Defensive positioning but “new spring” emerging

About this episode

Petra Blazkova discusses the cautious yet optimistic outlook for real estate investments in 2026 amidst macroeconomic uncertainties.

Investor sentiment remains sharply divided as real estate markets navigate an uncertain macroeconomic backdrop, with structural sectors offering the clearest opportunities for 2026, according to Petra Blazkova, head of research and strategy at Catella Group, the European real estate investment manager. Speaking to Real Asset Media at Mipim 2026, she said the firm has adopted a cautious but forward-looking stance in its latest outlook. “Catella just published their house view for 2026 and we call it defensive positioning, but also it's a 'new spring', as a new spring is beginning,” she said. “But in this quite uncertain market, you have to think about your investment conviction very, very carefully — in the uncertain world that we have.” Blazkova said the firm has shifted its focus toward structural opportunities, particularly within the living sector, where long-term demand drivers remain intact. “We structured, we looked at it more from the structural opportunities, which is anything from living,” she said. Within this, affordable and operational housing formats are emerging as key areas of interest. “We like the affordable housing, obviously something that people can reach…

People in this episode

Host: Real Asset Media Thought Leaders

Guest: Petra Blazkova

Topics covered

• real estate
• investment strategy
• macroeconomic outlook
• structural opportunities
• affordable housing
• living sector

Keywords

• real estate
• investment
• 2026 outlook
• affordable housing
• living sector
• macro backdrop
• structural opportunities

Mentioned in this episode

Organizations: Catella Group

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