International capital has become noticeably more active in Germany’s residential real estate market: in the third quarter of 2026, foreign buyers accounted for about 75% of investment volume in this segment, according to data from the international consulting firm CBRE.
The volume of residential real estate transactions in Germany from July through September totaled approximately €2.3 billion, marking the best quarterly result since the beginning of the year. Compared to the second quarter, investment volume increased by approximately 17%.
Overall, from January through September 2026, investment in German residential real estate approached 5.9 billion euros, which is approximately 4% less than during the same period last year.
However, CBRE does not disclose the geographic breakdown of foreign investors nor specify which countries’ capital accounted for the bulk of these investments. Therefore, the 75% figure should be viewed as the share of total foreign institutional capital, rather than as an indicator of investments by citizens of any specific country.
This primarily refers to professional investors—investment funds, management companies, family offices, and other large capital holders—who purchase residential portfolios and multi-unit properties. These figures do not reflect the activity of private foreign investors who purchase individual apartments or houses in Germany.
Large portfolio transactions played a key role in the market’s recovery. Portfolio transactions accounted for approximately 75% of total investment volume in the third quarter, with just a few large transactions accounting for more than half of the quarterly turnover.
Existing residential buildings and completed new-construction projects remain the primary focus of interest—they accounted for about 89% of transactions. Investments in projects in the early stages of construction, including forward purchases and forward funding, remain significantly weaker.
CBRE attributes this to a decline in the supply of new multifamily projects. High construction and financing costs, as well as risks for developers, are limiting the launch of new projects.
The most active investors were those focused on higher returns and future appreciation of property values. Value-add and opportunistic strategies accounted for about 58% of quarterly investment volume, while the more conservative core and core-plus strategies accounted for about 42%.
At the same time, the number of transactions fell to 44 from 51 in the second quarter. Thus, the increase in turnover is attributable not to a rise in the number of purchases, but primarily to a larger average transaction size.
Residential real estate remains the largest segment of the German investment market: in the first nine months of the year, it accounted for about 25% of total real estate investment in Germany.
As before, international capital continues to focus on the country’s seven largest markets—Berlin, Munich, Frankfurt, Hamburg, Düsseldorf, Cologne, and Stuttgart. At the same time, CBRE notes growing interest in regional markets, where investors expect to find a more attractive risk-return ratio.
The average peak yield for apartment buildings in the largest cities rose by 0.2 percentage points in the third quarter—to 3.59%—making entry prices more attractive to some investors.
Source: CBRE Germany — Residential Investment Market Q3 2026
foreign investor, GERMANY, HOUSING, INVESTMENTS, REAL ESTATE
The Bulgarian real estate market continued to cool sharply: in the third quarter of 2026, 45,312 transactions were registered in the country, marking the lowest figure since at least 2005, the earliest year for which comparable data from the Bulgarian Registry Agency is available.
Compared to July–September 2025, when 58,184 transactions were recorded, market volume contracted by 22.1%. For the first time since 2010, the number of transactions in the third quarter fell below 50,000.
The decline affected nearly the entire country. An increase in the number of transactions was recorded in only six of the 113 cities included in the statistics. Among them were Blagoevgrad, where sales rose by 19.8%, and Gotse Delchev, with an 11.2% increase.
In Sofia, 7,282 transactions were recorded in the third quarter, 21.2% fewer than a year earlier. In the Burgas region, the figure fell by 14.3% to 2,047 transactions. Both markets have effectively returned to 2023 levels.
In the Plovdiv region, the number of transactions fell by 23.9% to 3,356, the lowest level since 2013. In Varna, the decline was 26.3%, and the number of transactions fell below 3,000 for the first time since 2015.
An even sharper decline was observed in a number of resort and regional markets. In Nessebar, which also includes transactions in Sunny Beach, the number of transactions fell by 37%. In Razlog, which includes the Bansko market, the decline was 30.4%; in Smolyan, 30.7%; and in Chepelare, nearly 40%.
From January through September 2026, 129,431 transactions were recorded in Bulgaria, which is nearly 19% fewer than a year earlier. By comparison, 159,338 transactions were completed during the same period in 2025, 152,316 in 2024, and 153,109 in 2023.
However, the decline in the number of transactions has not yet been accompanied by a drop in prices. According to data from the National Statistical Institute of Bulgaria, in the second quarter of 2026, housing prices rose by 15.5% year-over-year and by 4.5% compared to the first quarter. Bulgaria ranked second in the EU in terms of the annual growth rate of housing prices.
Consequently, an unusual situation is unfolding in the market: the number of transactions is falling sharply, but prices continue to rise. This may indicate a decrease in the supply of high-quality properties, a high proportion of cash buyers, and price inertia following the strong growth of recent years.
Official source: Bulgarian Registry Agency – Property Registry Statistics.
The Bulgarian real estate market continued to cool sharply: in the third quarter of 2026, 45,312 transactions were registered in the country, marking the lowest figure since at least 2005, according to comparable data from the Bulgarian Registry Agency.
Compared to July–September 2025, when 58,184 transactions were recorded, market volume shrank by 22.1%. For the first time since 2010, the number of transactions in the third quarter fell below 50,000.
The decline affected nearly the entire country. An increase in the number of transactions was recorded in only six of the 113 cities included in the statistics. Among them were Blagoevgrad, where sales rose by 19.8%, and Gotse Delchev, with an increase of 11.2%.
In Sofia, 7,282 transactions were recorded in the third quarter, which is 21.2% less than a year earlier. In the Burgas region, the figure fell by 14.3% to 2,047 transactions. Both markets have effectively returned to 2023 levels.
An even sharper decline was recorded in a number of resort and regional markets. In Nessebar, which also includes transactions in Sunny Beach, the number of transactions fell by 37%. In Razlog, which includes the Bansko market, the decline was 30.4%; in Smolyan, 30.7%; and in Chepelare, nearly 40%.
From January through September 2026, 129,431 transactions were registered in Bulgaria, which is nearly 19% fewer than a year earlier. By comparison, 159,338 transactions were concluded during the same period in 2025, 152,316 in 2024, and 153,109 in 2023.
However, the decline in the number of transactions has not yet been accompanied by a drop in prices. According to data from the National Statistical Institute of Bulgaria, in the second quarter of 2026, housing prices rose by 15.5% year-over-year and by 4.5% compared to the first quarter. Bulgaria ranked second in the EU in terms of the annual growth rate of housing prices. Consequently, an unusual situation is unfolding in the market: the number of transactions is falling sharply, but prices continue to rise. This may indicate a reduction in the supply of high-quality properties, a high proportion of cash buyers, as well as price inertia following significant growth in recent years.
More than two-thirds of Ukrainians planning to buy an apartment pay attention to the availability of a backup power supply and independent heating, according to the results of a survey by “OLX Real Estate.”
According to the study, 68% of potential buyers consider a backup power supply in case of power outages to be important, compared to 49% in 2025. Thus, over the course of a year, the share of buyers paying attention to a home’s energy independence has risen by 19 percentage points. The availability of autonomous heating is also important to 68% of respondents.
“Energy sustainability has effectively become on par with many ‘traditional’ characteristics of an apartment or house,” notes the OLX report.
At the same time, the main criterion when buying an apartment remains its cost—82% of respondents cited price as important. In second place is the total area of the home—79%.
The number of rooms and the city neighborhood are considered by 77% of potential buyers each. A good floor plan or renovation, as well as the property’s stage of completion, are important to 76% of respondents; infrastructure and the building’s exterior are important to 73%; and the floor level is important to 72%.
At the same time, the war has significantly changed Ukrainians’ security requirements for real estate. 67% of potential buyers consider the distance from strategic facilities, and the presence of a shelter directly in the building is important to 60%.
At the same time, traditional advantages of a property’s location are less important. Proximity to the metro was cited as important by 46% of respondents, and a location near the city center by 45%.
The main reason for purchasing real estate remains the desire to improve current living conditions—47% of respondents cited this as their motivation. Another 42% want to acquire their own private space, 23% plan to move into a more spacious home, 20% view the purchase as a way to improve their standard of living, and 11% want to change the neighborhood where they live.
The investment component remains significant, though it takes a back seat to purchasing a home for personal use. Twenty-eight percent of potential buyers view real estate as an investment. Specifically, 19% expect to generate income in the future by renting out the property or reselling it.
Thus, the survey results indicate a shift in Ukrainian buyers’ priorities: alongside price, square footage, and location, a property’s ability to function during power outages and its level of security are becoming increasingly important.
According to OLX, attitudes toward backup power have changed particularly noticeably: while in 2025 approximately one in two potential buyers considered this factor, by 2026 the figure had risen to more than two-thirds.
Source: “OLX Real Estate” study.
Spanish Prime Minister Pedro Sánchez announced the dissolution of parliament and the holding of early parliamentary elections on November 29, 2026, after a fragmented parliament blocked a number of key government initiatives, including measures to combat the housing crisis.
On October 5, Sánchez announced the convening of an extraordinary cabinet meeting to initiate the procedure for dissolving parliament. The early election will take place nearly a year ahead of schedule.
The decision was made following yet another escalation of the housing crisis in Spain. Last week, parliament rejected the government’s proposed housing measures, and on October 3, tens of thousands of people took to the streets in protests across approximately 50 cities nationwide.
In Madrid alone, according to Reuters, about 70,000 people took part in the demonstrations. Protesters demanded tougher measures against rising rents, evictions, and the shortage of affordable housing. Protests also took place in Valencia and other major cities.
The housing crisis in Spain has worsened in recent years amid rapidly rising prices, insufficient supply of new housing, and high rental costs in major cities and tourist regions.
According to the latest Eurostat data, published on October 1, 2026, residential real estate prices in Spain rose by 12.1% in the second quarter compared to the second quarter of 2025. By comparison, housing prices across the European Union rose by an average of 4.7% during this period, and by 4% in the eurozone. Thus, the rate of price growth in Spain is more than double the European average.
Moreover, prices continue to rise on a quarterly basis: in the second quarter, prices in Spain rose by another 3.4% compared to the first quarter of 2026. In the first quarter, the annual growth rate was 12.8%.
High growth rates are also being seen in the resale market. According to indices published in early October by Spain’s largest real estate portals, the average price of resale housing continued to grow at double-digit rates in the third quarter. According to Idealista, prices rose by 11.8% year-over-year—to 2,930 euros per square meter—while Fotocasa estimates annual growth at 13.8% and the average price at approximately 3,140 euros per square meter.
At the same time, the situation is complicated by lending conditions. The Bank of Spain reported in July that in the second quarter of 2026, banks tightened lending conditions, and public demand for mortgage loans declined. Banks also expected lending conditions to tighten further in the third quarter.
Consequently, the housing issue has evolved from a primarily social and economic problem into one of the central factors on the Spanish political agenda. The rapid rise in real estate prices, the shortage of affordable housing, the situation in the rental market, and mass protests increased pressure on the government at a time when Sánchez’s cabinet was already struggling to pass bills in parliament.
Early parliamentary elections in Spain are scheduled for November 29, 2026.
According to the Serbian business media outlet Parametar, housing prices in the European Union rose by 4.7% in the second quarter of 2026 compared to the same period last year, and by 4.0% in the eurozone, according to Eurostat data published on October 1.
Compared to the first quarter of this year, housing prices in the EU rose by another 1.2%, and in the eurozone by 1.1%.
Year-over-year price increases were recorded in 23 EU countries for which data is available. Prices fell in only three countries: Finland (by 2.7%), Luxembourg (by 2.2%), and France (by 0.8%).
Portugal led the EU in housing price growth, with prices rising 16.5% over the year. Bulgaria ranked second with a 15.5% increase, and Lithuania third with 14.3%.
High growth rates also persisted in Slovakia, where housing prices rose by 13.6%, Croatia—by 12.7%, and Spain and Romania—by 12.1% each.
In Latvia, the increase was 11.4%; in Hungary, 10.2%; in Denmark, 9.4%; in Slovenia, 9.1%; in the Czech Republic, 8.6%; and in Cyprus, 7.9%.
More moderate price growth was observed in Malta—6.9%, in Poland—6.3%, Ireland—6%, Estonia—5.8%, Austria—5.1%, Sweden—4.8%, the Netherlands—4.3%, and Italy—4%.
Some of the lowest positive figures were recorded in Belgium—2.1%—and Germany—just 0.6%.
Compared to housing prices in the first quarter of 2026, prices rose the fastest in Lithuania—by 5%, Bulgaria—by 4.5%, and Romania—by 4.4%. Quarterly declines were observed only in Hungary—by 1.4%—and France—by 0.8%.
Eurostat calculates the House Price Index based on the cost of residential real estate purchased by households, including both new construction and existing homes.
