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.
Nearly four out of ten apartments in London that were resold within 12 months as of August 2026, after five to ten years of ownership, were sold for less than their original purchase price. This is according to an analysis by e.surv Chartered Surveyors.
The share of loss-making apartment resales in the British capital reached 39.5%, the highest rate among regions in the United Kingdom. By comparison, among homes owned for the same period, the share of sales below the original purchase price was less than 4%.
In Southeast and East England, approximately one-third of apartments that owners had held for five to ten years were also sold for less than their purchase price. In central and northern England, such transactions accounted for about 20%, while the UK-wide average was slightly more than a quarter. In Scotland, the figure remained below 10%.
According to e.surv’s assessment, price trends for apartments and single-family homes began to diverge noticeably around 2017. Among the factors holding back apartment prices, analysts cite leasehold issues, high service charges, safety concerns regarding buildings, the cost of replacing cladding following the cladding crisis, and rising mortgage costs.
Additional pressure is coming from the general weakening of the London real estate market. According to the e.surv index, the average housing price in the United Kingdom in September 2026 was approximately £328,900, which is 1.5% higher than a year ago. However, London was the only major region to see a year-over-year decline in prices—by approximately 2.3%, to 594,200 pounds
A separate analysis by ValuQ also shows an increase in the number of loss-making transactions in England and Wales. In the first half of 2026, 16.3% of residential properties resold less than five years after purchase were sold for less than their original price. Among apartments, this figure reached 29.5%. The total difference between the purchase price and the resale price of such properties was estimated at approximately £210 million.
It is important to note that this is strictly a nominal comparison of purchase and sale prices. The calculation does not include stamp duty, mortgage interest, real estate agent commissions, renovation costs, maintenance fees, or other owner expenses. Therefore, the actual financial outcome for some sellers may be even worse.
Experts attribute the weak performance of the apartment market primarily to the fact that buyers are increasingly carefully evaluating the ongoing maintenance costs of apartment buildings and potential legal and technical risks. At the same time, demand for single-family homes and townhouses remains relatively more stable.
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.
Foreign investors poured approximately 1.02 billion euros into Greek real estate in the first half of 2026, a 6.7% increase compared to the same period last year, according to data from the Bank of Greece.
At the same time, the growth in foreign investment is occurring against the backdrop of a sharp decline in the number of new applications under the Golden Visa program. This indicates that foreign buyers’ interest in Greek real estate is becoming less dependent on the possibility of obtaining a residence permit.
In the second quarter of 2026, the volume of foreign capital directed toward real estate purchases in Greece amounted to approximately 515.8 million euros. This is 11.2% less than in the second quarter of 2025; however, thanks to a strong first quarter, the result for the entire half-year remained higher than last year’s.
The primary source of these statistics is the Bank of Greece, which separately publishes quarterly and annual data on non-residents’ direct investments in Greek real estate. The statistics include real estate purchases by foreign investors as part of foreign direct investment. Bank of Greece
At the same time, the Greek Ministry of Migration and Asylum has recorded a decline in activity under the Golden Visa program. From January through June 2026, 2,551 new applications were submitted, compared to 4,553 during the same period a year earlier. Thus, the figure fell by approximately 44%. Ekathimerini
The decline in the number of applications is linked, in particular, to stricter program requirements. In the most popular regions—including Attica, Thessaloniki, Mykonos, and Santorini—the minimum threshold for a standard real estate purchase to qualify for a Golden Visa has been raised to 800,000 euros. In most other regions, it stands at 400,000 euros. A separate threshold of 250,000 euros has been retained for certain properties that are being converted from commercial to residential use or are subject to restoration.
However, statistics show that foreign capital continues to flow into the market even without a direct link to the immigration program.
Throughout 2025, foreign investors invested approximately €2.05 billion in Greek real estate. This was less than the record €2.75 billion in 2024, but remained one of the highest figures in recorded history. Between 2019 and 2025, the total inflow of foreign capital into Greek real estate reached approximately €12.4 billion. Ekathimerini
By comparison, the Bank of Greece reported that in 2024 alone, net inflows from real estate purchases by non-residents reached €2.75 billion, up from €2.13 billion a year earlier—an increase of 28.9%. Bank of Greece
The shift in demand means that foreign buyers are increasingly viewing Greek real estate not only as a means of obtaining a residence permit but also as an investment asset in its own right. Demand is driven by the tourism market, long-term rentals, rising housing prices in the most attractive regions, and international investors’ interest in hotel and commercial properties.
Foreign capital continues to be particularly active in Athens and Attica, Thessaloniki, Crete, Rhodes, and other tourist islands.
At the same time, Greek authorities continue to discuss further changes to the Golden Visa program amid a shortage of affordable housing. The growth in foreign demand and short-term rentals has become one of the arguments for raising investment thresholds and introducing additional restrictions on the use of purchased real estate.
Thus, preliminary data for 2026 indicate noticeable changes in the Greek market: the number of investors directly seeking to obtain a Golden Visa is declining, yet the total volume of foreign capital in real estate continues to grow for now.
foreign investor, golden visa, GREECE, INVESTMENTS, REAL ESTATE
The volume of construction work completed in Ukraine from January through August 2026 decreased by 9.9% compared to January through August 2025, according to data from the State Statistics Service (Derzhstat).
According to the statistical agency, the volume of construction output in January–August totaled 156.5 billion hryvnias.
According to the State Statistics Service, over the eight-month period, the volume of residential construction decreased by 3.8% compared to January–August of last year, nonresidential construction by 6.3%, and civil engineering structures by 13.7%.
In August 2026, compared to August 2025, construction volumes decreased by 3.7%, including residential construction by 2.3% and civil engineering structures by 12.2%. At the same time, construction volumes for non-residential buildings increased by 9.8%.
In August 2026, compared with the previous month, construction volumes increased by 12.9%; specifically, in the residential category by 0.2%, in nonresidential buildings by 25.3%, and in civil engineering structures by 8.8%.
According to the agency’s seasonally adjusted data, construction output indices in August 2026 stood at 62% for residential construction, 155% for nonresidential construction, and in civil engineering at 112%; taking into account the calendar-day effect, the figures were 63.1%, 156.5%, and 115.4%, respectively.
The share of new construction in the total volume of construction work completed in July was 44.6%, repairs—30.3%, and reconstruction and other work—25.1%.
CONSTRUCTION, INFRASTRUCTURE, REAL ESTATE, State Statistics Service, UKRAINE
