The Dutch healthcare real estate market is under increasing pressure. Population ageing is driving a strong rise in the number of households with mobility or health limitations, leading to structurally higher demand for suitable housing for seniors and care-dependent households. At the same time, the healthcare sector faces significant staff shortages. Transaction volume in the healthcare real estate investment market increased to €846 million in 2025. Institutional investors once again played a leading role, while international investors mainly disposed of assets in 2025. Current investment levels are sufficient to meet only around 6% of the new-build requirement in this segment.
Healthcare real estate
Strong growth in older households
Number of older households increases to 3,12 million in 2035
As population ageing accelerates, the number of older households is increasing. The number of households aged 65 and over is expected to rise significantly over the next ten years, from 2.57 million in 2026 to 3.12 million in 2035. Growth is particularly strong among households aged 85 and over, with an expected increase of around 60%. Within the 65+ group, the strongest growth is projected among single-person households, with an increase of 331,000 households. In addition, the number of 65+ households consisting of couples without children is expected to rise by 145,500. Given the substantial growth in the number of single older households, it is important that (new) development plans are aligned with the needs of this target group. Senior housing and other healthcare-related real estate should be tailored to demand for appropriate space and facilities for single-person households, while also addressing social isolation, for example through the inclusion of shared and communal spaces.
Increasing number of older households with mobility limitations
The share of households under the age of 65 with mobility limitations is expected to decline slightly in the coming years. A similar trend is projected for the 65–74 age group. In total, the number of households with mobility limitations in these two age groups is expected to decrease by around 23,000. By contrast, the Wonen met Zorg forecast anticipates a strong increase among households aged 75 and over, with an additional 194,800 households experiencing mobility limitations. These figures relate to households not living in institutional care. Adapting and expanding the housing stock in line with this increase will be crucial. This includes measures such as adding facilities to existing homes, such as stairlifts and step-free floors, as well as integrating wider doorways, wheelchair turning circles and stair-free, step-free layouts in new-build senior housing developments.
Age determines housing type of older households
As people age, they are more likely to live in senior housing and to rent rather than own their home. Among households aged 65–74, 36% live in rental housing and 28% live in a rental apartment. For households aged 75 and over, these shares increase to approximately 45% and 39% respectively. The majority of 75+ households rent their home (59%). In addition, 20% live in a single-family home specifically designed for older households.
1515
%of all 65+ households live in a senior home (357,000)
Senior housing
The total number of households living in senior housing is estimated at 2.34 million, of which 937,000 are households aged 65 and over. Of these, 742,700 households live in accessible homes. Nearly two-thirds (62%) of accessible homes are located in the owner-occupied sector. The picture is different for clustered senior housing and care-friendly housing: more than 80% of the stock of these housing types is located in the social rental segment.
Transaction volume healthcare real estate
846 million euro invested in healthcare real estate
In 2025, the transaction volume in the Dutch healthcare real estate market amounted to €846 million, representing an increase of approximately 16% compared with 2024 (€732 million). This confirms the continuation of the cautious recovery that began in 2024. Nevertheless, the investment volume remains below the levels seen between 2019 and 2022, when annual transaction volumes structurally exceeded €1 billion.
Investments in new-build doubled
The increase in transaction volume in 2025 was primarily driven by a strong rise in investments in new-build healthcare real estate. New-build volume almost doubled compared with 2024, both in terms of invested capital and the number of housing units to be realised. Based on the new-build transactions concluded in 2025, more than 1,800 new care-suitable homes will be added to the housing stock in the coming years.
While this is positive news, it contrasts sharply with the national ambition of delivering approximately 30,000 care-suitable homes. The realised supply falls far short of both policy ambitions and the structurally growing demand for care-appropriate housing. With the addition of 1,800 new care-suitable homes, investors are currently meeting only around 6% of the annual ambition. Housing associations also add care-suitable homes each year, but figures for 2025 are not yet available. In recent years, total annual additions to the stock have not exceeded 5,000 homes.
Improved financial feasibility
The increased willingness to invest is linked to improving financial feasibility of projects. This is partly due to the stabilisation of interest rates and construction costs, as well as an increase in the normative housing component (NHC). The NHC represents the reimbursement received by care providers for housing costs and is a key income component for healthcare real estate. A higher NHC improves cash flows and enhances the financial viability of new-build and redevelopment projects.
Developments in the healthcare real estate market point to a shift towards more stable market conditions, in which investors are increasingly willing to make long-term investment decisions, particularly in segments with structural demand. At the same time, overall investment activity remains well below the scale required to meet the substantial new-build task. While current investment volumes do not yet align with the construction challenge, the underlying market dynamics are clearly positive.
9090
%of investments in healthcare real estate are investments in the care segment
495495
million euro was invested in new-build healthcare real estate
Institutional investors once again in the lead
In 2025, institutional investors were once again the largest buyer group in the healthcare real estate market. With approximately €329 million in transactions, they accounted for around 40% of total healthcare real estate investment volume. This represents an increase of 65% compared with 2024, underlining their leading position in the healthcare real estate investment market.
Real estate funds together recorded a transaction volume of approximately €159 million in 2025, an increase of 21% year-on-year. Private investors also remained active, investing around €130 million in healthcare real estate. While this once again constituted a meaningful contribution to total investment volume, their investment level was lower than in 2024.
International investors sell more than they buy in 2025
In 2025, international investors played only a very limited role as buyers of healthcare real estate. They were involved in just one acquisition. On the sell side, however, they were more active, participating in ten transactions. Part of this can be explained by sale-and-leaseback transactions involving private care operators with foreign ownership.
The absence of international investors on the buy side is linked to pressure on listed healthcare real estate funds and the revaluation of portfolios under changing market conditions. As a result, international investors are currently focusing primarily on active portfolio management, with portfolios being structured more selectively and non-core assets being repositioned. This does not indicate a withdrawal from the Dutch healthcare real estate market, but rather a recalibration of investment strategies. International investors are expected to become more active buyers again in the coming years, supported by market signals pointing to growing interest in Dutch healthcare real estate.
Healthcare real estate market dominated by care segments
The transaction volume in 2025 was heavily concentrated in the segments of senior housing, intramural nursing homes and the private residential care sector. Senior housing represented the largest segment, with a transaction volume of approximately €259 million, followed by intramural nursing homes at around €196 million. The private residential care sector also remained a key component of the healthcare real estate market, with approximately €224 million in transactions, although this was slightly lower than in 2024.
Care segment central to investor strategy
There is broad consensus among healthcare real estate investors regarding their strategic direction for the coming three years. All respondents in this study indicate that they intend to expand their portfolios with healthcare real estate and/or senior housing, with the care segment at the core of their acquisition strategies.
Within this segment, the strongest preference is for private residential care complexes, which are cited by all investors as a desired acquisition type. In addition, a large share of investors expresses interest in care housing for residents with intensive care needs, pointing to a broadening focus within the care segment. By contrast, independent treatment centres and clinics are mentioned by only a limited number of investors.
Insufficient supply of new-build projects
Although 72% of healthcare real estate investors in this study express a preference for acquiring new-build projects, the currently available supply remains limited. As a result, this preference cannot yet be realised on a broad scale. Only 40% of investors indicate that they achieved their acquisition targets for 2025. The fact that investments in 2025 will result in the addition of only 1,800 new care-suitable homes therefore appears to be primarily driven by a shortage of suitable supply. High construction costs and lengthy permitting procedures also play a role. Due to the scarcity of high-quality investment opportunities, investors are exploring alternative options within the healthcare real estate market, such as acquiring existing assets or (re)initiating development trajectories.
Expansion task of the housing stock
Expansion task of the housing stock shifts
In the Socrates baseline scenario, a total increase of 886,900 households aged 65 and over is expected between 2026 and 2040. The majority of these households currently live in owner-occupied housing.
As a result of population ageing and the expected rise in the number of households with mobility limitations, a substantial share of the net expansion of the housing stock will need to consist of senior housing. Up to 2040, an additional approximately 730,100 senior homes will be required, with the construction task evenly divided between the owner-occupied and rental sectors.
Shortage of care staff
Shortage increases to 200,000 FTE
The shortage of healthcare staff is expected to increase sharply over the coming ten years. When projected labour demand in the healthcare sector is compared with the available labour supply, the shortage of care staff is expected to rise by more than 200,000 FTE over the next decade. This substantial increase in labour market shortages is driven by a combination of factors. On the one hand, demand for care is rising strongly due to double ageing, with both the number of older people and the intensity of care needs increasing. On the other hand, the inflow of new healthcare staff continues to lag structurally, meaning that labour supply is not keeping pace with growing demand for care.
Shortage of care staff most acute in nursing and care services
The expected shortage of healthcare staff differs significantly across the main care sectors, both in scale and in the pace at which shortages are increasing. Within nursing and care services (V&V), the shortage is by far the largest and is also expected to grow the fastest. This development is linked to government policy aimed at enabling older people to live independently for longer. As a result, care intensity within nursing homes continues to increase, as intramural care is increasingly reserved for the most complex care needs.
At the same time, strong growth is expected in home care, where staff shortages are also rising rapidly due to increasing demand for care at home. In disability care (GHZ) and mental healthcare (GGZ), the shortage of staff is expected to increase at a slower pace. In these sectors, labour shortages are more closely aligned with the general trend of a structurally tight labour market, without the acceleration observed in elderly care.
Looking ahead to 2040
Healthcare real estate investors participating in this study indicate that they collectively have approximately €4 billion available for investments in healthcare real estate in the coming years. Based on this, transaction volumes could grow towards a level of more than €1 billion per year, provided that sufficient suitable supply becomes available. Investor appetite is clearly present; the availability of appropriate properties is currently the main limiting factor.
There is a clear opportunity for developers to respond to the structural shortages in the healthcare real estate market. Investors indicate that the attractiveness of the segment over the next one to three years is primarily driven by stable yields, an attractive risk-return profile and the persistent shortage of care housing, which supports stable and long-term occupancy. At the same time, investors also point to risks, particularly additional sustainability-related regulation and the growing shortage of healthcare staff. To enable further growth in investments in care-suitable housing, a stable and predictable investment climate is required, combined with sufficient development capacity and solutions to address staff shortages in the Dutch healthcare sector.
