Dutch real estate investment volumes reached €5.8 billion in H1 2025 – a marginal increase of 0.14% compared to the same period in 2024. After a prolonged period of caution, the market appears to have bottomed out according to the Market in Minutes – the Netherlands – Q2 2025 report by Savills.

Despite a 25% decrease in investment volumes in Q2 2025 compared to Q2 2024, stabilising interest rates and greater pricing transparency is helping restore investor confidence. The share of transactions above €50 million rose from 34.7% in H1 2024 to 48.9% in H1 2025 – a clear sign that institutional capital, which traditionally targets large lot sizes, is returning to the market.

Clive Pritchard, Head of Country at Savills in the Netherlands, says: “There is more clarity and stability around interest rates. This is helping restore investor confidence. At the same time, investment decisions are being made more carefully. Willingness to invest is increasing – provided that pricing, location and sustainability criteria are met.”

According to the report, prime net initial yields (NIYs) remained stable or edged down slightly in Q2 2025: 4.40% for offices, 3.75% for retail, 3.40% for residential, and 4.75% for logistics. The spread between prime and non-core assets continues to widen, as investors demand higher returns for assets with greater risk exposure.

“Retail clearly stood out as a winner in the first half of the year, with a 108% increase in investment volumes compared to 2024,” says Wouter van ’t Grunewold, Market Intelligence Analyst at Savills Netherlands. “Investors are particularly interested in well-let assets in strong locations. We’re also seeing renewed interest from international investors – provided the domestic political landscape remains stable.”

The economic outlook in the Netherlands remains resilient. The Dutch economy is forecast to grow by 1.7% in 2025 and 1.3% in 2026. Wage growth continues to drive domestic consumption while inflation is expected to decline from 4.0% in 2025 to 2.6% in 2026; solid foundations for a gradual recovery in the second half of the year.

Read the full report here.