The latest edition of the INREV Market Insights offers a cautiously optimistic outlook of the European real estate market. The December Consensus Indicator rose to 59.4, up from 56.4 in September, a second consecutive uptick.
The Q3 2025 INREV Quarterly Fund Index posted a total return of 1.05%, up from 0.99% a quarter earlier. The one year rolling capital growth remained positive (1.30%). Meanwhile, the INREV European Quarterly Asset Level Index returned 1.53% in Q3 2025.
Key highlights:
- The Netherlands and Spain outperformed other markets, with total Q3 asset level returns of 2.06% and 1.96%, respectively. France and Germany recorded an increase in performance, albeit remaining on the low end of the market performance scale.
- Southern Europe registered the strongest net sentiment, led equally by Spain (21%) and Italy (21%). Germany followed with a positive reading despite weak performance. France fell on the other end of the scale, reporting a -11% net sentiment, significantly lower than its long-term average.
- For the first time since September 2024, four of the five subindicators surpassed the 50 mark. At 70.1, the financing subindicator maintains its lead in December, recording the highest reading observed across all subindicators since the series began.
Download the December 2025 Market Insights report, infographic, and the Consensus Indicator below.
Market Insights
Published on 09 Dec 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 02 Dec 2025