Where Do European Property Values Go From Here?

European Retail Sector

Property Value Index*

Year-over-Year Percentage Change

140

S1: Soft Landing

S2: Upside Growth

S3: Mild Recession

S4: Stagflation

120

2022

-1.4%

0.6%

-3.2% -8.3%

100

2023

-4.8% -0.6% -10.2% -11.6%

80

60

2024

1.1%

5.7%

0.5%

-4.1%

40

Soft Landing Upside Growth Mild Recession Stagflation

2025

3.2%

3.8%

2.7%

-1.7%

20

2026

3.4%

6.1%

5.1%

-0.5%

0

2021 2022 2023 2024 2025 2026

Source: Cushman & Wakefield Research Note: *Price index = 100 in year 2021 and imputed based on total returns.

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