Bounce in European property stocks: false start or turning point?

A gauge of European real estate shares has halved in value to about US$131bil since 2021, but the mood shifted in July as earnings expectations improved. — Reuters

IT’S hard to be bullish about real estate in an environment of sharply higher interest rates.

Yet, unloved property stocks in Europe have staged a surprise rally this summer, suggesting contrarian investors are starting to look past the worst.