Warsaw has ranked among Europe’s most attractive cities for investment in 2026, according to CBRE’s latest study published in the report European Investor Intentions Survey 2026. Poland’s capital placed third in the city ranking, behind only London and Madrid, and ahead of, among others, Barcelona, Milan, and Paris. In CBRE experts’ view, this result further strengthens Warsaw’s position among Europe’s most competitive markets.
In the CBRE survey, investors indicated the markets they believe should deliver the highest total real estate returns in 2026, excluding their domestic market.
“The findings show Warsaw’s increasingly strong standing among Europe’s most competitive commercial real estate markets. Poland’s capital is no longer perceived solely as a regional market—the leader of Central and Eastern Europe—but is now viewed on a par with mature investment locations in Western Europe. From an investor perspective, the key factors are stable macroeconomic fundamentals, strong economic growth forecasts—where we outperform the rest of the region—robust leasing fundamentals, and achievable returns,” says Przemysław Felicki, Director in CBRE’s Capital Markets department.
London retained its leading position among cities as Europe’s most attractive investment destination, with Madrid in second place. Warsaw ranked third—an improvement compared with the previous year. The top five also included Barcelona and Milan, which has been steadily improving its results thanks to infrastructure development and a business-friendly environment. Paris placed sixth.
Poland in the Top Three
Investors were also asked about the most promising countries. The results largely mirror the positions of individual cities. Poland, as the largest economy in Central and Eastern Europe, held onto third place in the country ranking for the third year in a row.
Spain took the top spot for the first time, with nearly half of respondents pointing to it as the market with the highest return potential in 2026. Investors are drawn by solid economic fundamentals, a strong tourism sector, and housing demand, as well as the fact that prices in many segments remain below the European average. The United Kingdom came second, and Italy—rising in the ranking—took fourth place thanks to greater financial stability, limited supply of new projects, and the potential of regional markets. Germany rounded out the top five.
Methodology
CBRE’s European Investor Intentions Survey 2026 was conducted from 4 November to 3 December 2025, on a sample of 698 investors from around the world.
