In the third quarter of 2025, set against the backdrop of national elections, the Dutch real estate market showed clear signs of recovery. Despite the political impasse, investment volumes reached €3 billion, an increase of 17.3% compared to the same period last year. The number of large-scale transactions above €50 million rose significantly and accounted for 53.8% of total volumes. Foreign capital played a significant role in the last quarter, with the share of international investors rising from 29.5% in Q3 2024 to 35% in Q3 2025. The combination of stable financing costs, structural demand in the occupier market and a growing focus on sustainability offers prospects for further growth in 2026, according to the report Market in Minutes – the Netherlands - Q3 2025 from Savills. The international real estate advisor expects total investment volumes for the Dutch market by year end to range between €11.5 and €12.5 billion.b

Investment market: focus on quality and sustainability
The outcome of the election on 29 October highlights the fragmentation of the political landscape, with a prolonged formation period expected. However, historical data shows that real estate activity in the Netherlands is relatively unaffected by electoral uncertainty.

Investment activity in Q3 was concentrated in the residential, office and logistics sectors, with volumes of €1.1 billion, €762 million and €632 million, respectively.

Bas Wilberts, Head of Investment at Savills Netherlands, says: “Despite a year-on-year decline of 26%, the residential market retained its position as the largest investment sector in Q3 2025, with a volume of €1.1 billion. Following Q3 2024, the current quarter also marks the highest level of investment activity in the residential sector over the past three years, indicating continued interest in residential investments despite market challenges. Furthermore, we expect a significant volume of transactions to follow after the turn of the year, driven by the reduction of the transfer tax on residential investment to 8%.”

The office sector showed an impressive growth of 161% year-on-year, followed by logistics at 107.8% year-on-year.

Prime net initial yields stabilised across most sectors, with early signs of compression in logistics and residential real estate. The spread between prime and non-prime assets widened to approximately 350 basis points, underlining investors’ ongoing preference for sustainable, well-located properties with strong lease covenants.

Occupier market: driven by long-term vision, regulation and location quality
The Dutch occupier market also showed clear signs of recovery in the third quarter of 2025, with total take-up reaching approximately 1.3 million sq m, an increase of 42.7% compared to the previous quarter. Offices and logistics showed a rebound, while retail remained stable.

• Offices: Take-up of 246,000 square metres, up 7.8 percent year-on-year, driven by larger transactions focused on the G5 cities and buildings with high-quality amenities and excellent accessibility.
• Logistics: Activity declined 45.4 percent year-on-year, but increased 13.3 percent compared to the previous quarter. Demand is concentrated in core regions with low vacancy rates of 4.9 percent.
• Retail: Take-up of 130,000 sq m, stable year-on-year. Prime rents rose from €2,500 per sq m per year in Q1 2024 to €2,750 per sq m per year in Q3 2025.

Outlook: cautious optimism and portfolio restructuring
Savills anticipates that investors will remain selective and focus on assets that meet sustainability and regulatory requirements. The introduction of EPBD IV will lead to portfolio restructuring, with non-compliant assets being divested in favour of redevelopment or sustainable acquisitions.

Wouter van ’t Grunewold, Market Intelligence Analyst at Savills Netherlands, says: “The political impasse is delaying policy decisions on housing, taxation and the environment, but at the same time creates room for reform. A new cabinet could strengthen the investment climate by providing clarity on regulation and fiscal incentives, such as a potential reduction in transfer tax.”

Read the full report, in which Savills also highlights the investment categories expected to drive the market in 2025 and beyond.