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

Investment in European multifamily rose 16% quarter-on-quarter to some €8 billion in Q2. This is in part down to a number of large deals in Germany; during the period the number of transactions rose by just 2%. Yet, activity remains below historic trends, the quarter was 32% the level of last year and so far 2023 is 47% below the same period in 2022.

Not all markets have responded the same way: the UK has risen 12% year-on-year, boosted by a rise in single family rental transactions, while Germany remains the largest market following a number of large REIT sales. However, all countries are grappling with high construction costs. Across Europe, JLL’s construction inflation index shows growth slowing in 2023, on average up 6% in Q2.

The effect of prolonged high costs is visible in reduced building, with permits having fallen 7% year-on-year. Heightened demand, boosted by immigration and high mortgage costs, is driving above-average rental growth of 10% in Europe, within double digit rises common, despite regulation in many markets. Affordability concerns highlight the value of quality, energy efficient buildings.

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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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Data within this report is based on material/sources that are deemed to be reliable and has not been independently verified by JLL. JLL makes no representations or warranties as to the accuracy, completeness or suitability of the whole or any part of the report which has been produced solely as a general guide and does not constitute advice. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of JLL. JLL, its officers, employees shall not be liable for any loss, liability, damage or expense arising directly or indirectly from any use or disclosure of or reliance on such report. JLL reserves the right to pursue criminal and civil action for any unauthorized use, distribution or breach of such intellectual property.

EMEA | August 14, 2023 | Multi-housing | Residential

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