The June INREV Consensus Indicator fell to its all-time low of 41.0, down from 54.7 in the previous quarter. All five subindicators recorded sharp downturns as ongoing geopolitical shocks and economic headwinds weighed heavily on the near-term outlook.
The results reveal a significant gap between steady performance in the real estate sector and the sharp drop in sentiment. Total returns at both the fund-level, 1.30 percent, and asset-level, 1.67 percent, remained positive in first quarter 2026, with the indices delivering nine and eight consecutive quarters of positive performance, respectively. The latest uplifts were fueled primarily by capital growth, which rose to 0.79 percent for the INREV Fund Index and 0.64 percent for the INREV Asset Level Index, as European real estate assets have reached the end of a repricing cycle.
Meanwhile, short-term sentiment for the real estate sector shows sharp investor recalibration. The economic subindicator recorded the steepest d
