EFTA Document EFTA01388631

Domestic institutional investors were net buyers of real estate in the first half of 2016. As equity markets tumbled and credit spreads widened in January and February. fears mounted that investors would reverse course in order to rebalance portfolios - the so-called "denominator effect". However, now that equity prices have bounced to all- time highs and fixed-income yields have retreated, it seems likely that any pullback will prove fleeting and could give way to stronger inflows. Foreigne