Our Dutch and Belgian Real Estate and Real Estate Finance teams attended, and their conclusions confirm what we are seeing across both markets: capital is back at the table, but it is more disciplined, more selective and more focused on quality than in the past. Here are three key takeaways.
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1: Selective capital, exceptional opportunities
Investors and lenders in the Belgian market remain highly engaged with real estate but have become far more selective. The appetite is clearly there, yet it is being channelled towards exceptional opportunities: prime locations, best-in-class assets, strong sponsors and clear, well-articulated business cases.
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2: Dutch demand is strong but unlocking it is the real challenge
The Dutch real estate market also remains attractive, with domestic demand as the primary growth driver. Beyond the current geopolitical backdrop, the real question is no longer whether demand exists, but whether it can be unlocked. Actual growth opportunities depend on resolving infrastructure, permitting and sustainability challenges rather than on identifying demand.
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3: Financing is normalising, but discipline and sustainability now define the market
Liquidity has returned, yet underwriting standards remain tight, with strong sponsors, prime assets and credible business plans continuing to make the difference. Alternative lenders, such as debt funds and other non-bank lenders, have become a structural part of the market rather than a cyclical gap filler, particularly for transitional assets, development projects and complex financing structures. At the same time, sustainability is increasingly a financing issue: an asset's financeability is now tied to its ESG credentials and its pathway to meeting future regulatory requirements.
The bottom line
The shared conclusion across both jurisdictions and across both equity and debt is the same. Capital is available, but lenders are far more selective. Asset quality, sponsor strength and future-proofing matter more than ever. The market is open for business, but it rewards quality, preparation and a credible sustainability story.
Contact us
Our Real Estate and Real Estate Finance teams in the Netherlands and Belgium are happy to discuss what this evolving landscape means for your portfolio, your next transaction or your financing strategy.
