News / Insights

The 2025 Investment Intentions Survey conducted by INREV (the European Association of Investors in Unlisted Real Estate Vehicles), ANREV (the Asian Association of Investors in Unlisted Real Estate Vehicles), and PREA (the Pension Real Estate Association of North America), reveals a significant rebalancing in the allocation strategies of global investors. After years of deviating from target levels, the real estate sector is returning to levels more in line with expectations: the average allocation stands at 8.7% (just below the 9.0% target). In Europe, in particular, investors have rebalanced their portfolios, with an allocation now perfectly aligned with the 9.4% target.

In terms of geographic preferences, Spain has entered the top three most attractive European destinations for investors for the first time: 69% of European investors and 64% of non-European investors cite the Iberian country as their primary destination for 2025, surpassing France. Italy retains its eighth position, though it has seen a slight decline in interest from 52% in 2024 to 41% in 2025.

In terms of sectors, residential and logistics remain the most popular asset classes in Europe, while student housing has seen a significant increase in interest, reaching 67% of preferences. Among country/sector combinations, residential in Italy and Spain stand out as the most attractive, ranking as the third and fourth choices at the European level, respectively.

Core strategies are making a comeback (38% of preferences), although the value-add profile remains dominant (47%). Furthermore, operating platforms are emerging as the most popular method of access for real estate investments in Europe, with 35% of investors intending to increase their exposure by 2025. Conversely, the office sector continues to lose appeal, dropping to 48% of preferences—the lowest level ever recorded in the survey.

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