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Euro-zone crash now expected to match GFC slump

While the macro backdrop was broadly unchanged, rents were stronger and yields were higher than expected in Q2, forcing us to re-examine our 2023 real estate view. As a result, we have edged down our end-year all-property view for capital values. This now implies a 23% peak-to-trough correction, which would match the euro-zone’s 2008-09 crash.

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