European Commercial Property

European Commercial Property Valuation Monitor

31 August, 2018

Valuation shifts point to risks for Italian property

Property yields ticked down only slightly again in Q2, but there were more meaningful shifts in the yields of other assets. Safe-haven markets generally saw an improvement in property valuations. However, higher bond and dividend yields in riskier markets undermined property valuations. Owing to a 90bps rise in government bond yields this quarter, the Italian cities were particularly affected. Moreover, with little rental growth expected in either city, valuations in Milan and Rome look stretched.

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