European property indices dip into red in March

European real estate stocks moved into the red – on a composite level - for the first time in 2008, according to the GPR 250 Europe Index and the EPRA/NAREIT Europe Index. Global Property Research (GPR) reported an overall dip of 1.6% for European property stocks, adding that the picture was mixed across Europe. Poland outperformed every other European country, recording an 11.5% return in March, with Switzerland a distant second with a return of 5.6%, while Italian property booked a return of 4.8%. While counties such as Finland, Spain, France and Belgium all booked modest overall returns in March, the GPR index was dragged down by heavy losses in the likes of Germany, Norway and Turkey. It should be noted that Norway’s poor performance was entirely due to the 13.8% loss booked by Norwegian Property, the only Norwegian stock included in the index. The same is true of Turkey, where Is REIT fell 19.7% in March. Spain may have hit black, but this was due to Metrovacesa’s return of 0.7% return for the month.

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