Strong growth in investments in senior housing and intramural nursing homes
In 2025, a clear shift in investor interest within the healthcare real estate market became visible. Transaction volume in senior housing (extramural residential care real estate) amounted to €259 million, an increase of 68% compared to 2024. Intramural nursing homes also recorded strong growth, with a transaction volume of €196 million—four times higher than in 2024. Combined, this represents a more than doubling of transaction volumes in these two segments year-on-year. The private residential care sector remained one of the most important segments in the healthcare real estate market, with a transaction volume of €224 million, although this represented a year-on-year decline of 14%.
Notably, transactions in residential care collectively accounted for more than 90% of total transaction volume in 2025. The increase in transaction volume for senior housing reflects government policy aimed at expanding home-based care and enabling older people to live independently for longer. The rise in transaction volume for intramural nursing homes is mainly attributable to several large-scale new-build transactions.
New-build key driver of recovery
The most important driver of the market recovery in 2025 was the strong increase in investments in new-build healthcare real estate. A total of €557 million was invested in new-build projects, representing approximately 67% of total transaction volume. New-build investments almost doubled compared to 2024, both in terms of volume and the number of residential units to be realised. Based on the new-build transactions completed in 2025, more than 1,800 new care-suitable homes will be delivered in the coming years.
The increase in new-build transactions is linked to improved financial feasibility, partly as a result of the higher NHC reimbursement, which directly impacts the viability of intramural nursing homes. In addition, the stabilisation of interest rates and construction costs has contributed to a greater willingness among investors to re-enter the new-build healthcare real estate market. Despite the expected growth in new-build activity in 2026, the target of 35,000 new care-suitable homes per year remains out of reach. According to Capital Value, a positive development is that more developers are preparing plans for care-suitable housing and that municipalities are steering more actively in this direction.
Growing focus on care-suitable senior housing
The increase in new-build investments and the growing interest from healthcare real estate funds underline that more capital is again becoming available for future-proof care concepts. At the same time, further development of the healthcare real estate market requires a broader focus on care-suitable senior housing for people aged 55 and over. Government policy is increasingly aimed at enabling older people to live independently for longer. Investing at an earlier stage in suitable housing typologies can reduce pressure on intramural care, allowing nursing homes to focus primarily on delivering more complex care. Lighter care needs, particularly somatic care, can then more often and for longer be met in a home setting. Investments in senior housing are therefore essential within the current new-build challenge.
Additional increase in NHC reimbursement strengthens investment climate
An important boost for the healthcare real estate market is the additional increase in the Normative Housing Component (NHC), which came into effect on 1 January 2026. This increase is intended to compensate healthcare providers for higher construction costs related to sustainability and fire safety requirements. The measure improves the financial feasibility of investments in intramural nursing homes and contributes to a better balance between construction and operating costs, thereby increasing investment appetite among both healthcare institutions and investors.
Dirk Adriaanse, Director Transactions at Capital Value:
“It is encouraging to see investment appetite in healthcare real estate increasing again, particularly for senior housing. The new cabinet is expected to continue the current policy focus on enabling seniors to live at home for longer. However, supply of senior housing—both existing stock and new-build—still lags far behind demand from investors and users. Parties that anticipate this now will be well positioned in the market in 2026.”
