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Will the global real estate boom end in tears again?

After a sustained upturn in commercial property, yields are well below their historic lows and there are concerns that the current cycle could end as badly as previous ones. But we don’t think a crash is likely yet. Nonetheless, while we expect a rare soft landing for property over the next year or so and a modest recovery after, there will be further downward pressure on global capital growth and returns longer term.

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