London ranks third among the top cities for investment among real estate professionals surveyed, according to PwC's and the Urban Land Institute (ULI)'s Emerging Trends in Real Estate, Europe report, released today.

Following behind Munich in first place and Berlin in second, London is one of the biggest risers in the survey, moving up from seventh place last year. London's popularity with investors is thanks to its enduring "safe haven" reputation, liquidity and depth of the market, according to the report.

The report is based on survey responses from 500 real estate professionals, including investors, developers, lenders, agents and consultants.

Istanbul, which topped the ranking last year, has moved down to fourth place.