The sector of investment trusts in real estate (reits) in the stock market shows an important sensitivity to the current environment of interest rates. The BMV REITS index, which covers virtually the entire sector, recorded a decline of -6.6% (considering dividends) from the maximum achieved in August this year.

Noteworthy is the recovery of the indicator in the first half of 2017, after the solid adjustment since the election of Donald Trump that placed it at minimum levels. During this same period, risk premia in our country showed a significant advance, aggravating the depreciation of the currency and boosting the yield of risk-free rates at levels not observed in more than six years in long-term sovereign debt. The scenario a year later is not completely different.