GOOD RESULT DESPITE WEAK FOUTH QUARTER
With a transaction volume of €3.3 billion, the healthcare investment market is about a quarter below last year's record, but exceeds the long-term average by more than a third. It is remarkable that the portfolio share is relatively low at 43% despite the good result. This can be seen as evidence that the market is now penetrated by a broader investor base that also invests selectively in single properties. The healthcare market that was formerly described as a niche market and dominated by a few specialised investors is thus developing more and more into an asset class in its own right. The changed interest rate environment and the resulting pricing phase between buyers and sellers has nevertheless left its mark. The solid result is largely based on the strong first half of the year. Both the third (-22 %) and the fourth quarter (-37 %) were below the quarterly average of the past five years. In addition, the record inflation and the pandemic, which has not yet been fully overcome, are still putting pressure on the operators' costs. This situation gives the evaluation of the respective operator risk more importance than it had in the past. Accordingly, the lack of adequate supply with attractive operator contracts is also a limiting factor for the transaction volume.