Quarterly Report Q3-2022
REECOX Euro Score down in four successive quarters

Dear readers,

REECOX continues its downward trajectory in the third quarter. For the third successive time, all the countries monitored by REECOX show a negative trend. At 213.0 points, the Euro Score is also at its lowest level in more than two years. This reflects the ongoing uncertainty facing European real estate markets due to the current economic and geopolitical situation. The unease in the market is plain to see, with all countries suffering significant falls in their share and real estate share indices, as well as in economic sentiment indicators.

This quarterly report for Q3/2022 is our last publication for the Deutsche Hypo REECOX. In future, we will focus on the Deutsche Hypo Immobilienklima, a monthly report that gauges sentiment in the German real estate sector by surveying around 1,200 real estate experts. We will continue to follow developments in the neighbouring European markets, but will present our coverage in a different format. However, our partner bulwiengesa plans to continue REECOX.

Kind regards,


Your Frank Schrader

Contact

Mr Frank Schrader
Leiter Deutsche Hypo – NORD/LB Real Estate Finance

REECOX Euro Score down in four successive quarters

The European real estate index of the Deutsche Hypo REECOX (Euro Score) again posted a consistently negative performance in the third quarter of 2022. Following relatively modest losses in July (0.7 %) and August (1.5 %), the downward trend intensified in September in particular, with a decline of 4.9 %. Overall, the index fell by 7.0 % to roughly 213.0 points – a level last seen in July 2020.

REECOX Eye Q3-2022

Deutsche Hypo Euro-Score

213.0

REECOX Germany records heaviest loss

The downward trajectory of the REECOX index continued for the fourth quarter in a row. The REECOX Germany was once again bottom of the pile, experiencing a double-digit slump of 10.3 % to 258.9 points. Relatively minor losses were posted by the REECOX France (down 2.6 % to 219.3 points) and the REECOX Spain (down 2.9 % to 172.9 points). Poland (down 4.3 % to 175.1 points) and the Netherlands (down 4.7 % to 175.8 points) were in the mid-range of the overall negative trend. The REECOX UK suffered the second-highest decline among the European countries, dropping by 6.4 % to 189.5 points.

Change of Input Parameters and Real Estate Economic Situations
Δ Q3-2022 / Q2-2022

Country

Stock Index

Real Estate Economy Index

Economic Indicator

Base Interest Rate

Interest Rate 10-Year Government Bonds

REECOX Q2-2022 / Q3-2022
DE
do
dodo
dodo
eq
upup
dodo
GB
do
dodo
dodo
upup
upup
dodo
PL
dodo
do
dodo
upup
up
dodo
NL
do
do
dodo
eq
upup
dodo
FR
do
do
dodo
eq
upup
do
ES
dodo
do
dodo
eq
upup
do