Real Estate Research

European smaller cities

Punching above their weight: the attraction of smaller growth cities to real estate investors


Mark Callender

Mark Callender

Head of Real Estate Research

Tony Smedley

Tony Smedley

Head of Continental European Investment


In general, big cities in Europe enjoy faster economic and population growth than surrounding smaller cities and towns, however, we believe that there are interesting real estate opportunities in certain smaller European cities which share many of the characteristics of big cities, in particular a strong university, good transport infrastructure and an attractive quality of life.

In this paper we discuss why we think that for many investors the higher level of yields is fair compensation for lower liquidity, and that they could be a useful complement in a portfolio which is mainly invested in big cities.

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4 pages | 380 kb