Property yields rose across all sectors in Q2. However, for the retail sector this was offset by rises in the 10-year treasury yield. Consequently retail saw a small decline in valuations, whereas valuations in the other sectors improved. That said, both apartments and industrial remain overvalued according to our measure. Looking ahead, we expect further modest rises in property yields across the sectors in 2023. But recent rises in the 10-year treasury yield will weigh on valuations in Q3.
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