The latest edition of the INREV Market Insights presents a nuanced picture of the European real estate market. The headline September Consensus Indicator rose to 56.4, up from 52.2 in June, the first uptick after two consecutive quarters of decline.
The Q2 2025 INREV Quarterly Fund Index posted a total return of 0.98%, down from 1.08% a quarter earlier. The one-year rolling capital growth turned positive (0.58%). Meanwhile, the INREV European Quarterly Asset Level Index returned 1.54% in Q2 2025.
Key highlights:
- The Netherlands and Spain outperformed other markets, with the total Q2 asset level returns of 2.28% and 2.21%, respectively, a quarter-on-quarter increase for both markets. Meanwhile, France and Germany continue to lag behind, reporting significant quarter-on-quarter declines in performance.
- Southern Europe registered the strongest net sentiment, led by Spain (23%) and Italy (17%). Germany and France followed with a positive reading despite weak performance. The recent falls in values reported in both of these markets may be indicative of a possible turning point in the cycle, hence the improving sentiment as investors start to consider re-entering.
- For the first time since September 2024, four out of the five INREV Consensus subindicators registered positive momentum. The Financing subindicator continued to lead, climbing to 67.3, the strongest reading of any subindicator since we started to track the market consensus in March 2023.
Download the Market Insights September 2025 report, infographic, and the September Consensus Indicator for more detailed information.
market insights
Market Insights
Published on 16 Sep 2025
INREV canvassed views from the membership to assess the dynamics and business-oriented implications for the industry. View our Market Insights and Sentiment and Valuation reports now.
INREV Consensus Indicator
Published on 10 Sep 2025