Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Rynki nieruchomości - Ekspozycje na ryzyko na unijnych rynkach papierów wartościowych i w funduszach inwestycyjnych

10 January 2024

ESMA50-524821-3038

ESMA TRV Risk Analysis Financial Stability

Real estate markets – Risk exposures in EU securities markets and investment funds

Summary

Recent macroeconomic shifts, such as elevated inflation and rapidly rising interest rates, coupled with global growth deceleration, have put real estate markets under particular stress. We explore the current exposures in EU securities markets and the asset management sector to the rising risks in real estate markets. First, there has been a broad-based decline of the main equity and bond real estate indices, as along with increased trading activity and securities lending activity for real estate corporations. Lower valuations were also observed for listed real estate firms and real estate investment trusts, this may also be in the context of an increase in leverage of real estate firms over the past five years. Second, next to credit institutions, particularly banks, investment funds are important investors in the sector....