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

European multihousing investment of €12.7 billion in Q4 reflected a 55% climb on the same period last year. The largest Q4 since 2021 pushed full year multihousing volumes to €38.8 billion, up 35% year-on-year. The uptick was most notable in Sweden, where 2024 investment more than doubled compared to last year. Germany was the largest market, accounting for 26% of 2024 multihousing investment.

The average European prime multifamily yield has remained stable for five consecutive quarters. This has given sellers confidence to bring larger portfolios to the market. Deals over €100 million accounted for 56% of Q4 multihousing investment, the largest share since Q1 2022. Forward investment gained pace in 2024 (+52% YoY) as investors pursued a range of purpose-built rental stock and construction cost growth slowed (+2.1% vs 3.9% 2023).

Annual rental growth is now normalising, reaching 5% for new lets at the end of last year (vs 9% in 2023, 3% 2017-22). Growth was strongest in the Spanish, regional German and Dutch markets, despite rental regulations in place. Further rental growth and anticipated yield compression in 2025 will support a rebound in capital values in all markets.

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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 Director, Living Research and Strategy, EMEA

Dominika Mocova Senior Analyst, Living Research and Strategy, EMEA

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.