Institutional investors plan to invest at least €28 billion in European real estate this year, according to INREV’s 2022 Investment Intentions Survey, led by the big three markets of France, Germany and the United Kingdom.

Investment in Spain, the Netherlands, Denmark, Finland and Norway are all expected to increase in 2022, according to the survey, predominantly from intra-European capital. North American and Asia Pacific capital continues to favour the United Kingdom and, to a lesser extent, France and Germany. INREV has also noted an uptick in risk appetite for new capital targeting Europe in 2022, with value-add the dominant strategy. One in six respondents (57 percent) indicated they will adopt value-add strategies in Europe this year, the highest level since 2008, while only 30 percent preferred core strategies, down from 50 percent last year. Opportunistic strat-egies are preferred by 13 percent of respondents.

But the environment for cross-border investment