Healthcare Real Estate Report 2026

Key Takeaways at a Glance

Demographic Change as a Structural Growth Driver

By 2070, the number of people requiring long-term care in Germany is expected to increase by more than 30%, while the population aged 80 and above is projected to grow by around 52%. At the same time, the supply of new healthcare real estate remains limited due to high construction costs and a slowdown in project development activity. The result is a structural demand surplus across nearly all healthcare real estate subsectors, creating an attractive market environment characterized by long-term stable cash flows and strong yield-supporting fundamentals.

01 Nursing Care & Assisted Living

The care provision gap continues to widen. Despite the political emphasis on outpatient services, inpatient care remains indispensable. At the same time, new construction activity is declining while demand continues to rise. Nursing homes and assisted living facilities therefore offer an attractive combination of sustained rental demand, high social relevance, and stable returns.

02 Outpatient Medical Care

Outpatient healthcare is among the most dynamic growth segments within the healthcare market. Since 2014, the number of Medical Care Centers (MVZs) has increased by 148%, reaching more than 5,000 facilities. The trend toward larger healthcare units, specialist centers, and medical office buildings is being accelerated by physician shortages and ongoing structural changes within the healthcare system. For investors, MVZs offer long-term lease agreements, government-backed demand, and strong demographic tailwinds.

03 Preventive Care and Rehabilitation Facilities

As part of the inpatient healthcare sector, preventive care and rehabilitation facilities have emerged as a distinct asset class attracting increasing investor attention in recent years. In addition to benefiting from an aging population and rising patient volumes, rehabilitation properties are supported by the healthcare policy principle of “rehabilitation before retirement, rehabilitation before nursing care.” High occupancy rates, limited supply, and attractive yields are making this segment increasingly appealing to institutional investors.