Over the past two years, there has been little in the way of good news on the real estate front. Instead, the industry as a whole has had to contend with a surge in inflation and a violent rise in interest rates that have reshuffled the deck in the vast majority of European markets. But after suffering the withdrawal of many investors - attracted by other, suddenly more attractive and liquid financial products - and the significant devaluation of its assets, the horizon seems at last to be clearing for the real estate industry.