Financial services

Transforming rental housing in the Netherlands into an investable asset class

How Macquarie is supporting the growth of the Dutch private rental sector with buy-to-let (BTL) mortgages

Swipe for more
Sector Financial Markets
Sub-sector Fixed income
Location Netherlands


Following regulatory and structural changes to the housing and mortgage market, BTL mortgages are in increasing demand in the Dutch private rental sector.

In the wake of the 2008-09 financial crisis, the Dutch government and financial regulator introduced a series of changes that were designed to protect the financial system and housing market for the future, including:

  • A limit to high loan-to-value mortgages, which required new homeowners to save for a deposit. Prior to 2008, it was the market standard for borrowers to take out a 100 per cent plus loan-to-value mortgage that could go as high as 120 per cent.
  • A change to the tax regime, which previously allowed homeowners to offset their mortgage interest against various taxes, encouraging buyers to take out as large an interest only home loan as possible. 
  • A reduction in funding for social housing with the government encouraging social Housing Associations to sell housing stock to private investors. 

There have been further social and demographic changes, with population growth and decreasing family sizes leading to an increased demand for flexible and temporary housing solutions.

*Above data is sourced from Rabobank.


Macquarie helped to establish Domivest, a specialist non-bank BTL lender in the Netherlands. 

BTL mortgages are loans to purchase residential properties for investment purposes. The loans, which are pooled together and structured into new securities to mitigate the default risk inherent with individual borrowers, are a way of transforming rental housing into an investable asset class.


In the first fully residential BTL securitisation in mainland EU, Domivest is helping to finance professional landlords in the private rental sector and fill the gap left by a shrinking social housing sector and less affordable home ownership.

Bond issue

Launched via a €250 million bond issue, followed by a second €318 million bond issue that closed in March 2020


Inaugural issuance was more than two times oversubscribed, with orders received from investors across European Union, the UK and the US

Strong demand

Both bond issues attracted strong demand from existing and new clients

Total lending

Total lending across 2,500+ BTL loans, estimated to reach nearly €1billion in 2020

"Through careful planning and extensive discussions with investors, we were able to generate significant investor appetite for the securitisations. Within Europe, Macquarie has built up a ten-year track record in bringing innovative new issuers to the capital markets, transforming good business ideas into financial reality."

Gianfranco Simionato
Head of Credit
Fixed Income and Currencies, EMEA

Related insights

No results message:
Displayed when filters returns no results.

We couldn't find any items that match your criteria.

Please reset your filter or adjust your selection.

Service unavailable:
Displayed when filter service cannot be reached.

Sorry, this service is currently unavailable.

Please try again later.