The INREV Pan-European Quarterly Asset Level Index recorded a total return of -0.83% in Q2 2023.
- The -0.83% total return registered in Q2 2023 was driven by a negative capital growth of -1.82%. This is a fourth consecutive negative quarterly performance in a row, but 49 bps higher than the -1.32% reported in the first quarter of the year.
- Total returns remained negative for the continent, while the UK continued its recovery and delivered a performance above to the positive mark at 0.08%. Continental Europe continued correction from Q1 2023. Dutch assets posted a total return of -1.29% (+222 bps compared to Q1), followed by French and German assets at -1.63% (-16 bps) and -1.84% (-77 bps), respectively.
- In Q2 2023, retail assets continued their strong performance, achieving a 1.00% total return. Industrial/logistic assets also improved, with a 0.25% total return, their first positive performance since Q2 2022. Office assets, however, declined significantly at -2.86%, affecting mostly French and German country returns. Residential assets reported a negative performance of -1.37%, with weak one-year rolling return and capital growth.
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The INREV Asset Level Index is a quarterly pan-European index measuring real estate market performance on an asset level across Europe.