Summary

Volatility has naturally spiked during this pandemic and is likely to remain elevated. Agile investors can take advantage of inter-sector property price movements that deviate substantially from their underlying historical economic sensitivity. The key is to focus on the GDP sensitivity of property sectors as well as the balance sheet position of individual PropCos as they make relative valuation moves. Those willing to make directional bets should use this information across and within sectors to generate outperformance.

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