2023-09-28-莱坊-European_Living_Sectors_Yield_Guide_September_2023_2页_373kb

Summary of European Prime Living Yield Guide

This report, prepared by Knight Frank in September 2023, provides indicative Net Initial Yield (NIY) data for European prime, stabilised, institutional-grade real estate assets based on rack-rented properties in capital and gateway cities. Yields may vary for regional cities. The analysis covers recent market trends and regulatory impacts.

Key observations:

• Indicator Quality: Yields are based on income-focused transactions and updated to reflect current standards, with historical data revised for accuracy.
• Market Changes: Reflects yield fluctuations during the 1-month period, highlighting stability or increases due to rental regulations.
• Country-Specific Insights:
  • Austria: Yield increases from 3.40% to 3.90% in September 2023, attributed to rent regulations.
  • France: Yields rose moderately with rent controls in Paris and other cities; stable overall.
  • Germany: Updated to NIY basis, showing stability with no significant changes.
  • Ireland: Yield increases in rent-controlled zones (RPZs), particularly in September.
  • Netherlands: Stable yields, influenced by points-based indexation.
  • Poland: Consistent yields, unaffected by regulatory changes in the observed period.
  • Spain: Yields stable, with no major regulatory impacts noted.
  • UK: Increased due to affordability requirements, affecting yields across regions.

The guide underscores regulatory stability in many jurisdictions but highlights variations based on national policies, impacting investment decisions. It is advisory in nature, issued for general information purposes.