Uncertainty and tariffs: the impact on global real estate

Executive Summary

Investors in global real estate face a number of flashpoints as markets adjust to new international dynamics driven by the Trump administration. From trade and monetary policy to immigration and sustainability, the implications for property prices may be significant – but haven’t been discussed as fully as for other asset classes.

In our paper available to download from the link below, we seek to redress this imbalance by analysing the context for the new market regime, showing the dramatic change in capital flows, and explaining what the rewiring of allocation decisions means for investors.

The second half of the paper also focuses specifically on the repercussions of tariffs for global real estate, another relatively under-covered topic. Several targeted import categories that are critical for construction face duties of up to 50%, amplifying input cost inflation and squeezing development margins in US property markets.

Yet, as we argue and demonstrate with a case study, active management in the right sectors in the right locations can still help investors seize opportunities amid the risks.