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Real Estate

2025 Outlook: Global Real Estate Roundtable

December 2024 – 8 min read

In an environment characterized by change, our real estate debt and equity experts weigh in on the challenges and opportunities investors are likely to encounter across the global real estate markets in the year ahead.

John Ockerbloom: The new year will usher in a new administration in the U.S. How do you think this change will affect real estate markets?

Nasir Alamgir: The election is just behind us, so it’s still hard to determine how much of Donald Trump’s pre-election rhetoric will make it into policy. In North America, one big unknown is how much influence the executive branch will have over monetary policy going forward, although I would argue we will see more oversight. What that means for markets is hard to predict, but for a variety of reasons, I think we can expect to see greater inflationary pressure.

Deregulation—or a “lack of re-regulation”—also seems likely under Trump 2.0, and that is something that could ultimately help the broader capital markets. This is especially true with respect to banks and bringing liquidity back into the system to finance acquisitions and refinance deals, which would be healthy for real estate and the economy overall. A lack of re-regulation would likely also affect the way banks handle the non-performing loans they’re holding that are facing maturity. Specifically, banks may have the ability to push some of their troubled loans further out. At the end of the day, as we all know, banks are essential for the functioning of a real estate market, and they have been largely absent from the market for the last two years. So, that deregulation or lack of re-regulation will take many forms, but easing the capital for some of the troubled loans will be one of the essential ones.

Nick Pink: In Europe, the impact on real estate markets will depend heavily on the extent and specifics of Trump’s potential tariff moves. Most European-U.S. trade involves the service sector, which doesn’t appear to be the target of tariffs at this point. Rather, manufacturing seems to be more of the focus, which means countries like Germany could face increased economic challenges given its dominant automotive industry.

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John Ockerbloom

Head of U.S. & European Real Estate

Maureen Joyce

Head of U.S. Real Estate Equity

Nasir Alamgir

Head of U.S. & European Real Estate Debt

Nick Pink

Head of European Real Estate Equity

The document is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This document is not, and must not be treated as, investment advice, investment recommendations, or investment research.

In making an investment decision, prospective investors must rely on their own examination of the merits and risks involved and before making any investment decision, it is recommended that prospective investors seek independent investment, legal, tax, accounting or other professional advice as appropriate.

Unless otherwise mentioned, the views contained in this document are those of Barings. These views are made in good faith in relation to the facts known at the time of preparation and are subject to change without notice. Parts of this document may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this document is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information.

Any forecasts in this document are based upon Barings opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Any investment results, portfolio compositions and/or examples set forth in this document are provided for illustrative purposes only and are not indicative of any future investment results, future portfolio composition or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this document. No representation is made that an investment will be profitable or will not incur losses. Where appropriate, changes in the currency exchange rates may affect the value of investments.

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This document is issued by Baring Asset Management (Asia) Limited. It has not been reviewed by the Securities and Futures Commission of Hong Kong.

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