Property valuations were little changed in Q1 2024, failing to build upon the considerable improvement in 2023. Property yields increased further, but the smaller rise failed to offset gains in alternative asset yields over the quarter. With offices and retail only just fairly-valued and industrial valuations still stretched, further property yield rises are on the cards. However, with bond yields expected to end the year lower, this should boost valuations and help property yields to stabilise in H2.
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