The cyclical factors weighing on property values and investment activity are beginning to unwind – and the nascent recovery in real estate capital markets should gather momentum in the coming year. In some markets, 2025 will represent a vintage year and the buying opportunity of this cycle.

Overall liquidity remains well down on past levels, but turnover in the final quarter rose by more than 25%, providing good momentum entering the new year. As a result, total global investment of US$828bn represented a near 8% increase in comparison with 2023. The recovery is broad-based, extending beyond a particular market or region and not concentrated in one sector. ‘Beds and sheds’ are leading the recovery from a sectoral perspective, with the living, industrial & logistics and hotel sectors all registering double-digit growth in turnover. But the stabilisation in the office sector was perhaps the story of 2024, with investment rising by 7%.  

The annual review outlines our outlook for real estate capital markets globally and also from a regional perspective. We hope you find the report insightful and enjoy reading it.