Investor allocations into real estate have aligned more closely with target levels globally, according to the 2025 Investment Intentions Survey — published by INREV, ANREV and PREA. The average current allocation to real estate globally stands at 8.7 percent, just below the average target of 9.0 percent.

European investors, who had been overallocated for the past two years, now report their average allocation matching their average target of 9.4 percent. North American investors continue to show the highest current allocation at 10.4 percent and are still some 80 basis points under their average target. Asia Pacific investors remain structurally under allocated, but the gap narrowed significantly compared to the average 120-basis-point to 200-basis-point spread recorded in recent years.

In terms of market preferences, for the first time in the survey’s history, Spain has entered the top three most preferred destinations in Europe, joining the United Kingdo