Nordic real estate investor confidence rises as market stabilises

CBRE's 2026 Nordic Investor Intentions Survey reveals a significant boost in confidence among real estate investors across the Nordic region.

Jussi Niemistö

The survey, which gathered responses from 185 investors, highlights renewed optimism driven by better debt availability, lower financing costs, and more stable property pricing.

Despite ongoing challenges, particularly the disconnect between buyer and seller price expectations, investors anticipate a more active market in 2026. A substantial 93% expect their purchasing activity to either increase or remain steady this year, while 84% foresee stable or increased selling activity. This combined momentum is expected to boost market liquidity and further close the bid-ask spread that has hindered transaction volumes in recent years.

A notable finding from the 2026 survey is the renewed appeal of core investment strategies. After three years of diminished interest, one in five Nordic investors now favour core assets, indicating greater confidence in pricing and a more advanced stage of market recovery. Value-add and core-plus strategies also remain popular, as many investors continue to seek higher-risk opportunities supported by attractive pricing and specific distressed situations.

The living and logistics sectors once again emerged as the top two preferred choices for Nordic investors. The living sector is also expected to see the largest increase in allocations, with 75% of respondents planning to expand their exposure in 2026.

Retail experienced the strongest relative recovery in preference, rising from 6% in 2025 to 10% this year. This reflects stabilised performance, stronger consumer fundamentals, and promising opportunities within retail parks and grocery-anchored centres.

For the first time, data centres appeared among the most preferred sectors, reflecting the rapid growth driven by AI and the increasing demand for digital infrastructure throughout the region.

Sustainability remains a crucial factor for Nordic investors. Many view retrofitting as the most effective method for generating long-term value and enhancing the resilience of existing portfolios. Some investors are also directly incorporating sustainability criteria into their bidding processes for new acquisitions.

Fund and asset managers are the most optimistic about increasing their real estate allocations, with 63% planning to grow or significantly increase their exposure in 2026. Among limited partners (LPs), 60% anticipate higher allocations, reflecting a broader belief that Nordic markets offer attractive pricing, favourable financing conditions, and resilient long-term fundamentals.

Jussi Niemistö, head of Research, Nordics, explained: “The stabilisation of pricing levels and improved debt conditions are restoring investor confidence across the Nordics. The re-emergence of core capital is a clear sign that investors believe the market has reached a more balanced stage and are ready to deploy capital across low-risk segments again.”