London, Madrid and Warsaw have emerged as the three most attractive European cities for real estate investment, according to the annual European Investor Intentions Survey 2026 conducted by CBRE Group.

Barcelona and Milan followed closely behind, while Paris, Amsterdam, Lisbon and Copenhagen also secured places in the top tier. Berlin and Stockholm shared tenth position in the ranking, underscoring the broad geographic spread of investor interest across the continent.

Spain recorded a particularly strong showing, placing two cities in the top five — a reflection of the country’s overall property market momentum. At the national level, Poland ranked third among countries expected to deliver the highest total real estate returns in 2026, trailing only Spain and the United Kingdom. Italy, Germany, Portugal, the Netherlands, Denmark, France and Sweden followed in descending order.

Notably, Poland has maintained its third-place position for the third consecutive year, benefiting from a stable macroeconomic environment and positive growth prospects. Warsaw, in particular, is no longer viewed merely as a regional market but has evolved into a leading investment hub in Central and Eastern Europe, increasingly regarded on par with mature Western European markets.

The survey highlights that international investors are placing significant emphasis on price stability, the gradual easing of borrowing costs and resilient demand. At the same time, sustainability criteria and energy efficiency upgrades are playing an increasingly central role in investment strategies.

There is also growing appetite for repositioning and upgrading existing assets to unlock additional value. Based on responses from 698 international investors, the survey reflects a broadly improved sense of optimism regarding the trajectory of Europe’s real estate markets in 2026.