Mumbai, May 4 (IANS): The sentiment in the real estate markets globally improved in the first quarter of 2021, according to a report by RICS.

The results of the Q1 2021 RICS Global Commercial Property Monitor (GCPM) point to a gradual improvement in sentiment in the real estate market as hopes for economic recovery gather momentum.

It noted that the International Monetary Fund (IMF) at its April meeting upgraded the forecast for global growth for 2021 to 6 per cent (from 5.5 per cent previously) and for 2022 to 4.4 per cent (from 4.2 per cent).

"Meanwhile, the headline RICS metric (GCPSI) capturing confidence in global real estate climbed from (-)27 to (-)18. This is the least negative reading since Q4 2019 and compares with a low of (-)37 in Q2 2020," the report said.

The Asia Pacific sentiment indicator leads the pack at ' (-)15' (as against '(-)25') in the previous three-month period. The feedback for Europe shows sentiment at '(-)19' (previously '(-)26'), the Americas at '(-)20' (against the period reading of '(-)29)' and Middle East and Africa at '(-)22' (from '(-)25').

The latest results continue to show investor sentiment running ahead of the occupier market, it said. The global indicator for the former came in at '(-)10' compared with '(-)19' in Q4 2020.

"Meanwhile the occupier measure showed a similar improvement in terms of magnitude but still remains at '(-)26' despite the upgrading of economic expectations," it said.