Discover our Pan European market reports

€32.7bn were invested in Europe over Q1 2024 which represents a 10% decrease versus Q1 2023. This is the lowest level for a Q1 since 2011

The real estate cycle that began with the GFC in 2008 explicitly came to an end in 2023. What was notable about the end to this cycle was its elongated nature: drawing the cycle to a close took an entire year.

The latest economic data paint a mixed picture. In both the Eurozone and the US, the signal from most confidence surveys in December is encouraging. But it is still too early to conclude to a bottoming out. The economic situation also remains vulnerable to geopolitical tensions. Our 2024 growth forecasts for the OECD countries are close to those of the ECB.

2023 will be regarded as the year of yield decompression with European markets characterized by protracted price discovery processes across all asset types

Over the 12 months ending with Q3 2023, investment reached €155m, far below Q1 2021’s low point and back to 2013 levels. This compares with the high in investment of €322bn reached in Q2 2022. Overall, between Q3 2022 and Q3 2023, investment decreased by 55%.

Investment still plummeting: all asset classes experienced a strong reduction.