Global

Global property returns down

Global property funds returned an average of 10.6% at net asset value during the year to June, according to MSCI’s IPD Global Quarterly Property Fund Index.

The performance of the funds was slightly down on the annual performance from March when a 12.5% return was registered. Returns peaked in December last year on a four-year high at 13.5%.

The total return in the quarter to June stood at 1.8%, compared to 1.9% recorded in the quarter to March. Asia-Pacific recorded a total return of 2.4%; North America, 2%; and Europe lagged behind with 0.5%. Both Asia-Pacific and North America returns outperformed equities, which returned 1.5% during the period.

Ken Greguski, executive director, MSCI, said: “We continue to see gradual moderation in the performance of property funds after the index recorded a four-year high at the end of 2015. However, we are still seeing double-digit returns, which reflects the reliability of real estate investment.”

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