Acquisitions and property sales

The Dutch residential investment market continued its recovery in 2025. According to Capital Value’s market research, transaction volume rose to approximately €9.7 billion in 2025 (2024: €6.8 billion), signalling a clear re‑acceleration in market activity. This growth was supported by more favourable financing conditions and renewed engagement from institutional investors. A substantial share of the 2025 investment volume related to new‑build assets, while the standing stock of rental housing continued to contract as investors sold a significant number of existing rental units to owner‑occupiers. These developments increased the structural shortage of homes in the mid‑rental segment.

The operating environment was shaped by the full implementation of the Affordable Rent Act, which became effective in mid‑2024. In 2025, annual rent adjustments were subject to defined caps across the regulated, mid‑rental and liberalised segments. Furthermore, it became possible to apply a 10% new-build surcharge for mid‑rent dwellings, which created additional room within the regulated mid‑rent segment when determining rental levels for new build. 

Demand pressures in the unregulated market segment continued to increase throughout the year. The supply of available rental homes declined, while rents for new tenants increased significantly, particularly in major urban centres, where tenant demand remained strongest and homes were let quickly.

Our approach

Vesteda maintains a clear strategic focus on delivering affordable, sustainable, high‑quality homes tailored to middle‑income households. We remained very selective in assessing new acquisitions in line with our limited investment capacity and future liquidity needs and did not pursue any new acquisitions in 2025.

Instead of pursuing new acquisitions, we prioritised the successful delivery of projects already in our pipeline and continued to refine our portfolio by divesting non-core assets. In addition, we continued to invest in our existing portfolio and initiated a number of sustainability upgrades or renovation projects that enabled us to allocate our capital more effectively and enables us to create long term value growth within our existing portfolio.

We continued to strengthen our collaboration with municipalities and development partners and selectively pursued opportunities in structurally robust urban regions where rental demand remains persistently high. 

The following table provides an overview of the new-build additions to the investment portfolio in 2025.

New-build additions to the investment portfolio in 2025

In the course of the year, we added 630 newly built properties to our investment portfolio, comprising 612 multi-family homes and 18 single‑family homes. These new additions to our portfolio increase our supply of sustainable, high‑quality and affordable homes for middle‑income households. 

Acquisition and redevelopment pipeline development in 2025 (number of units)

The total committed pipeline stood at 151 units at year-end 2025, of which 144 units is related to the redevelopment of Surinameplein in Amsterdam. 

Acquisition and redevelopment pipeline at year-end 2025