The investment climate has been characterized by a high degree of volatility in recent years. Last year, investors were confronted with exceptionally fast rising market interest rates, anticipating to future increases in policy rates to be set by central banks to deal with high inflation. Interest rates on the government bond markets also rose rapidly. This also translated into lagging investment dynamics in the first quarter of 2023. The investment volume amounted to a modest EUR 834 mln (-79%) as investors adopted a wait-and-see attitude. Deteriorating financing conditions, uncertainty about the economic outlook and an unknown number of possible rate hikes still in the pipeline, contribute strongly to the current sentiment.
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