News release

Global buyers drive European living investment

Investment in living sectors reached €43.1bn in 2023, JLL research reveals

February 09, 2024

Nicole Sansom


LONDON, 9 February 2024 Global capital has become more prominent in Europe’s living sectors than ever before, increasing investment by 30% in 2023.

Funds combining international sources spent €8.7bn on living, accounting for 21% of a total €43.1bn investment in the year.

This is the highest proportion on record , driving the overall share of investment from outside the region to a new peak of 35%, rising from 28% in 2022.

Overall, investment fell 42% fall year-on-year, as a result of economic pressures and interest rates, in particular limiting domestic European listed real estate owners.

The final figure follows a surge of activity in the final quarter. There was €12.1bn in multifamily, student and healthcare transactions in Q4, a 21% increase on the previous quarter, reflecting a rebound in multifamily activity.

Notable activity included €1.5bn in sales to Apollo and CBRE IM from Vonovia in Germany, Blackstone’s €944m single family rental and affordable deal with housebuilder Vistry and further corporate entity activity in healthcare, through TPG acquiring a majority interest in Outcomes First Group, both in the UK.

For the second year running the UK attracted the most investment, at €14.6bn, followed by Germany at an estimated €8.8bn and France at €4.2bn. Investment in the UK was supported through various sub-sectors: student housing, single family and the healthcare sectors.

The UK saw the shallowest drops when comparing annual investment against the longer-term five-year average, down 10% compared to an average drop of 49% for Europe, led by falls in Germany and the Nordic countries.

At €23bn, multifamily accounted for the majority (54%) of the Europe’s total. Single family transactions experienced the highest growth, rising fivefold (463%) from the five-year average to some €2.3bn, with further gains in specialist care, coliving and affordable housing.

Honing in on investment stock and forward deals (excluding land and corporate entity deals), there was €38.4bn invested, accounting for 26% of direct real estate investment. This is the highest share on record for living, matching offices– the two now the most active sectors in commercial real estate.

Gemma Kendall, Head of EMEA Multifamily Investment at JLL comments, "The growing presence of international capital, accounting for 35% of the investment, underscores the global appeal of Europe's living market. The region’s commitment to meeting the demand for diverse and high-quality living spaces positions it as a prime destination amongst large international funds who recognise the untapped potential and favourable investment climate in sectors such as multifamily, student housing, and healthcare. As buyer and seller pricing expectations converge over 2024, it is anticipated that activity and buyer confidence will steadily increase over the year.”

Emma Rosser, Director for EMEA Living Research at JLL said: “Living capital markets defied the falls of other established sectors, as the investment landscape continues to evolve to match demand.

“Europe is desperately undersupplied across the spectrum from student housing through to elderly care, including city, suburban and affordable rental products. In 2024 we expect many of these emerging sectors to gain pace and scale, creating further opportunity for global investors.”

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit