NORDIC PROPERTY INVESTMENT MARKET CONTINUES TO RECOVER IN H1 2026

The Nordic property transaction market continued to strengthen during H1 2026, supported by sustained but selective investor confidence. Total transaction volume reached EUR 18.2bn, representing a 24% increase compared with H1 2025. Transaction activity increased across three of the four Nordic markets, with Sweden, Norway and Finland posting higher volumes year-on-year, while Denmark remained below last year's elevated level.

The recovery was reflected not only in higher transaction volumes but also in a 5% increase in the number of transactions, suggesting improving liquidity and a more active investment market across the Nordic region.

• The recovery in the Nordic transaction market continued during the first half of 2026, supported by stronger activity across several markets and a growing number of large strategic transactions. Investors remain disciplined, but improved financing conditions and greater pricing alignment have contributed to increased transaction momentum, says André Lundberg, Head of Capital Markets Sweden & Partner, Colliers Nordics.
• Finland delivered the strongest growth during the first half, while Sweden continued to benefit from several large strategic transactions. Despite a relatively more challenging interest rate environment, activity in Norway remained resilient, highlighting continued investor confidence in well-located, high-quality assets, says Frida Tosterud Grov, Head of Capital Markets Norway & Partner, Colliers Nordics.
• Investor activity has become increasingly broad-based across the Nordic markets. Listed property companies, institutional investors and private capital all remained active during the first half of the year, reflecting improving liquidity and a market that is gradually returning to a more balanced investment environment. We are also pleased to see Colliers further strengthen its position across the Nordic transaction market during H1 2026, says Bård Bjølgerud, CEO & Partner, Colliers Nordics.
• Secura Fastigheter acquires a Swedish public sector property portfolio from Castellum(SEK ~ 5.6bn)

Source: Colliers Research, based on property transactions above EUR 5 million.

Figures for Sweden, Norway and Finland refer to deals signed until 29^th June and include estimates for the remainder of the month. *Denmark is based on reported January–May transactions only (no forecasts). Year-on-year comparisons use H1 data for Sweden, Norway and Finland, and January–May data for Denmark.

Recovery varies across the Nordic markets

Sweden remained the largest Nordic investment market with EUR 9.7bn in transaction volume, followed by Finland (EUR 3.4bn), Norway (EUR 3.0bn) and Denmark (EUR 2.1bn, January–May).

Finland recorded the strongest year-on-year growth, with transaction volume increasing 87%, supported by several large institutional transactions in the residential and logistics sectors and sustained foreign interest. Sweden also posted robust growth (+43%), driven by a number of large portfolio transactions across several sectors, while Norway recorded a more moderate increase (+3%). Denmark's reported transaction volume declined year-on-year.

Residential continues to dominate investment activity

Residential remained the largest investment segment across the Nordics, accounting for 36% of total transaction volume, followed by logistics and industrial assets (22%) and offices (14%). The residential sector was supported by several of the region's largest transactions across Sweden, Norway, Finland and Denmark, highlighting strong investor demand for residential assets, while logistics continued to attract significant institutional capital throughout the Nordic markets.

Foreign capital remains selective

Foreign investors continued to play an important role, accounting for 23% of Nordic acquisition volume. Foreign participation remained particularly strong in Finland (56%) and Denmark (40%), while Sweden (18%) and Norway (11%) continued to be driven primarily by domestic capital.

Foreign capital remained selective, with investor interest continuing to focus on high-quality residential, logistics and prime commercial assets.

Investor composition continues to evolve

Investor activity also continued to shift during H1 2026. Listed property companies remained relatively selective in Sweden and Norway but increased their presence in Finland. On a Nordic level, listed companies and institutional investors remained some of the most active buyer groups, accounting for 28% and 14% of acquisition volume, respectively. Together, these trends suggest that the Nordic investment market is gradually returning to a more balanced and liquid environment.

Colliers advised on approximately 35% of total Nordic transaction volume during H1 2026, including market-leading positions in Sweden (40%) and Norway (22%), Finland (26%), and Denmark (45%).

The five largest property transactions in the Nordic region in H1 2026:

1. Wihlborgs acquires a commercial property portfolio in Skåne from Castellum (SEK ~ 13.3bn)
2. Kojamo acquires Varma's Finnish residential portfolio comprising 4,761 apartments (EUR ~ 0.9bn)
3. Catena acquires a Nordic logistics portfolio from Urban Partners (SEK ~ 8.8bn)
4. KlaraBo acquires SBB's residential portfolio ahead of the merger with Sveafastigheter (SEK ~ 6.8bn)

Attachments

• Chart: Nordic transaction volumes, 2008 - H1 2026

• Chart: Nordic transaction volume split by geography and sectors, H1 2026 vs. 2025

• Chart: Share of foreign buyers in the Nordic countries, H1 2026

• Chart: Share of listed property companies on the buy-side and sell-side, H1 2022-2026

• Photos

Bård Bjølgerud, CEO & Partner Nordics

+47 21 95 80 80, bard.bjolgerud@colliers.com

André Lundberg, Head of Capital Markets Sweden & Partner

+46 70 676 72 40, andre.lundberg@colliers.com

Frida Tosterud Grov, Head of Capital Markets Norway & Partner

+47 41 46 83 01, frida.grov@colliers.com

Heidi Kallonen, Head of Capital Markets Finland

+358 40 752 51 11, heidi.kallonen@colliers.com

Kristian Axel Stokholm, Senior Director and Co-Head of Capital Markets & Partner

+45 31 44 14 42, kristianaxel.nielsen@colliers.com

Frederik Møllebjerg, Senior Director and Co-Head of Capital Markets Denmark & Partner

+45 31 41 44 19, frederik.moellebjerg@colliers.com

Karoline Fagerheim, Head of Marketing & Communications

+47 92 84 05 54, karoline.fagerheim@colliers.com