Returns from European property markets jumped from 3.7% in 2003 to 10% last year, according to a new index launched yesterday. For US investors in European property, the figure could be double due to the effect of the weak dollar.

Over three and four years, the index showed that annualised European property returns beat European equities, returning 6.3% and 6.8% against -3% and 6.2% respectively.