European Multifamily Market Dynamics

Discover multifamily market dynamics across Europe

Explore the interactive map below updated on a quarterly basis. Find out which markets have seen the largest investment volumes in the past 3 years, search for or click on a city to learn about residential rental growth, prime net initial yields, market trends, supply, demand and rental regulations. This map covers 25 cities across 12 countries but JLL has much more insight to share. If you would like to know more, please get in touch with us through the question box below.

Key research findings

After relatively stable quarterly investment volumes of €7bn to €8bn over the past year, transactional volumes almost halved in Q3 at €4.5bn, reflecting a worsening financing environment and continued investor caution. With €20bn invested over the past nine months, investment volumes are down 48% year-on-year and 50% down on the five-year average.

Not all markets have responded the same way. Spain rose 131% year-on-year in Q3, off the back of an especially low Q3 2022. Norway and Switzerland also saw investment volumes increase by 54% and 10%, respectively. However, all countries are grappling with high costs. While Germany remained the largest market in Q3 with €1.4bn invested, annual volumes fell by 54%.

JLL's construction inflation index shows the rate of growth in Europe slowing to 3.8% year-on-year. However, the effects of prolonged high construction and financing costs are visible in reduced housebuilding activity, with the number of residential permits dropping 33% year-on-year on average across Europe.

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Gemma Kendall

Head of Multifamily Investment, International Capital Markets EMEA

Nick Whitten

Head of EMEA & UK Living Research

Alex Buller

Director - International Capital Markets EMEA

Emma Rosser

Associate UK Living Research and Strategy

Dominika Mocova

EMEA Living Research & Strategy Analyst

Sebastian Grimm

EMEA Head of Multifamily, Value & Risk Advisory

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This report has been prepared solely for information purposes and does not necessarily purport to be a complete analysis of the topics discussed, which are inherently unpredictable. It has been based on sources we believe to be reliable, but we have not independently verified those sources and we do not guarantee that the information in the report is accurate or complete. Any views expressed in the report reflect our judgment at this date and are subject to change without notice. Statements that are forward-looking involve known and unknown risks and uncertainties that may cause future realities to be materially different from those implied by such forward-looking statements. Advice we give to clients in particular situations may differ from the views expressed in this report. No investment or other business decisions should be made based solely on the views expressed in this report.

Global | Inversión | 18 de mayo de 2023 | Oficinas | Retail

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