UBS - Real Estate Outlook, May 2023

The Global Real Estate Outlook report provides valuable insights into the current state of the global real estate market. One of the key takeaways from the report is the price correction that continues to shape the industry. Yields and cap rates have risen in a significant number of city-sector markets, with upward pressure on yields expected to continue. However, as interest rates approach their peak, this upward pressure may ease, although it will vary by market. The report also highlights the impact of stress in the banking sector on lending against real estate. This stress is likely to delay the recovery of the real estate market, and the UK market has already experienced a correction due to its valuation practices and large, liquid market. The report also provides forward-looking statements, which are based on UBS Asset Management's best judgment at the time of compilation. However, it's important to note that these statements may not necessarily reflect actual future results. Finally, the report includes a disclaimer that the views expressed are not intended to predict or guarantee the future performance of any individual security, asset class, or market. Past performance is not a guide to the future. Overall, the Global Real Estate Outlook report provides valuable insights into the current state of the global real estate market, highlighting the challenges and opportunities that lie ahead.