The Nordic Investor Confidence Index includes survey responses from approximate 300 investment professionals across the Nordic region and monitors expectations for the next 3-6 months.
The survey’s broad coverage reflects the interest for non-biased analysis and increased transparency. Furthermore, the degree of coverage ensures the findings are representative reflections of current investor confidence in the Nordic commercial real estate market.
We conduct the survey biannually, allowing us to track changes in confidence, to interpret what they mean for the market and to determine how best to respond when making investment decisions.
Nordic Investor Confidence Index Overview Q3 2026
Nordic transaction volume reached approximately €23.3 billion in H1 2026, up 40% compared with H1 2025, confirming continued market resilience and recovery following the sharp decline in 2023.
Highlights
- The recovery is holding, but the optimism of early 2026 has cooled. Transaction volumes are up 40% in H1 2026, and most investors still expect to be net buyers.
- Expectations for financing, yield development and portfolio values have all moderated since Q1, so the sentiment is now cautious optimism rather than broad confidence.
- Financing sentiment saw a sharp change this quarter. The share expecting better conditions halved, and Norway and Sweden turned negative for the first time this year. This reflects the changed interest rate outlook since the start of the year.
- Finland is the clearest outlier, with improving fundamentals but the weakest capital market sentiment. Occupier market expectations improved, while half of respondents expect lower portfolio values and many plan to be net sellers.
- Investors are seeking predictable cash flows. Residential, industrial and logistics lead the sector preferences, while office comes last despite rising prime rents.
