Expectations around the availability of equity and debt have sunk to their lowest level in Europe since the global financial crisis (GFC) as the real estate industry prepares for a "tough" year ahead.

A survey conducted by the Urban Land Insti­ tute (ULI) and PwC has found that real estate leaders believe capital coming into Europe from every part of the world is more likely to decrease than increase. Confidence in the amount of debt and equity that investors and managers can call upon has not been as low as it is now since 2012, according to the survey.

70 percent of respondents expect a decrease in the amount of accessible debt for develop­ment, while 63 percent predict a drop in available equity for development.

ULI and PwC have also found that real estate investors see 2023 as a "great buying opportunity" for core and all-equity investors who are still under-allocated to real estate. The consensus view from survey participants is that distress is unlikely