- Transaction volume in the healthcare sector reached approximately €1 billion in the first nine months of 2025, an increase of just under
- 70% compared to €590 million in Q1-Q3 2024.
- €130 million in the third quarter of 2025
- Prime yields unchanged – 5.10 per cent for nursing homes and 4.50 per cent for assisted living
- Investors cautious but on the lookout for high-quality existing and new-build properties – focus on sustainability and long-term stability
- Demand for inpatient and outpatient care places continues to grow
Cushman & Wakefield, a global real estate consultancy, recorded a transaction volume of around £130 million on the German healthcare property market in the third quarter of 2025 (Q3 2024: around £332 million). Transactions in the care property segment amounted to around €56 million, while the medical care facilities segment contributed around €78 million.
No portfolio transactions were recorded in the third quarter.
Prime yields remain stable
Prime yields for healthcare properties remain at a consistent level: 5.10 per cent for nursing homes, 4.50 per cent for assisted living facilities for seniors, 4.75 per cent for outpatient medical care facilities (MVZ) and 5.75 per cent for inpatient medical care facilities (clinics). Prime yields are expected to remain stable until the beginning of 2026.
Institutional investors show interest in Germany-wide investments
Healthcare properties remain the focus of alternative investment strategies for institutional investors. The market remains liquid, with investors looking for high-quality, sustainable investment opportunities with a long-term investment horizon.
"Institutional investors continue to pay close attention to operator creditworthiness and property quality. There is plenty of liquidity available from national and international capital sources for properties that are let on a long-term basis. The fundamentals of locations are also relevant for investment decisions, and there is excess demand for care places in almost all cities and districts in Germany," says Jan-Bastian Knod, Head of Healthcare Advisory at Cushman & Wakefield.
Demand for care places to rise by over 145,000 by 2040
"The number of people in need of care continues to rise as a result of demographic change, and this trend will continue in the coming decades," says Jan-Bastian Knod. According to an analysis by Wuest & Partner, an additional demand for over 145,000 care places is forecast in Germany by 2040. The forecast figure is based on various assumptions. In a regional context, however, the additional demand varies greatly.
Jan-Bastian Knod: "This forecast clearly shows that demand for nursing places and outpatient services is expected to rise in the long term. The existing infrastructure will not be able to meet this demand. As a result, we anticipate a high level of investment in buildings and infrastructure for this asset class, both in existing properties and in new construction."
