The IPD Nordic Quarterly Property Fund Index suggests returns from the assert class hit 1.9% through the period, up from 1.7% in the previous quarter.

Over a 12 month period, the index has returned 8.2%, IPD said, although some of this return is because of the ongoing depreciation of the euro versus local currencies.

There are ten property funds making up the index. Of these, seven produced positive returns through the quarter. Nine funds produced positive returns over the past 12 months.

Overall allocation across the index is 39% Norway, 29% Finland, 28% Sweden and 3% Denmark, and the index measures net asset value total returns.

IPD said that the improvement seen in the region mirrored improvements seen in the AREF/IPD UK Pooled Property Fund Index over the same period. It was up 0.4% through the third quarter.

However, the eurozone crisis continues to dog property funds invested in the area. The IPD Pan-European Fund Index recorded a negative return of -1.1% in the second quarter, with third quarter figures yet to be published.