Management report

We present Vesteda’s Annual Report 2025 at a moment that reflects both strong performance and an important transition for the fund.

Vesteda is a residential investor and landlord that focuses on sustainable homes for middle-income households. Vesteda invests funds for institutional investors, such as pension funds and insurance companies.

Note: Direct return and capital growth might not add up to total return as a result of time-weighted averages on a monthly basis.

With 'Housing as a force for good' as its guiding principle, Vesteda believes that long‑term financial value and positive societal impact go hand in hand.

The total number of residential units stood at 28,147 at year-end 2025, an increase of 78 units compared with 2024. In 2025, we added 630 new-build homes, sold 406 units, started the redevelopment of 144 units and merged four units into two.

The Dutch residential investment market continued its recovery in 2025.

We continued to enhance the quality, sustainability, and long‑term performance of our standing portfolio through targeted renovation and energy‑efficiency programmes.

The total theoretical rent stood at €447 million at year-end 2025, an increase of €26 million compared with year-end 2024.

The total theoretical rent increased by €24 million to €432 million in 2025. The average monthly rent (residential) increased to €1,264 at year-end 2025, from €1,189 at year-end 2024.

The Dutch housing market continued its recovery throughout 2025, supported by improving macroeconomic conditions and gradually strengthening sentiment in both the owner-occupied and rental segments.

The broader economic environment for 2026 combines stability with uncertainty. Household consumption remains a key contributor to economic growth, supported by rising real wages and a structurally tight labour market.