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INREV Market Insights

Published quarterly 

Welcome to the INREV Market Insights, a research snapshot aggregating views from the membership to assess the dynamics and business-oriented implications for the non-listed real estate industry. This report draws data from the INREV European indices and surveys, including the Consensus Indicator, Asset Level Index, INREV Fund Index and more. 

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Market Insights

Published on 17 Jun 2025

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Cautious sentiment at mid-year, albeit stable returns

  • All the main geographies delivered considerably stronger returns in Q1 2025 compared to Q1 2024, with France and Germany even posting positive returns
  • The industrial/logistics sector props up returns across main markets, while student housing broke into the top three best performing sectors this quarter, and emerged as the most preferred segment, capturing 26% net interest.
  • Confidence in the German market has been renewed, displaying its strongest sentiment reading since December 2021, on par with Spain at 20%.
  • The June Consensus Indicator showed that three of the five subindicators registered a decline this quarter. Investment liquidity subindicator saw the most pronounced drop, falling from 63.2 in March to 47.4 in June. The sentiment is evident in the European transaction volumes, standing at a low €38.9 billion in Q1 2025. 
Market Insights June 2025
In the press
19 Mar 2025 - Real Assets Insights
Real estate markets in Europe remain cautious and, in some areas, sentiment is deteriorating despite further improvements in market performance, according to INREV, the European Association for Investors in Non-listed Real Estate Vehicles.
19 Mar 2025 - Green Street News
INREV says sentiment towards UK, France and Germany has declined
19 Mar 2025 - Institutional Real Estate
The latest INREV Market Insights reveals a mixed picture for European real estate.
11 Dec 2024 - INREV
With a headline reading of 57.8, the latest INREV Consensus Indicator reveals continued signs of recovery for the European non-listed real estate
19 Sep 2024 - Property EU
With a headline reading of 55.8, the latest INREV Consensus Indicator, confirms the much-anticipated recovery for the European non-listed real estate investment market.
19 Jun 2024 - React News
INREV finds performance of non-listed real estate has improved
All press releases

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