From Ownership To Strategy: How Family Offices Use Real Estate Strategically

For a long time, real estate formed the quiet foundation of family office wealth: tangible, predictable and relatively immune to short‑term market sentiment. However, anyone who assumes that real estate in 2026 is still approached in the same way underestimates how fundamentally the underlying considerations have changed.

Family offices around the world are reassessing their investment strategies. Not because real estate is losing relevance, but because its role is shifting. Today, real estate must do more than generate returns; it must contribute to control, stability and the family’s longterm objectives. This development is clearly visible in the Netherlands as well.

Real estate remains important, but expectations are higher

Family offices continue to invest in real estate, but with more stringent requirements than before. Higher interest rates, stricter regulation, fiscal uncertainty and geopolitical volatility mean that real estate is being assessed more critically. The days of “buy and hold because it always worked” are behind us.

Instead, the focus has shifted to whether real estate demonstrably contributes to cashflow certainty, flexibility and risk management. Real estate must reestablish its place within the overall portfolio, not as a default holding, but as a deliberate strategic choice.

More control, fewer standard solutions

A clear trend is the move away from standard fund structures towards direct investments, club deals and joint ventures. Not because funds are losing their value, but because family offices want more control over their investments.

This need for control relates not only to strategy and governance, but also to timing and flexibility. Many family offices have strong local networks, experience and capital, and deliberately choose to collaborate with trusted partners or likeminded families.

As a result, real estate is becoming less of a passive investment and more of an instrument closely aligned with policy objectives. Structuring is no longer an afterthought, but an integral part of the investment decision.

Real estate as a family asset

Perhaps the most significant shift is that real estate is increasingly viewed not merely as an investment product, but as a family asset. Governance, succession planning and intergenerational transfer are playing a growing role in decisionmaking.

In our practice, we see that real estate portfolios often anticipate family dynamics. Different generations, varying risk profiles and divergent expectations create complex questions. Real estate is no longer a neutral asset, but a catalyst for discussion: who decides, who steers, and who can exit, and when?

These questions rarely concern the real estate itself alone, but rather the structures and arrangements surrounding it.

Returns remain relevant, but are no longer decisive

Returns have not disappeared from the considerations of family offices, but they are no longer the sole benchmark. The assessment has broadened: does this real estate align with our longterm vision? Can we exercise real control? Is it flexible, transferable and futureproof?

Real estate assessed purely on the basis of return increasingly fails to reflect how families wish to organise their wealth.

The shift from ownership to strategy does not make real estate simpler for family offices, but it does make it more meaningful. Real estate remains an important pillar of family capital, but it now requires different questions, structures and choices than in the past.

It is precisely at the intersection of strategy, governance and taxation that the difference becomes clear between those who look ahead and those who continue to rely on traditional certainties. For family offices seeking to deploy real estate as a longterm instrument, well considered advice is therefore not a luxury, but a necessity.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.