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1、European Living SectorsInvestor Survey2022/ H O R T-T E R M C H A L L E N G E S,L O N G-T E R M P E R F O R M A N C Enstitutional investment into European Living sectors totalled an estimated 44.5 billion over the first three quarters of 2022.An expected slowing of investment in Q3 relative to last

2、year meant that overall,volumes in 2022 are 8%lower than the same period last year.Some 10.8 billion was invested in the third quarter,provisional data shows,down 37%on the same period of 2021.The slowing in investment volumes in the most recent quarter is reflective of the challenging macro-economi

3、c and geopolitical backdrop across Europe,and indeed the world.Lower investment volumes ultimately demonstrate the sharp impact that soaring inflation,higher commodity prices and supply side constraints have had on real estate.IWith investors still digesting the changing macroeconomic backdrop,the c

4、urrent approach to European Living markets are mixed,but underlying fundamentals remain strong.European Living sector investment cools after strong start to the yearQuarterly volumesSource:Knight Frank Research/RCA*provisionalTo combat this,central banks globally have started tightening monetary pol

5、icy.The European Central Bank(ECB)raised rates for the first time in 11 years in July and again by a record 75bps in September and October.In the UK,the Bank of England has raised rates higher at each of its last eight meetings.Euro area swap rates have risen as a result,leading to a rapid repricing

6、 of debt markets a move which has increased costs for some investors and has given those seeking higher returns something to consider,with returns being affected across the capital spectrum.The impact of this is borne out in the results of our survey of more than 40 investors active in the Living se