Measured in this way, Sweden had in 2014 a liquidity ratio of 9.4 percent.

Europe's most liquid market was in 2014 UK with a ratio of 11.3 percent. Transaction activity in the UK in 2014 got boosted by a large capital inflow to London from North America and Asia.

A country that advanced a lot in the ranking is Finland, that has taken a giant leap from tenth place in 2013 to third place in 2014. The increased liquidity is explained by a large number of transactions in the segment of industry and logistics in 2014. Another climber is Ireland from number 14 to 7 in a year.

Norway backs from fifth place in 2013 to tenth place in 2014 with a liquidity ratio of 5.8 percent.

"There are many indications for continued high transaction activity in Sweden. With a low policy rate, high real return and increasing demand for premises together with rising rents, we believe real estate will remain very interesting for investors in the foreseeable future. However, it may be hard to find assets for sale, as sellers could face problems to re-invest the money. Maybe this means we will see more swap deals going forward", says Agneta Jacobson, CEO of DTZ in Sweden.

Europe´s most liquid markets 2014 (last year´s ranking in brackets)

1. UK - 11,3% (1)
2. Sweden - 9,4% (3)
3. Finland - 7,7% (10)
4. Germany - 7,2% (4)
5. Luxembourg - 6,8% (9)
6. Poland - 6,7% (2)
7. Ireland - 6,5% (14)
8. Belgium - 6,1% (7)
9. Czech Republic - 6,0% (11)
10. Norway - 5,8% (5)
Source: DTZ Research