Living capital is growing. Access still depends on ticket and structure.

The sector has capital behind it

CBRE's midyear review reports €29.9bn of European living investment in the first half of 2026. That was 17% higher than the same period in 2025 and represented 26% of total European real-estate investment.

The growth was not confined to one established market. CBRE highlighted continued increases in Belgium, the Netherlands, Southern Europe and the Nordic markets, while single-family housing and affordable housing gained traction with investors.

Headline liquidity is not project liquidity

Most investment-market figures describe completed assets, portfolios, platforms or corporate transactions. A developer may be raising capital much earlier, when planning, construction, leasing and operating risks still sit in the business plan.

That distinction affects the provider set. A core buyer of stabilised residential assets is not automatically a development equity partner. A forward-funding investor may accept construction exposure but require a particular lease, delivery structure or developer covenant. A lender may like the sector but not the requested leverage or stage.

Ticket size changes the conversation

CBRE's 2026 outlook identified €50m to €100m living deals as performing well at core yields, while noting that larger portfolios could be more difficult outside specific strategic transactions. That is useful market context, but it should not be converted into a provider's general ticket range.

For a live capital raise, the relevant amount is the equity cheque, loan commitment or forward-funding obligation required from one provider. It may be materially smaller than the project value, portfolio value or development value reported in the market.

What capital raisers should make clear

• The living subsector, including build to rent, student housing, single-family housing, affordable housing or another operating model.
• The geography and the local demand, affordability and regulatory case.
• The project stage, including site control, planning, procurement, construction and leasing.
• The capital route being sought, such as senior debt, whole loan, joint-venture equity, preferred equity or forward funding.
• The provider commitment required, rather than only the total project cost or development value.

Sources and scope

• CBRE, European Real Estate Market Outlook Midyear Review 2026
• CBRE, European Real Estate Market Outlook 2026

This briefing interprets published aggregate market research. Investment volumes and survey preferences do not prove a current mandate at any individual organisation.