Health is gradually regaining its place in real estate portfolios. In Europe, the market recorded 18.5 billion euros invested in 2025 then again 2.7 billion euros in the first quarter of 2026, according to CBRE data relayed by Euryale’s 360° Health Observatory. In a context still marked by economic tensions and uncertainty on several markets, these assets are regaining interest among investors looking for more understandable income and better long-term visibility.
The main driver remains demographic. The National Institute of Statistics and Economic Studies anticipates 700,000 additional elderly people losing their autonomy by 2052. Medical accommodation, adapted housing, local care: needs are growing on several fronts. “ Health comes back into heritage discussions because we have a long-term need. Aging is not a temporary cycle: it is an underlying trend that gives investors more visibility “, underlines Véronique Trelis, wealth management advisor.
Yield, diversification… and increasing health needs
In a traditional residential market more constrained by rising charges, rent controls and sometimes compressed yields, healthcare real estate is also regaining its heritage appeal. The returns observed on certain health assets hover around 4.5% on averagewith strong variations depending on the type of establishment, location and strength of the manager. A level which continues to attract certain investors seeking diversification, without eliminating the risks specific to this type of assets.
Above all, healthcare real estate is no longer limited to EHPAD. Senior residences, medical homes, care centers or consultation centers are also attracting more capital. According to a column published by Magellim REIM, more than 30% French people live in an area with insufficient medical staff. “ We are seeing more and more investors looking beyond the EHPAD. Senior residences or certain local medical assets sometimes appear more legible and better aligned with the needs of the region », observes Véronique Trelis.
A return of interest… but a much more selective market
This revival does not mean, however, that the sector has become automatic again. The crisis at Orpea, now Emeis, was a lasting reminder that in managed real estate, the quality of the operator counts as much as that of the buildings. Commercial lease, occupancy rate, financial situation of the manager or local tension on the provision of care: each criterion weighs more than before in the investment decision.
“ The commercial lease provides visibility on paper. But before investing, you must look in detail at who operates the establishment, the duration of the lease and any exit conditions. “, underlines Véronique Trelis. Investors also look at the location and depth of the local market. Because the profitability displayed does not always guarantee a smooth resale if the asset is based on a weakened economic model.
A sector that has become strategic again, but not automatic placement
If healthcare real estate returns to investors’ radar in 2026, it is because it ticks several sought-after boxes: sustainable demographic demand, still competitive yieldsasset diversification and increasing medical needs in many territories. Another advantage: directly, invest in a room in EHPAD or in a senior residence lot often remains accessible from around 100,000 euroswhich is generally a lower ticket than many traditional residential real estate purchases in large cities.
The chosen support, however, weighs heavily in the equation: direct investment, collective vehicle or broader exposure to different health assets do not meet the same objectives. “ The support depends above all on the level of diversification sought and the degree of involvement that the investor wishes to maintain in his investment. “, summary Véronique Trelis. In this sector, the quality of the operator and the reality of local needs remain the two most scrutinized criteria.
