Publications

- February 1, 2021: Vol. 15, Number 2

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Non-listed real estate back into positive territory

by Marek Handzel

Non-listed European real estate eased back into positive territory in the third quarter of 2020, raising hopes of increasing investor confidence.

INREV’s Quarterly Asset Level Index revealed, on 16 December, that the non-listed market recorded a total return of 1.2 percent between July and September following a negative performance of –0.33 percent in the second quarter of 2020. The improved performance was driven largely by positive capital growth, which recorded a quarter-on-quarter increase of 146 basis points to 0.26 percent, with the income return increasing to 0.94 percent, a slight improvement on the 0.88 percent registered in the second quarter.

Europe’s main markets delivered a healthy performance in the third quarter, with Germany, France and the Netherlands all registering quarterly total returns of between 1.67 percent and 1.77 percent. This brought their 12-month rolling total average returns to 9.37 percent, 7.35 percent and 5.78 percent, r

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