There is some hope among the industry that buyers and sellers of properties are starting to accept a higher-for-longer interest rate environment and will therefore find the middle ground on pricing that has been so elusive over the past two years.

Despite the monetary headwinds and continued economic uncertainty around the world, there is a widespread view that inflation is moderating and interest rates may have peaked, and greater clarity on monetary policy since the turn of the year has brought a measure of relief. However, industry leaders across all three regions acknowledge that the geopolitical backdrop to investment is fraught with uncertainty (particularly in this year of elections) and may yet override the more stable monetary situation.

This report also explores how the real estate sector is undergoing a “great reset”, which goes beyond the industry adapting to the new era of higher-for-longer interest rates. It is the opportunity for a radical re-think of what will make real estate fit for purpose in the long term.