Selective Recovery in Nordic Markets – Transaction Volumes up 28% in 2025

After several years of modest transaction activity, 2025 was characterised by a clear recovery in the Nordic property market, driven by improved financing conditions and gradually stabilising pricing expectations. Total Nordic transaction volume amounted to approximately EUR 33bn across 910 deals, corresponding to a 28 percent increase compared with 2024. At the same time, volumes remain somewhat below historical averages, reflecting a continued selective market, with overall volumes partly driven by a small number of large, structured transactions.

“Transaction activity has regained momentum across the Nordics, supported by improved financing conditions and better alignment between buyers and sellers. Market sentiment has strengthened materially, and while selectivity remains, we are seeing a broader and more sustainable recovery taking shape across markets and segments,” says Bård Bjølgerud, CEO Nordics & Partner at Colliers Nordics.

Source: Colliers Research, based on property transactions above EUR 5 million and a forecast for the remainder of 2025, based on transactions expected to be signed and known to Colliers. For Denmark, the latest available data covers the period through November 2025, with year-on-year change calculated for January–November in both years. The share of foreign sellers in Denmark is an estimate.

Transaction volumes increase across most Nordic markets

Transaction volumes increased across most Nordic markets in 2025. Denmark and Finland recorded the strongest growth, with volumes up 58 percent and 55 percent, respectively, while Sweden posted a solid increase of 30 percent. Norwegian volumes were broadly unchanged year-on-year, following a slower start and a stronger pickup towards year-end. Sweden remained the largest market at EUR 15.7bn, followed by Denmark with EUR 6.5bn, and the Nordic recovery remains strong in a European context.

“The Nordics continue to represent a highly liquid and attractive region for real estate capital in a European context. Sweden remains the core market by deal count, while Denmark and Finland stood out in 2025 with strong year-on-year growth,” says Joakim Arvius, CEO Sweden & Partner at Colliers Nordics.

Shifting segment composition across Nordic markets

Transaction activity in 2025 reflected a changing segment composition compared with 2024. Residential assets remained the largest segment, accounting for around 30 percent of total Nordic transaction volume, broadly in line with the previous year. Public sector assets increased their share materially to approximately

19 percent, up from 6 percent in 2024, largely driven by a small number of large-scale public sector transactions. Office transactions accounted for around 13 percent of total volume, compared with 24 percent last year, reflecting continued selectivity among investors.

Industrial and logistics accounted for 16 percent of Nordic transaction volume, while retail represented around 10 percent. The 2025 segment split favours residential, industrial and public sector assets.

Mixed stock market performance – both across countries and segments

So far in 2025, Nordic property stock market performance has remained weak, with the COREX Property index down around 11 percent YTD, broadly in line with 2024. COREX Norway stands out with strong positive returns of around +22 percent, supported by a surge in the Olav Thon share, while Sweden and Denmark remain negative at approximately -11 percent and -2 percent, respectively. Finland has improved, recording positive returns of around +7 percent following a takeover bid for Citycon.

Segment-wise, performance has been mixed. COREX Retail has been the strongest-performing segment at around +21 percent, while COREX Mixed has been the weakest, down approximately -22 percent. COREX Office (-12 percent), Residential (-11 percent) and Warehouse (-8 percent) have also remained in negative territory. Returns are partly influenced by company-specific transactions and events.

Twelfth consecutive year of positive net inflow of foreign capital

Net foreign investment in the Nordics rose to approximately EUR 4.7bn in 2025, up from around EUR 1.1bn in 2024, driven by increased foreign acquisition activity. The development highlights a strengthening international interest in Nordic real estate markets.

The five largest property transactions in the Nordic region in 2025:

1. PPI acquiring 100% of SBB’s public sector portfolio (SEK ~32.1bn)
2. Swedish Fortifications Agency acquiring a public sector portfolio from Specialfastigheter (SEK ~8.2bn)
3. Ica Fastigheter acquiring Alecta Fastigheter’s 50% stake in the Ancore JV (SEK ~4.0bn)
4. KLP acquiring a portfolio of 17 residential assets from Selvaag Utleiebolig (NOK ~3.3bn)
5. Apollo / Avant acquiring a portfolio of 44 residential assets from Kojamo (EUR ~0.24bn)

Transactions with undisclosed prices are excluded.

Attachments

• Chart: Nordic transaction volumes, 2008-2025

• Chart: Nordic transaction volume split by geography and sectors, 2025 vs. 2024

• Chart: Share of foreign buyers in the Nordic countries, 2025

• Chart: Share of listed property companies on the buy- and sell-side, 2022-2025

• Chart: COREX Indices development, 2025