Foreign capital remains absent
It is striking that the recovery is almost entirely driven by domestic capital. Foreign institutional investors largely stayed on the sidelines in 2025. This reluctance is related to unfavorable legislation and fiscal measures, such as the higher transfer tax, the abolition of the FBI regime, and ongoing uncertainty about policy, particularly in the housing market.
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Housing, offices, and logistics the main drivers in 2025
The growth of the investment volume in 2025 is mainly supported by three sectors: housing, offices, and logistics.
- In the housing market, the sale of rental properties was the main driver behind the growth of the investment volume: the price difference between purchases and sales of rental properties averaged 56%. Residential complexes were purchased in 2024 and 2025 for an average of €3,165 per m² and sold individually for around €4,925 per m².
- In the logistics sector, the investment volume amounts to €2.9 billion, about 11% lower than in 2024. At the same time, the market is clearly stabilizing: in the second half of 2025, transaction dynamics visibly increased, indicating a cautious recovery. Investors focused primarily on modern distribution centers in strategic locations, suitable for automation and operational efficiency.
- The office market saw an investment volume of €2.1 billion, an increase of more than 19% compared to last year. The recovery is mainly due to the user market. There is a persistent demand for well-located and sustainable offices, while supply is limited and new construction and renovation lag behind. As a result, rental prices are under upward pressure.
- Erik Langens, Managing Director CBRE Netherlands: "We see that the sale of rental properties, especially in student cities, puts pressure on the supply, while affordable housing is essential for talent and knowledge development and thus the competitive strength of the Netherlands. This directly impacts the foundation of the Dutch knowledge economy. At the same time, we see that pension funds are increasingly interested in student housing, which has been designated by the European Union as social infrastructure. This segment offers the opportunity to connect social impact and long-term returns in a sustainable way.
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Outlook 2026: growth continues, focus shifts
For 2026, CBRE expects a further increase in the investment volume of about 10.5%. Capital is expected to shift next year towards more operational real estate with stable user demand and clear rental growth potential, such as student housing and senior living.
Langens on the developments: 'The investment market shows the same dynamics as before corona. Liquidity is returning, and transactions are following each other more quickly, despite geopolitical uncertainties. The biggest problem in the Dutch real estate market is the absence of foreign capital. For a structurally healthy investment climate, it is crucial that the Netherlands remains internationally attractive for the capital needed to become more sustainable and to innovate.'
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