The Portuguese capital improved its position compared to last year (11th place). In second and third place on the list are Paris (France) and Madrid (Spain), respectively. At issue is a ranking contained in the annual report “Emerging Real Estate Trends in Europe”, by PwC and the Urban Land Institute (ULI), and reported by idealista.

“With so much uncertainty at stake, property investors are naturally more careful than ever about how and where they invest their capital in Europe. For many, this means focusing on cities that offer liquidity in times of greatest risk,” the report concludes.

London and Paris represented around 15% of the total volume of real estate transactions in Europe in the first nine months of 2023. However, the liquidity premium combined with economic performance is also evident in other rising cities, such as Madrid, Milan (Italy) and Lisbon, which occupy 3rd, 6th and 8th place in the ranking, respectively.

Also noteworthy is the fact that the German cities of Berlin (4th place), Munich (7th), Frankfurt (9th) and Hamburg (11th), despite still maintaining a relatively high position, have fallen in the ranking in terms of investment prospects and development.