The Dutch real estate market gained clear momentum in the first quarter of 2026. Total investment volumes reached €3.3 billion, representing an increase of 3.3% compared to the same period last year. In particular, the residential and healthcare sector contributed to this growth, according to new research by Savills.

Geopolitical tensions, interest rate uncertainty and the complexity of Dutch regulation continue to make investors cautious, says the international real estate advisor.Following a period of limited activity, investor confidence is gradually returning. According to Savills, the first quarter marks a turning point, although the recovery remains uneven across the market.

Bas Wilberts, Head of Investment at Savills in the Netherlands, says: “Q1 shows that the market has moved beyond the low point, but we are not yet seeing a broad-based recovery. The differences between sectors and locations are continuing to widen.”

Investment activity was largely driven by transactions that were postponed from late 2025, following the reduction in transfer tax on residential investments from 10.4% to 8% as of 1 January 2026.

A number of large transactions were the main drivers of the market in the first quarter.

The share of foreign capital remained limited in Q1, accounting for just 15% of total investment volumes. International investors continue to exercise caution, partly due to the complex fiscal and regulatory environment in the Netherlands. According to Savills, this is leading to less competition in the market and a greater role for domestic capital. “International investors are still looking at the Netherlands, but access to the market has become less straightforward. This requires a clear strategy and in-depth local knowledge,” Wilberts adds.

Within the occupier market, the gap between prime and secondary locations continues to grow. Modern, sustainable buildings in well-connected locations are performing strongly, while outdated stock remains under pressure.

Tien Nguyen, Market Intelligence Analyst at Savills in the Netherlands, says: “This is not a recovery that benefits everyone equally. Occupier activity remains concentrated around the best assets, while secondary real estate continues to face pressure.”

In the office market, Savills is continuing to see ‘flight to quality’, with occupiers favouring high-quality, energy-efficient buildings near major public transport hubs. Logistics and retail markets are also seeing increasing polarisation between stronger and weaker locations.

Savills expects the recovery of the Dutch real estate market to continue throughout 2026, although progress is likely to remain gradual and uneven. Market performance will increasingly depend on location, quality and the ability to adapt assets to changing occupier requirements.

For investors, this means the focus is shifting towards careful asset selection. For occupiers, flexibility, sustainability and cost control will remain central to real estate decision-making.

 Read the full report here.