eight consecutive quarter, recording a total return of 2.28%. The UK followed, achieving 1.79%, supported by strong performance from retail (3.32%) and industrial/logistics (2.03%) segments. 

• French assets posted a modest total return of 0.60%, weighed down by negative capital growth of -0.38% and marking a 98 bps decline quarter-on-quarter. Meanwhile, Germany registered only a 0.14% total return, a sharp slowdown from 1.20% in Q1, as capital values contracted by -0.72%.

• At the sector level, retail stood out as the strongest performer in Q2 2025, delivering 2.27% and marking a fourth successive quarter of capital appreciation. Residential’s total return followed closely at 2.11% a 7 bps increase from Q1 while industrial/logistics assets showed a decrease of 7 bps and recorded a total return of 1.76% in Q2. Offices’ performance declined the most, but remained positive at 0.24%.

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.