Within EMEA, the significance of the COVID-19 pandemic impact is clear in the Q2 GDP figures, but the subsequent impact on investment volumes has not been as sharp as expected. At least not for Europe’s primary market destinations:
- The UK has taken the biggest GDP hit, posting a drop of around -22% q/q, but investment remains robust at only around -3% down on a 12 month rolling basis.
- French GDP was down by -13% q/q, but rolling investment volumes fell by only -6%.
- German GDP was -10% down q/q, but investment is around 2% up on a rolling basis.
After a very strong Q1 2020, and a more robust Q2 than expected, real estate investment volumes for EMEA Capital Markets have held up at only 9% down y/y markedly well during the first half of 2020. EMEA Capital Markets has proven to be the least affected global region during H1, with volumes in APAC and the Americas down 25% and 27% respectively.