| The IPD Italy Biannual Property Fund Index, released last week, recorded a total return of -5.8% in the 12 months to December 2012. The second half of 2012 delivered a lower return of -3.7% compared with a milder -2.2% in the 6 months to June 2012. The performance represents the second consecutive below-zero result and the lowest total return in the index series.
In comparison with other asset classes, Italian real estate closed-ended funds underperformed all investment alternatives in both halves of the year to December 2012. Equities recorded 13.3% and 11.7% (MSCI Italy) respectively; whilst real estate equities delivered 29.0% and 27.7% (Data Stream Italy Real Estate), and bonds were at 13.0% and 24.8% (JP Morgan GB Italy)...............................................Full Article: Source
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