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The economy is growing, capital to real estate is flowing, and property sector fundamentals are improving. The investment outlook is for increasingly stabilizing conditions and sustainable growth opportunities. The bumps in the road have not been eliminated but recent performance offers confidence that we can navigate these bumps. Furthermore, market perception of the size of the bumps and pain of hitting them has diminished. There is a brighter perception of the economy and investment performance as we enter 2014. We recently navigated the crushing blow of the Global Financial Crisis and rapid price recovery from compressing yields. Yield-driven price increases may be behind us, although we continue to be surprised. So, a return to fundamental growth, as we witnessed during 2013, is a welcome replacement as the appreciation driver. If we expand our investment vision and seek diversification, we should return to the characteristics that we have come to expect from institutional real estate investment: relatively high income performance, low volatility and steady appreciation driven by income growth.
Source : UBS AG