Research by the Urban Land Institute and Price Waterhouse Coopers cities has named Lisbon among the most attractive cities for investment purposes. Now ninth out of the 28 European cities analysed, the Portuguese capital is placed above the likes of London and Milan.

The annual Emerging Trends in Real Estate report puts the city’s rise (from 26 last year) down to Portugal’s clean exit from its EU/IMF bailout, an improving economy and widening investor horizons.

“The food chain in the market has changed, with buyers at the bottom and sellers at the top,” says the report, and it predicts a busier and more profitable European real estate industry in 2015.

Berlin is top of the list for 2015 prospects, followed by Dublin, Madrid, Hamburg and Athens.

Portugal’s decision to introduce ‘golden visas’ – or a resident’s permit – in 2012 to buyers who acquire a property valued at €500,000 or above, is attracting foreign capital.