The Dutch real estate market has largely absorbed the European Central Bank’s interest rate increase in June. Despite growing macroeconomic and geopolitical uncertainty, the market remained resilient in H1 2026 with total investment volumes increasing by 23.9% year-on-year to €7.1 billion. At the same time, occupier activity strengthened, with take-up volumes rising by 24.6% compared with the same period last year. This is according to our latest Market in Minutes report.

Market demonstrates resilience in a changing interest rate environment

So far, the ECB’s interest rate increase has had a limited impact on investor sentiment. In the second quarter, €2.7 billion was invested in Dutch real estate, 6.6% more than a year earlier. Total investment volumes reached €7.1 billion in the first half of the year, led by logistics, residential assets and offices.

While capital appreciation has been a key driver of returns in recent years, the focus is increasingly shifting towards income growth and active asset management. Investors are primarily targeting assets with strong fundamentals and long-term value potential.

Wouter van ’t Grunewold, Head of Data, Intelligence & Strategy at Savills in the Netherlands, says: "June’s interest rate increase did not create the shock we saw in 2022 and 2023. We continue to see the gap between bid and asking prices narrowing, while investor confidence is improving. This provides scope for further growth in investment activity during the second half of the year."

Occupiers increasingly prioritise quality

The occupier market also recorded a significant improvement during the second quarter. Total take-up reached 1.7 million sq m, an increase of 74.6% compared with the same period last year. Logistics saw the strongest recovery as previously postponed real estate decisions were implemented, with take-up increasing by 98% YoY, and by 123.7% compared with Q1 2026.

However, demand continues to focus on the best, sustainable buildings in prime locations. This trend is visible across several sectors but is most evident in the office market, where high-quality space is becoming increasingly scarce and differences in performance between assets continue to widen.

Irene van Esseveld, Head of Office Leasing at Savills in the Netherlands, says: "Occupiers have long prioritised location, quality and sustainability. We are now seeing investors increasingly focus on the same characteristics. As a result, demand for future-proof assets continues to grow, while differences in performance across the market become more pronounced."

Strong fundamentals point towards further growth

Savills anticipates investment activity in the Netherlands to continue strengthening during the second half of the year. Total investment volumes are forecast to reach approximately €16.7 billion in 2026. Logistics, residential, student housing and high-quality office assets are expected to remain the most attractive sectors for investors.

On the occupier side, quality remains the defining factor. Well-located, high-quality assets continue to benefit from strong demand and limited availability, while secondary assets are facing increasing pressure.

Download the report

The full report, Market in Minutes – The State of the Dutch Real Estate Market | Q2 2026, is available via this link.