This ranking of the most attractive European cities to invest in real estate in 2025 was recently published by PwC and the Urban Land Institute (ULI), which heard more than a thousand experts from real estate companies, funds, institutional investors and banks.

Lisbon, the only Portuguese city among the 30 analysed, was considered the tenth most attractive for investing in real estate next year. Thus, the Portuguese capital remains in the top10 of European cities that attract the most interest, even though it has fallen two positions compared to the 2024 ranking (when it was in 8th place).

Leading the 2025 ranking is London, which occupies first place for the fourth consecutive year largely due to its resilience, its great liquidity and its attractiveness to investors. In second place is Madrid, which has risen six steps since 2020, thus recording its best position in this, which is the 23rd edition of this ranking. In fact, the Spanish capital was the only city in the top 10 that managed to rise in position, largely due to its “economic growth, a stable population, quality of life, political stability and reception of students, tourists and immigrants”.

In third place in this ranking is Paris, which continues to have a strong market, despite having fallen to third position. The PwC and ULI report also indicates that the French capital continues to benefit from the effects of investments made as part of the Paris Olympic Games.

Berlin remains in fourth place, while the other German cities, "which had been falling in the ranking since 2021, are now beginning to show symptoms of a smooth recovery, despite concerns about the evolution of the economy in Germany. Munich, Frankfurt and Hamburg were higher attractive places to invest in real estate, rising to fifth, eighth and ninth positions, respectively.

The top 10 of the most attractive European cities to invest in real estate in 2025 is completed by Amsterdam (6th) and Milan (7th), followed by Barcelona, ​​​​Warsaw, Vienna, Brussels and Zurich.