INREV Market Insights
Published quarterly
Welcome to the INREV Market Insights, a research snapshot aggregating views from the membership to assess the dynamics and business-oriented implications for the non-listed real estate industry. This report draws data from the INREV European indices and surveys, including the Consensus Indicator, Asset Level Index, INREV Fund Index and more.
For Global Market Insights, click here.
DOWNLOAD
Latest highlights
Columns
Market Insights indicate sentiment downturn at the start of 2026
- While market performance showed further signs of improvement at year-end 2025, sentiment weakened amid rising geopolitical tensions in the Middle East, increasing inflationary pressures and concerns over a global economic slowdown.
- Q4 2025 results from the Global ODCE Index highlighted the continued stability of European ODCE funds, marking seven consecutive quarters of positive total returns. At 1.12%, the European ODCE Index outperformed both its Asian (-0.57%) and US (0.70%) counterparts.
- At the asset level, Spain led performance in Q4 with a total return of 2.69%, primarily driven by retail. The Nordics followed at 2.07%. Among the four largest markets, the Netherlands was the strongest performer (1.88%).
- Retail assets outperformed residential at year-end 2025, delivering 1.88%, up from 1.53% in the previous quarter. This resulted in a 2025 annualised return of 7.85%, slightly below the residential sector (8.16%).
In the press
25 Mar 2026 - INREV
The March INREV Consensus Indicator fell to 54.7, down from an all-time high of 59.4 in December 2025, as recent geopolitical developments prompted a sharp reassessment of near-term expectations.
17 Sep 2025 - INREV
The latest INREV quarterly Market Insights reveal improving, albeit still cautious, sentiment across the European non-listed real estate market.
23 Sep 2025 - Property NL
In het tweede kwartaal van 2025 behaalde Nederlands vastgoed een totaalrendement van 2,28%, een kleine stijging ten opzichte van de 2,19% in het voorgaande kwartaal.
17 Sep 2025 - Requadro
L’Italia alimenta il sentiment positivo nell’immobiliare non quotato europeo
17 Sep 2025 - Green Street News
Signs of sentiment stabilisation seen in France and Germany, INREV says
All press releases