The strong recovery in property equities prices across the UK, euro-zone and US implies larger rises in commercial property capital values by the end of the year than we are currently forecasting. However, property equities have been boosted by the overall rise in equity prices and stripping out that impact the implied rise in capital values is closer to our forecasts for end-2024 growth of 2.5%, 0.7% and -7.7% for the UK, euro-zone and US respectively.
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