Global cross-regional capital flows totalled US$30.5 billion in the first half of 2023, down by 52 percent from the first half of 2022 and the second consecutive half-year period with an approximate 50 percent decrease in volume, according to CBRE’s Global Real Estate Capital Flows H1 2023.

Much of this decline in cross-regional activity was from a decrease in North American capital flows to Europe amid high interest rates, constrained debt markets and economic uncertainty. Europe saw inflows decline by two-thirds year-over-year, which is notable because the region is the largest recipient of cross-regional investment by a wide margin.

Key findings include: