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Investment Intentions Survey

The Investment Intentions Survey explores the aspirations for investment into the real estate sector over the following two years with a focus on non-listed real estate funds. Since 2012 the survey has had a global outreach as a joint research project between ANREV, INREV and PREA.

The results are based on an online survey that is carried out each September to November. Respondents include members of each of the industry associations as well as other market participants that are active in the real estate sector.


Investment Intentions Survey 2021  

Published on 13 Jan 2021

Investment Intentions Survey 2019  

Published on 14 Jan 2019

Investment Intentions Survey 2017  

Published on 17 Jan 2017

This webinar provides insights into what’s on the industry’s minds for the coming 12 months as Henri Vuong, Director of Research and Market information INREV, Maurizio Grilli, Head of Investment Management Analysis and Strategy at BNP Paribas Real Estate, and Marcus Cieleback, Head of Research, Patrizia Immobilien discuss the results of INREV’s Investment Intentions Survey 2017.

The panel comments on topics such as investors’ changing real estate allocations, which non-listed real estate vehicles they intend to invest in and how fund managers will respond to that demand.  The speakers will also discuss which European markets will be most attractive in 2017 and examine the preferences of investors from around the globe by style, structure, region and sector.

If you had not the chance to attend the live Investment Intentions roadshow this is your chance to catch up with the latest industry trends.

Investment Intentions Survey 2014  

Published on 17 Nov 2014

This webinar provides an insight into what’s on the industry’s minds for the coming 12 months as Casper Hesp, Director of Research and Market information INREV, discusses the results of INREV’s Investment Intentions Survey 2014.

The webinar discusses topics such as changing real estate allocations by investors, which non-listed vehicles investors will be considering and how fund managers will respond to that demand. It also examines the preferences of investors from around the globe by style, region and sector as well as which European markets will be most attractive for investors.

Local highlights

Highlights of each region in the Investment Intentions survey 2022


  • After being the most preferred country in Europe for three years in a row, Germany slid into second place in 2022, trailing France by a margin of 3%.
  • Germany industrial//logistics remains popular as it is included in the top-3 for the third consecutive year, underpinned by exceptionally strong 12-month rolling asset level return of 28.09%.*
  • Berlin appeared three times in the top ten city/sector combinations and is among the most popular city destinations together with Paris.
  • Investors from Germany have an allocation to real estate of 13.6%, significantly higher than their European counterparts (11.2%), on an equally weighted basis. With their target allocation at 14.8%, it is likely that German investors will allocate more capital to real estate in the coming years.


  • France overtook Germany as the most preferred location in Europe for investors to deploy capital in 2022.
  • The top ten preferred country/sector combinations feature France industrial/logistics, France office and France residential
  • With its office, industrial/logistics and residential market present in the top ten preferred city/sector combinations, Paris is among investors’ favorite destinations to invest this year.

United Kingdom

  • The UK is firmly in the third place when it comes to preferred investment locations in Europe, mainly driven by relatively high interest from non-European investors. It indicates that the UK, despite Brexit, is still considered a top investment market internationally.
  • Turning to country/sector combinations, the UK office market ties in a shared first place this year. European investors assign the highest preference to this combination, where interest from non-European investors is on par across the country’s office, residential and industrial/logistics market.  
  • London offices are the most favored city/sector combination by investors, and it is the only UK presence in this top ten list this year.
  • The resurgence of the UK compared to last year is the result of shifting sentiment, aided by a turnaround in performance results. The latest 12-month rolling asset level return for the UK hit 11.66%, compared to -3.11% a year earlier, outperforming Germany, France and the Netherlands.*

The Netherlands

  • Despite growing interest in the Dutch market by investors, it was overtaken by Spain this year and slid into fifth place for the most preferred country destinations.
  • The Dutch industrial/logistics and residential market fell just outside the top ten most preferred country/sector combinations, placed 12th and 15th, respectively.
  • Dutch investors plan to invest at least €11 billion into European real estate in 2022.
  • The Dutch market delivered a solid 12-month rolling asset level return of 8.88%, despite a poor first quarter that was the result of increased transfer taxes affecting its large residential sector.*
  • In the Netherlands, 83% of investors consider a Net Zero Carbon commitment when investing into non-listed funds, while 100% of investors review a funds environmentally and/or socially responsible investments. This compares to 68% and 86%, respectively, at the global level.

Southern Europe

  • Momentum for Spain (4th) and Italy (7th) increased in the past years, with investors indicating 62% preference for Spain and 45% for Italy, in 2022. These are well above their long term averages of 40% and 34%, respectively, and demonstrate investors’ increased interest in second-tier markets, in line with higher risk appetite.
  • When breaking down preferences by investor domicile, Spain and Italy are the only two countries where interest is on par between European and non-European investors.
  • In terms of sectors, industrial/logistics markets are highest ranked for both Spain (13th) and Italy (17th). With decreasing yields for industrial and logistics assets in prime markets, investors may be shifting focus towards alternative markets.

The Nordics