Catella published its Autumn 2026 “House View” analysis, arguing European real estate returns are increasingly driven by city selection.
The study covers 75 metropolitan areas in 20 countries, spanning about 350 million people, using 16 indicators across economics and real estate.
The framework groups cities into six clusters to align portfolio role with risk-return, reflecting diverging local cycles across Europe.
Flagship cities such as London, Paris and Stockholm are seen as more defensive, liquid Core markets, while “rising stars” such as Warsaw carry higher risk.
The report builds on Spring 2026 views favoring affordable housing and operational living, adding location as a key allocation variable.
IYR•
