As uncertainty continues to grip the European markets, identifying surefire investment opportunities has become increasingly difficult, if not impossible.
However, one analyst argues that high-end European real estate may be a viable option for today's investors.
Sabina Kaylan, European head of research at CB Richard Ellis, proposes that despite the influx into the luxury housing market in 2011 and 2012, there are still plenty of real estate assets—particularly in northern Europe—available for investment.
During the recent rush into this market, Kaylan told CNBC, people were "focusing on super-prime [properties]" that were free of risk and promised "incredibly secure visible income streams."
What went unnoticed, said Kaylan, were the slightly less prestigious yet still attractive "secondary" properties, which she believes are underrated by the markets and represent "very good value" at the present time.
Of course, this market appeals to a very select group of wealthy investors and is scattered throughout the most affluent cities of Europe, such as London.
London, the "largest, most liquid property market in Europe," explained Kaylan, is the ideal safe haven for these investments, and has seen a surge of Eastern European and Asian investors coming to put their money into luxury developments like the 95-storey Shard skyscraper.
Although these investors do not necessarily expect the high yields that would be sought by the traditional investor, they view these properties as long-term portfolio builders.
This is echoed by Anthony Fry, senior adviser to the Board of Directors at Espirito Santo Investment Bank, who told CNBC that he and his colleagues "are astonished at how many houses are bought essentially off-plan by European investors who are looking to put a foothold" in London's luxury housing market.
But are investors sincerely willing to shed the risk-averse attitude that has further stifled growth during the euro zone crisis?
Kaylan insisted that factors such as the European Central Bank's openness to helping failing economies in southern Europe, as well as an increase in deposits flowing into Spanish banks bolster the claim that risk aversion really is abating throughout the continent.
Southern Europe may be a tough sell, she said, but those who perceive the potential in northern Europe's high-end real estate markets are pursuing investment opportunities "very carefully."