戴德梁行：2026年欧洲居住类房地产投资者调查报告（英文版）（14页）.pdf

1、EUROPEANLIVINGINVESTOR SURVEY2026A CUSHMAN&WAKEFIELD RESEARCH PUBLICATIONAUTHORSTOM McCABEHead of Living Research,EMEAMILLIE HARPERHead of Living Research,UKCONTENTS01INTRODUCTIONp4-702LIVING ALLOCATIONS REMAIN ELEVATED AS INVESTORS PRIORITISE RETURN STABILITYp8-903PRS AND PBSA STILL LEAD THE CHARGE

2、 BUT OTHER SUBSECTORS COMING TO PROMINENCEp10-1104CORE EUROPEAN MARKETS DOMINATE GEOGRAPHIC PREFERENCESp12-1305INVESTORS PORTFOLIOS APPEAR MORE FOCUSED ON EXISTING STOCKp14-1506LOCATION,TENANT AFFORDABILITY SEEN AS MOST IMPORTANT IN EVALUATING PRS/BTR SCHEMESp1607ECONOMIC SENTIMENT STABILISES AS INV

3、ESTORS ADJUST RATE AND YIELD EXPECTATIONSp18-2108PRS/BTR SUBSECTOR SEEN AS OUTPERFORMING IN 2026,LACK OF INVESTMENT OPPORTUNITIES EMERGING AS A KEY CHALLENGEp22-2309SUSTAINABILITY STILL IMPORTANT FOR INVESTORS,LESS SO FOR TENANTS?p24- 32 European Living Investor Survey 2026A CUSHMAN&WAKEFIELD RESEAR

4、CH PUBLICATIONThe European living sector enters 2026 with improving momentum and strong investor conviction,supported by a year of improving performance and expanding institutional significance.INTRODUCTIONTHE LATEST MSCI EUROPE INDEX DATA HIGHLIGHT A CLEAR TURNING POINT FOR THE SECTOR IN 2025:TOTAL

5、 RETURNS REACHED APPROXIMATELY 6%IN THE YEAR TO Q3 2025 WHILE CAPITAL VALUES CONTINUED TO EDGE GENTLY HIGHER.THESE SIGNS OF STABILISATION SUGGEST THE MARKET IS NOW TRANSITIONING TOWARD A MORE BALANCED AND GROWTH SUPPORTIVE ENVIRONMENT.The strong investor conviction has been matched by a pickup in ac

6、tivity.European living investment volumes totalled around 59 billion in 2025,marking the strongest annual outturn since 2023.This momentum is also mirrored institutionally:the living sectors weight within the MSCI indices has risen further,now accounting for 23%of the MSCI Europe Index and 10%of the