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European assets move to positive territory Q1 2024

The INREV European Quarterly Asset Level Index recorded a total return of 0.41% in Q1 2024 

  • The non-listed real estate market in Europe delivered a total return of 0.41 % in Q1 2024, turning positive after six consecutive quarters in negative territory. This is an improvement of 207 bps quarter-on-quarter. The one-year rolling return stood at -2.50%.  
  • For a third consecutive quarter, the Netherlands remained the best-performing geography out of the main four markets. At 1.08%, Dutch assets stood strongly in the positive, followed by UK assets returning 0.49% in Q1. While Germany and France experienced sharp declines in Q4 2023, they both reported notable increases in performance in the first quarter of the year, standing at -0.09% (+355 bps) and -0.43% (+374 bps), respectively.  
  • The residential sector continues to outperform the main sectors of the Index, with a positive return of 0.88%, its first positive performance after six quarters in the negative. Industrial/logistics (0.73%) and retail (0.88%) both turned positive after a quarter of negative returns. At -0.88%, office assets remarkably came back from their weakest performance since inception in Q4 2023 (+369 bps), albeit remaining the only sector out of the main four to record a negative performance. 

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