Financial performance in 2022

In 2022, the portfolio value (including assets under construction) increased by EUR 36 million (0.8%; 2021: 13.3%). This result is driven by a combination of acquisitions on the one hand, and negative revaluations on the other. The long-term trend of downward pressure on gross initial yields was reversed in the second half of 2022. The demand in both the owner-occupied housing market and in the institutional investment market cooled off during 2022, mainly as a result of rising interest rates. The gross initial yield of the ARC Fund increased by 0.2% from 3.9% in 2021 to 4.1% in 2022, while direct returns remained stable at 3.0% for the year.

The average vacant possession value per home increased by 6.8% from EUR 418 thousand per home in 2021 to EUR 446 thousand in 2022. The vacant value ratio (leegwaarderatio) represents the ratio between the investment value of a let property and its vacant possession value. This ratio decreased from 85.6% in 2021 to 78.7% in 2022.