The interest of international real estate investors in Spain has almost doubled in a year, and Madrid and Barcelona are on the list of the top 15 European cities by investment interest, according to the latest survey of real estate investor intentions by CBRE.

Spain is hardly yet the most popular destination – that badge goes to Germany, followed by the UK – but Spain is one of the few places where interest this year is higher than it was last year. Interest in property for sale in Spain has almost doubled, albeit from a low base (see chart above).

As far as cities go, London is number 1 by a long stretch, followed by Munich and Berlin. But if I have learnt anything in my years watching real estate markets, it’s that investors tend to move in herds, and the most interesting opportunities are to be found before the herd gets there. That is certainly the case now with Barcelona, where I am starting to see some excellent investment opportunities in prime property with high returns and low risk on my very doorstep. However, investors are still risk averse and missing out on the best moment to buy property for sale in Barcelona.

“Investors are still wary of southern European markets, although there are some signs that Spain is beginning to attract renewed interest this year,” says the report, by way of conclusion.

CBRE Real Estate Investor Intentions Survey report (pdf)