Investments by pension funds, insurance companies and investment companies in real estate fell by 10.7 billion euro in 2002 to 89.9 billion euro.
Investment in real estate, institutional investors
Investment in direct real estate in particular decreased: from 71.9 to 62.3 billion euro. Foreign investors who took over investment companies’ real estate portfolios accounted for an important part of this decrease.
Investment in indirect real estate fell slightly in 2002, from 28.7 to 27.6 billion euro.
Shift from direct to indirect
The share of investment in indirect real estate was larger in 2002 than in 2001. This is in line with the trend of the last two decades, in which there has been a shift within real estate investment from direct to indirect real estate. While only 4 percent of total real estate investment was in indirect real estate in 1980, by 2002 this had grown to 31 percent. The year 2001 was an exception in this trend.
Investment in direct real estate, institutional investors
Two-thirds of direct real estate in the Netherlands
Two-thirds of institutional investment in direct real estate was in buildings in the Netherlands. This is especially the case for pension funds and insurance companies. Domestic real estate consists mainly of housing, offices and shops.
Indirect real estate largely abroad
Investments in foreign investment companies account for an important part of investment in indirect real estate. In 2002 this share fell from 61 to 57 percent of total indirect real estate.
Investment in indirect real estate, institutional investors
Interests in Dutch real estate investment companies also often have a foreign aspect. For example, 55 percent of total real estate of Dutch real estate investment companies is located abroad.