Significant but Expected Decline in Transaction Volume for August

The Nordic transaction market recorded a sharp monthly decline of -82%, resulting in a transaction value of only EUR 0.6 billion in August. “August is traditionally a weak month on the transaction side, which makes this year’s decline expected rather than concerning. Activity so far in September has, however, started strongly, and we expect it to continue in the same direction later this month,” says Axel Tärn, Head of Research, Colliers Nordics.

The Swedish market saw the steepest decline, from EUR 1.9 billion in July to only EUR 0.1 billion (-92%) in August. Norway and Finland also showed decreases of -56% and -55%, respectively.

Mixed Segments in Focus and International Capital on the Move

Among the largest deals in August was VVT’s (VVT Property Fund II KY) acquisition of a 19,800 sqm health and wellness center from Deka Immobilien in Helsinki for EUR 100 million. In Norway, a major sale-and-leaseback deal was signed, where Nordisk Renting acquired a newly built 26,000 sqm headquarters in Stavanger from Interwell. In Sweden, CapMan, through its value-add fund CapMan Nordic Real Estate III, acquired a residential portfolio (262 apartments) from Reliwe in Handen, Stockholm, via a forward funding deal.

“Although August was marked by sharp declines, we are seeing increased interest from foreign investors, particularly in Sweden and Finland. In Norway, the interest rate situation is still a barrier for international capital,” says Axel Tärn.

According to Colliers’ analysis, foreign investors have increased their activity in Sweden during 2025, especially in the residential and logistics segments.

“International capital remains most active in these areas, but we also see interest broadening into more segments,” says Axel Tärn.

Stock Market Stabilizes, but Development Varies

The COREX Property Index, which tracks share price developments for listed property companies in the Nordics, fell by -1.6% in August, following a previous decline of -7% in July. All segment indices—office, retail, residential, logistics, and mixed—showed negative results between -1% and -3% in August, while COREX Development increased by 2.1%. Park Street (+15%), Annehem (+12%), and Corem (+5%) were the best-performing stocks of the month.

“Listed property companies were the first to rebound after the market bottomed out in 2023, which is reflected in share prices that have risen since then. The debt market has since stabilized, and the direct property market is expected to reach its turning point in the coming quarters. With a more balanced market, lower interest rate pressure, and increased investment appetite, we see good conditions for activity to pick up,” says Axel Tärn.