PwC and ULI – Emerging Trends in Real Estate Europe, 2026

The report discusses the outlook for real estate markets in Europe and globally for 2026.

It highlights the impact of geopolitical uncertainty, deglobalisation, inflation, and interest rates on real estate investment. The industry is experiencing a transition with improving fundamentals and increased capital availability, but also challenges such as volatile geopolitics, economic conditions, and operational complexities. There is a noted rotation from technology stocks into real estate and traditional asset classes. Investors face risks due to geopolitical conflicts and tariffs, which may keep investment volumes muted. Despite volatility, investors need to actively manage liabilities and cannot remain on the sidelines.