European asset performance remains stable at 1.53% in Q3

The INREV European Quarterly Asset Level Index recorded a total return of 1.53% in Q3 2025, marginally lower than the 1.55% recorded in Q2 2025. This Index release includes 6,829 assets, valued at €195.5 billion as of the end of the quarter.

• Capital growth stood at 0.50%, pushing the one-year rolling capital growth to 2.54%. Income return stabilised at 1.02%.
• Among the main markets, the highest returns were once more delivered by Dutch assets at 2.06%. This is their ninth consecutive quarter at the top. The UK followed, delivering a total return of 1.54%, led by its industrial/logistics assets, which returned 1.95% this quarter.
• In Q3, French assets returned 1.38% in Q3, a 77 bps increase q-on-q. This is the largest growth recorded in the main four markets. French office performance increased the most to 1.39% (+146 bps q-on-q). German assets remained positive for the fifth consecutive quarter at 0.64%.
• At the sector level, residential stood out as the strongest performer in Q3 2025, delivering 2.00%. Industrial/logistics assets’ total return followed at 1.61% and retail assets recorded a total return of 1.52% in Q3. Offices’ performance remained in positive territory (0.96%) and was the only main sector to register a q-on-q increase.

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If you would like to schedule a demo of the Asset Level Index Analysis tool or have questions about this index, contact Jeanne Besner or visit the Asset Level Index page.