Property Investor Confidence Index

The Swedish real estate market demonstrated remarkable resilience in the first half of 2026, maintaining strong activity levels despite ongoing global economic uncertainty. The transaction volume in the Swedish market reached SEK 120.5 billion in H1 2026, representing a 60% year-on-year increase and marking the strongest half-year performance since 2021. Residential assets were the most active segment, accounting for 25% of total transaction volume, followed by industrial properties at 22%, offices at 13% and retail assets at 9%.

This survey edition introduces two new questions. The first explores investor views on the impact of the Swedish election on the real estate market. Notably, the former government did not manage to secure a majority in the election, and ahead of the vote, a change in government was viewed negatively by a significant share of survey participants. 

The second examines how the increase in the Swedish 5-year swap rate since February 2026 has affected investors’ required rates of return. The results show that the recent increase in swap rates has had a noticeable impact on investment underwriting, with most investors reporting at least some effect on their return requirements.