1、1Global Outlook2NEW HORIZONSCHAPTER 2ABOUTTHE REPORTFACING UP TO REALITYCHAPTER 1EXECUTIVESUMMARYWELCOMECONTENTS3“We expect overall transaction volumes to increase substantially this year.Hospitality,retail,offices are a big part of this recovery.”US investment bankerEXECUTIVESUMMARY LONDON,UNITED K

2、INGDOMEXECUTIVE SUMMARYPREVIOUS NEXT4Inflation and higher-for-longer interest rates in some regions continue to cast a long shadow over global real estate as the industry weighs up the opportunities and risks over what promises to be a challenging year ahead.Political policy-making and geopolitical

3、instability are among inflations chief drivers,and they are uppermost in the minds of the industry leaders interviewed for this Global edition of Emerging Trends in Real Estate.The backdrop to the latest interviews included martial law being declared in South Korea in the final weeks of 2024,the sle

4、w of executive orders in the early days of the new US administration and political tensions created in the build-up to the election in Germany in February.These interviews reinforce the cautious sentiment evident in all three regional editions of Emerging Trends.This is an industry questioning how p

5、olitical decisions will influence monetary policy,economic growth and,above all,the wars in Ukraine and Gaza.As one global player says:“The overarching concern is political risk.”If anything,the geopolitical risk is greater now than at the start of the year,and it is keenly felt in the industrys cha

6、llenges around climate change and the environmental,social and governance(ESG)agenda.Despite the wildfires that tore through Los Angeles in January and the destructive flash floods in Valencia last October there has been a backlash against ESG regulations in the United States,and a reordering of cap