Healthcare real estate investment market stays on track for recovery in the first half year

- Transaction volume rises to €1.38 billion in the first half of 2026, up 48 percent year on year
- Care homes remain the most important asset class; clinic transactions generate additional market impetus
- Prime yields edge up


Germany’s healthcare real estate investment market recorded a transaction volume of €1.38 billion in the first half of 2026. Compared with the same period in 2025, this corresponds to growth of 48 percent. The investment market’s recovery has therefore held steady. More than one billion of the transaction volume was attributable to the first quarter, however. Care home prime yield (net initial yield) edged up to 5.5 percent. These are the results of a current analysis prepared by the global commercial real estate services company CBRE.

“The healthcare real estate investment market recorded robust development in the first six months and has picked up more momentum. That market activity is increasingly finding a broader footing and no longer determined by major single-asset transactions is gratifying. Against this backdrop, 2026 is showing signs of being the strongest year for Germany’s healthcare investment market since the start of the interest rate reversal.”
Marco Schnell, Head of Portfolio Investment & Alternatives at CBRE

Care homes once again proved to be the backbone of the healthcare real estate investment market. At €781 million, considerably more than half of the investment volume was accounted for by this asset class. Outpatient healthcare properties such as medical centers stayed on course for a positive recovery and clocked up significant growth compared with the year-earlier period. Clinics and rehab clinics saw above-average high transaction volumes, contrasting with senior living that fell short of the year-earlier level.

“Care homes continue to be the foundation underpinning Germany’s healthcare real estate investment market. At the same time, we are seeing investors adopt a more discerning approach to assessing the individual subasset classes. Properties offering stable demand over the long term and flexible usage prospects are taking center stage.”
Anna Maria Burrichter, Associate Director Research at CBRE

The comparatively high transaction volume of clinics and rehab clinics requires a more differentiated view, however. A significant portion of this segment was attributable to sales to developers with repurposing strategies or to owner occupiers and therefore bears only limited comparison with conventional investment transactions. “There are also options for empty healthcare properties. Meticulous analysis of location, building structure and demand potential is key for identifying possible alternative use or further development,” Burrichter explains.


“The slight widening of prime yields is principally a reflection of developments on the capital markets. At the same time, premium healthcare properties evidently hold their appeal for investors, and the price level is generally proving stable,” says Marcus Max, Associate Director Valuation Advisory Services at CBRE.

Outlook for the rest of 2026
CBRE anticipates sustained sound market activity in the second half of the year. Although the debate about shaping future healthcare and care reforms continues to fuel uncertainty and hamper investment decisions, this in no way affects the asset class’s long-term fundamentals. Demographic change, the rising need for healthcare and nursing services, along with a professional operator environment, continue to make Germany one of Europe’s most attractive healthcare markets.

“As before, we are observing huge interest in the German healthcare real estate market on the part of institutional and especially international investors. At the moment, the supply of larger investment opportunities remains limited, however. As soon as buyers and sellers find more common ground in the case of larger transactions, we see further potential for market activity momentum,” Schnell comments.