Although investors and fund managers are remaining cautious, sentiment across the European non-listed real estate market is improving.

Four of the five measurements used by INREV for its Consensus Indicator moved further into positive territory in September, bringing the headline indicator number to 56.4, up from 52.2 in June. The previous two quarters saw the Consensus Indicator register a decline in confidence.

INREV says its Investment Liquidity subindicator improved the most over the summer, climbing to 55.2 after slipping below the 50 threshold in June. The Financing subindicator strengthened even further to 67.3, the highest level since INREV’s records began in March 2023. The Leasing and Operations barometer was the only subindicator to soften, easing from 58.9 to 58.1, although it continues to rank second highest of the five measurements.

The New development subindicator recorded a marked improvemen