The ingredients for a “broader-based” property market recovery are gradually coming together, says MSCI.

The data provider has revealed that European commercial real estate investment levelled off in the second quarter of 2024 after seven quarters of annual declines. A rebound in deal activity for the United Kingdom and some smaller markets offset the continued weakness of the German and French markets between April and June 2024, according to MSCI’s latest Europe Capital Trends report.

Completed transactions in the second quarter declined in volume by 2 percent year-over-year earlier to €44 billion, meaning property sales activity in the first six months totalled €82.3 billion, 10 percent less than in the first half of 2023.

The United Kingdom is the first European market where prices and values have undergone a substantial correction, and it appears to be the first to rebound. Investment deals rose in the country by 26 percent in the second