2026 has started as a year of renewed momentum in the Dutch real estate market. The formation of a new governing coalition has brought clarity and movement to policy areas that are essential to our sector, such as housing delivery, sustainability, affordability and a predictable investment climate. The reduction of the transfer tax for buy-to-let residential investments from 10.4% to 8% is a welcome stimulus in that context. The coalition’s draft plans also include a further reduction to 7%, which, if implemented, could create additional room for investment in the rental housing sector. At the same time, it is regrettable that these measures have not been applied more broadly to healthcare and commercial real estate. Segments such as health centres, intramural healthcare property, retail and offices require investment capacity to modernise, transform and decarbonise, and would have benefited from a comparable impulse.

Residential real estate remains an attractive asset class. This is partly driven by strong rental growth amid persistent supply shortages, while prime yields have stabilised. Investor appetite is supported by recent transaction data and clear allocation preferences. The annual INREV Investment Intentions Survey shows that 86% of investors regard residential as their preferred sector, well ahead of logistics and offices. This preference aligns with the improved transaction momentum in the fourth quarter of 2025, which saw several very large residential deals reinforcing confidence in the sector, including The Sax in Rotterdam by Achmea Real Estate. This underlines the renewed commitment of institutional capital to the Dutch residential market.

In this investment update, we discuss the key market developments in the fourth quarter of 2025 across residential, healthcare real estate and retail. Student housing is given dedicated attention in a separate Focus section. This deep dive highlights how structural undersupply, demographic pressure and shifting living preferences continue to fuel demand for modern, affordable and sustainable student accommodation. As such, student housing is emerging as a growing pillar within the broader residential market, combining societal relevance with financial resilience.

Looking ahead to 2026, we expect market rents to continue rising due to ongoing scarcity. Prime yields are anticipated to remain broadly stable, while institutional investors are gradually becoming more visible in the market after a period of caution. Transformation challenges in commercial real estate are also creating opportunities for value-driven investments, particularly if policy clarity persists and financing conditions continue to normalise. This update therefore not only provides a snapshot of the current market environment, but also outlines a forward-looking framework for the opportunities that 2026 may offer. In a context where societal expectations, sustainability requirements and return considerations are increasingly intertwined, we see ample scope to create value – financially and socially.

Peter Koppers, Director Investment Management