Economic and property data for Q3 confirmed Switzerland and Scandinavia’s relative resilience in this pandemic. In fact, Scandinavian capital value growth improved across all sectors on an annual basis, albeit values continued to fall for retail. But the recent rise in virus cases and tightening of containment measures will result in property markets taking a step back in Q4, particularly in the retail sector. The rollout of an effective vaccine would pave the wave for a solid economic recovery next year. However, the structural headwinds for retail property, and to a lesser extent for offices, remain
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