INREV Consensus Indicator
Published quarterly
Welcome to the INREV Consensus Indicator, a new diffusion index designed to measure the direction of trends in the European non-listed real estate market. Our goal is to provide the market with timely quarterly insights into the dynamics of current and anticipated conditions in economy, investment, leasing and operations, development, and new lending. Positioned to become the leading indicator for European non-listed real estate.
About
The Consensus Indicator comprises a headline and five sub-indicators, summarising whether market conditions are expanding, staying the same, or contracting.
Ranging from 0 to 100, the Consensus Indicator offers clear interpretations:
- a Consensus Indicator exceeding 50 signals growth;
- a reading of 50 denotes no change;
- a reading below 50 indicates contraction;
- the further the results are from the 50 mark, the greater the level of change.
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INREV Consensus Indicator rises to 44.6 in September
Key highlights include:
- The September INREV Consensus Indicator recorded a headline reading of 44.6, up from June's record low of 41.0. This marks the first uptick since December 2025, though it remains in contraction territory below the 50 threshold for a second quarter running.
- Four of the five subindicators improved this September, albeit three remain well below the 50 growth threshold.
- Leasing and operations (55.3) overtook financing (52.6) as the strongest subindicator for the first time since June 2024.
- The economic subindicator saw the most significant improvement, rising to 38.0 from a historic low of 24.0 in June, with just 26% of respondents now anticipating weaker European GDP growth, down from 83% in June.
For a quarterly overview of what is happening in the evolving non-listed real estate investment industry at a European and global level, visit our Market Insights page.