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Most industrial markets overvalued in Q4

Higher government bond yields and falls in property yields across all sectors contributed to a deterioration in European property valuations in Q4. While most industrial markets now look overvalued, for now we think that this is justified by the sector’s better rental prospects. However, the sharp rise in alternative asset yields so far in Q1 will weigh further on property valuations. Given the war in Ukraine, this will be of particular concern for Moscow property.

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