Discover our Pan European market reports

The global economy has proved resilient in the face of strong economic headwinds.
We expect global GDP to grow by 2.9% p.a. in 2024 and 2025.
Rising real incomes and lower interest rates will support a recovery in Eurozone economic activity.

With a global reset in financial conditions, no country can escape consequences, no matter how large the domestic market is. More so these days for Europe given the international nature of real estate investment.

€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