RCA Insights

Chart: Europe Dominates World’s Most Liquid Markets

By on January 6th, 2021

Europe’s biggest commercial real estate markets have maintained higher liquidity through the ongoing Covid-19 pandemic than markets in the Americas and Asia Pacific, according to the third quarter 2020 update of the RCA Capital Liquidity Scores

European markets now comprise 14 of the top 30 most liquid markets in the world, as shown in the chart below. Globally, the vast majority of markets tracked by RCA showed shrinking liquidity late last year. That Europe’s biggest markets have been relatively resilient shows how investment activity held up better in the region than elsewhere in the world through the first six months of the pandemic period. 

The most liquid property market in the world remains Central Paris, despite the fact that the score fell 1.1% over the past year. Berlin, in second place, saw its liquidity score fall by 3.2% versus Q3 2019, and in Manhattan liquidity dropped by 5.1%. The Q3 2020 score puts Manhattan liquidity at a 10-year low, with all six components of the score showing a drop.

The most liquid market in the Asia Pacific region is Sydney, which overtook Tokyo – 5 Wards at midyear. However, both markets recorded a pandemic-induced slowdown. Even in Seoul, where sales activity proved more resilient than in almost any other major market globally, a drop in the number of buyers and the institutional investment component was enough to pull down the score by just over 1% from a year prior.

top 30 most liquid global property markets


The RCA Capital Liquidity Scores are calculated using a combination of absolute and relative measures. The absolute measures are transaction volume and count of unique buyers. The relative measures are shares of: global cross-border investment; zone market maker investment; global market maker investment; and, institutional investment.

To learn more about this data and how it can help inform your investment decisions, contact us.

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Tom Leahy

Tom Leahy

Senior Director, EMEA Analytics

Tom Leahy joined RCA in 2014. In his role as Senior Director for the EMEA region, Tom is responsible for the development and expansion of the market analytics service for RCA’s European clients.

Prior to joining RCA, Tom was an Associate Director and then Head of Research at UK-based property consultancy, Lambert Smith Hampton. He started his career as an analyst at research consultancy Property Market Analysis (PMA).