Compared to our end-2023 forecasts, property yields look set to end 2024 a bit higher than we anticipated and rental growth stronger. Overall, that means our call for all-property total returns of just over 6% in 2024 will prove correct. Our non-consensus call for retail to outperform has also been vindicated. Looking ahead to 2025, we think all-property yields will hold more-or-less steady and rental growth will slow. That implies another year of modest total returns at around 6.6% y/y, a forecast which is significantly below the consensus view of returns of 8.6%.
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