Launched in March 2023, the INREV Consensus Indicator is now entering its third year and is quickly establishing itself as a key reference point for tracking market sentiment.
The Indicator is structured around five sub-indicators, covering the economy, investment activity, leasing & operations, development, and lending. Together, they capture both current conditions and forward-looking expectations across the European non-listed real estate market. The scoring is simple and consistent: a reading above 50 signals growth, 50 indicates no change, and below 50 points to contraction. The further the reading moves away from 50, the clearer and more decisive the sentiment.
What gives the Indicator its strength is consistency. The same questions are asked every quarter, and responses come from a stable group of senior contributors across INREV’s investor and fund manager membership. This consistency is what allows the Indicator to cut through short-term noise and provide a reliable read of underlying market direction.
As a diffusion index, the benefit lies in tracking changes over time. With each quarterly publication, trends become easier to interpret and compare on a historical basis. Moreover, on the INREV website, the four latest editions of the Consensus Indicator and Market Insights are always available to download and allow members to see where sentiment is today and how expectations have evolved and played out in reality.
Against this backdrop, the latest March reading came in at 54.7, down from the December peak of 59.4, when sentiment reached its highest level since the Indicator’s launch. Although the indicator remains in expansion territory, the decline suggests that a more cautious tone is beginning to emerge.
Beyond the diffusion index, the same group of industry experts also provides insights into sentiment toward European countries and real estate sectors. This sentiment may already capture emerging trends that are not yet reflected in real estate performance. Notably, the March data showed the most positive sentiment for Spain and Italy, as well as for the retail sector, as highlighted in the Market Insights. You can read more about the latest March Consensus Indicator below, which is also part of the very popular quarterly Market Insights, INREV’s pan European quarterly digest.
INREV Consensus Indicator
Published on 17 Mar 2026