Review of 2019

Last year saw a slight decline in economic growth. Despite the limited availability of investable stock, investments in real estate broke a record with a volume of € 20.8 billion compared with € 20.7 in 2018. Larger records were established in the residential and healthcare real estate sectors. These trends are expected to continue into 2020, while growth is forecast to slow.

2020 and beyond

As far as the economy is concerned, there are two potential growth scenarios: a long period of low inflation and low growth, or accelerating growth driven by both public and private sector investment. The ECB's monetary policy has led to economic growth and an expansion in capital in recent years. However, that capital growth has been confined to investors, companies and high wealth individuals. In order to boost growth, a fiscal stimulus is needed in addition to looser monetary policy.  

Read more about the prospects and forecasts for the Dutch real estate market in 2020.

Three routes to return on investment

This highly liquid market makes it more difficult to achieve a return on investment, making it necessary to research investment opportunities in greater detail. Our forecasts show three ‘routes to return on investment’ for investors. These are mainly in the fields of local regeneration partnership and mixed functionality, optimising existing real estate and alternative real estate sectors.

Thinking outside the box

When it comes to (new) real estate projects, we should no longer see sectors as discrete and separate. The multisectoral approach is the way forward: developments involving the optimum mix of functions. This applies not only to projects, but also to local regeneration, neighbourhoods and even entire cities.

Highlights per sector

Data centres

The Netherlands enjoys a good position in the data centre market since many cables reach land here. This means there are opportunities to lead the way in digital economic development.


The number of tourists continues to rise, although this is not leading to an immediate increase in room prices. More hotels are focusing on providing a distinctive product and an original concept.


Demand is high in prime locations, and there is a shortage of high quality office space. Outside the big cities, the number of office transactions continues to increase in both number and volume.


The demand for logistics real estate will stabilise in the near term. This means an end to the exceptionally high demand seen in recent years.


The retail landscape is having to adapt to demographic change and changing customer demand. The trend towards conversions seen in urban centres will spread to the regions over the next few years.


The residential sector is once again setting new records: at € 7.6 billion, investment volume was 10% higher than in 2018. We are also seeing a shift towards the regions in this sector.

Healthcare real estate

For the first time, the investment volume in healthcare real estate has surpassed €1billion. In the next few years there will also be significant demand for new locations and healthcare real estate.

The previous Real Estate Outlook

Outlook Midyear Update 2019

Real Estate Outlook 2019