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Sweden Real Estate Market Outlook 2024

March 13, 2024 45 Minute Read

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In this report, we review the Swedish real estate market in 2023 and reflect on the outlook for 2024.

 

Sweden entered the third quarter of declining GDP in Q1 2024, new construction of multifamily units keep falling, and the previously limited spread between prime and secondary assets is increasing. Yet we see an improving landscape for property investment as values are expected to bottom out in 2024. 

Occupier markets are expected to present a mixed picture, with growing polarisation between different submarkets for logistics, and for offices especially, between the best assets and the rest. Office leasing have been highly active, yet tenants tend to downsize. In retail, better consumer fundamentals should improve footfall and sales figures from this summer. The living sector will face structural undersupply challenges yet have a strong occupier demand in the main cities. Similar demand-supply imbalances will be apparent for data centres.