StefanCa schreef op 3 september 2020 11:06:
@NLvalue, trying to take a balanced approach here. So France is not without flows, this is clear. Indeed rent went up, while average sales went down, hence OCR increased. Let's say they afforded that because OCR was initially low vs. market. Let's suppose they cant do that anymore. But what is the impact?
So how much do sales go down and where do they stabilize? What does that mean for valuations? Current price would imply that rent goes down significantly, not 3-5% , hence valuation also decreases 30%+. What is the scenario you believe in?
Of course, very hard to estimate in these circumstances, this is one reason for which price is depressed. But still, current price indicates a very very pessimistic scenario.