Real estate bulletin: European volumes up 10%
Investment volumes, lender appetite, the gap between bond and property yields, sector winners, the revised EPC timetable, and five actions for owners and asset managers.
Key points
- European real estate investment reached EUR 59.1bn in the second quarter, up 10% year on year (CBRE).
- 72% of 134 European lenders surveyed plan to increase origination this year, and loan-to-value ratios are creeping up (CBRE).
- The ten-year gilt traded near 5.40%, while property yields have barely moved, leaving a thin risk premium for owning property.
- Living, student accommodation and healthcare lead both investor and lender preference; office is now two markets, prime and secondary.
- The proposed EPC C milestone for 2027 has been dropped; buildings above 1,000 square metres face EPC B by 2031, subject to legislation.
- Rework discount rates before your next external valuation does it for you, and keep a live comparables file with source and date.
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