Investors in non-listed real estate funds are boosting their risk appetite, branching away from more stable, core investment options and putting money into funds seeking value-added investments, finds a new survey.

According to the European Association for Investors in Non-listed Real Estate vehicles, or Inrev, the percentage of investors preferring value-added funds has more than doubled in the last year. Their survey found that 43% of investors prefer value-added funds in 2013, up from 21.9% last year.