Cross-Border Weighting of Europe’s Top Markets

By Tom Leahy, Senior Director, EMEA Analytics, at Real Capital Analytics

In the chart below we show selected top markets in Europe with the proportions of domestic versus cross-border capital. Any prolonged absence of overseas investors will likely impact some markets more than others.

Central London has a 75:25 split between overseas and domestic buyers. The U.K.’s large domestic investor base means that a withdrawal by cross-border buyers could eventually, when we see a return to normality, present opportunities for domestic investors or overseas players with a local presence.

The risk of dislocation is more acute in the markets that are not global gateway cities. In smaller markets such as Warsaw, Lisbon and Helsinki, where recent inflows of capital have driven up liquidity, there is only a slender domestic investor base to pick up the slack.

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