EXPO REAL: Strong fundamentals and available capital drive opportunities in European Living

Munich, October 6, 2026

European Living continues to offer attractive investment opportunities, supported by strong demand fundamentals, limited supply and significant capital seeking exposure to the sector, according to senior industry leaders speaking at BONARD’s European Living session at EXPO REAL 2026.

While today’s investment environment requires greater selectivity, local expertise and stronger execution capabilities, the panel pointed to PBSA, residential repositioning and selective development among the areas offering opportunities over the next 12–24 months.

The session attracted more than 200 registrations and a capacity audience, bringing together investors, developers, operators and senior decision‑makers from across the European Living sector. Around one third of registered participants represented investors and financial institutions, while almost half came from the DACH region.

The panel featured Daniel Wöhler, Principal at H.I.G. Realty Partners Europe; Alicia Edgar, Senior Director, European Living at Invesco Real Estate; and Amos Engelhardt, Founder and CEO of i Live, and was moderated by Samuel Vetrak, CEO of BONARD.

Together, the panellists represented organisations with more than €2 billion invested in Living sectors, alongside approximately 19,000 Living units across their investment and operating platforms.

Capital remains available, with greater focus on the right opportunities

Despite strong demand fundamentals across European rental housing, transaction activity remains below the level that available capital might suggest.

“Capital is there. It is just being a lot more selective,” said Daniel Wöhler of H.I.G. Realty Partners.

Higher financing and construction costs, regulation and changing pricing expectations are resulting in smaller transactions and longer decision‑making processes, while investors are applying greater scrutiny to individual opportunities.

Alicia Edgar of Invesco Real Estate similarly highlighted the gap between investor demand and actual deployment:

“The Living sectors are exceptionally nuanced and complicated. It is not a one‑size‑fits‑all approach,” she said. “You need boots on the ground, local intelligence and local partners, and you need to be able to unlock the right deal at the right price point.”

Income and execution are becoming the differentiators

The panel agreed that investment strategies can no longer depend on the yield compression experienced during the previous market cycle.

“The growth and the performance need to come from income from the real estate,” Wöhlersaid.

This is putting greater emphasis on markets where supply‑demand dynamics provide genuine pricing power, but also on the ability of investors and operators to translate that demand into sustainable NOI growth.

Execution capability is becoming equally important. Engelhardtpointed to i Live’s vertically integrated approach to planning, development and construction as a key advantage in making new PBSA projects viable despite elevated construction costs.

He identified PBSA as one of the strongest areas of current investor interest in Germany, particularly among international capital, with opportunities extending beyond the country’s largest cities into strong university markets.

Where is the opportunity now?

Looking ahead over the next 12–24 months, the panel identified PBSA, repositioning of existing residential assets and selective development among the areas offering opportunities.

Wöhlerhighlighted reversionary potential, broken capital structures and selective development, while Edgarpointed to repositioning existing residential assets as a comparatively defensive strategy combining existing income with potential rental upside.

The discussion also underlined that opportunities increasingly need to be assessed at city and asset level rather than through broad country or sector allocations.

Summarising the discussion, BONARD CEOSamuel Vetrak said:

“We are increasingly operating in the zone of the possible. Opportunities are there, but making them work requires more diligence, more intellectual rigour, greater expertise and stronger local connections.”

The panel followed a presentation by BONARD Chief Product OfficerJulia Oravec examining the fundamentals and performance of student housing, co‑living, build‑to‑rent, multifamily and independent senior living across Europe.

Further data on demand and supply, occupancy, rental growth, yields, new development and investment fundamentals across European Living sectors is available in the presentation accompanying the session.