The deep freeze that’s gripped Europe’s real estate markets since borrowing costs jumped worsened at the start of the year as deals plunged to their lowest levels since 2011.
The first-quarter total of €34.5 billion was down 26% compared with already subdued levels a year earlier, according to data compiled by MSCI Real Assets. That marked a seventh straight quarterly decline as uncertainty about the timing of interest rate cuts continues to drive a wedge between buyers’ and sellers’ price expectations.
Office properties – the largest part of the commercial real estate market – led the declines in the first quarter, with volumes…
