Europe continues to display selective liquidity and an uneven recovery. Activity is continuing, but decision-making is slower, financing conditions are more demanding and investors are applying a higher threshold for conviction. Pricing appears to have largely found a floor, and limited new development is supporting rental growth, yet the recovery remains far from broad-based.

Living sectors continue to attract the strongest interest, while capital is also returning to prime offices, well-positioned retail and larger transactions where income visibility is stronger. At the same time, activity is becoming more dispersed geographically, with some core markets moving more slowly and a broader range of Southern European and Nordic markets gaining momentum. 

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