PART 3: IREI symposium — European real estate outlook
The consensus is that we have not reached the bottom in Europe. Although property values in the United Kingdom, Germany and Dublin, Ireland, may have fallen 20 percent to 30 percent — in addition to having more potentially distressed owners because of high interest rates — there does not appear to be Pan-European distress, according to a symposium hosted by Institutional Real Estate, Inc. and held on Aug. 24 in Melbourne, Australia. Three regional panel discussions looked at the real estate markets in the United States, Asia Pacific and Europe, respectively, and the outlook for 2024. Additional key takeaways from the panel on European real estate included the following:When you break down the inflow of capital into European real estate by region, cross-border investment within Europe is 40 percent. Capital inflows from the United States into Europe stand at 33 percent, with 15 percent from Asia Pacific and the remaining 2 percent from the rest of the world.