What does the recent rebound in REIT prices tell us?

At face value, the rebound in European equity REIT prices over recent months suggests that capital values could be nearing their trough. But the past relationship is weak and REITs have benefited from the stock market rally. We therefore don’t see the recovery in REITs as a reason to change our current forecast that capital values will fall in 2024, before seeing an underwhelming recovery in 2025.

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