Direct transaction activity totaled $179 billion in second quarter 2025, rising 14 percent year-over-year, according to JLL in its Global Real Estate Perspective report.
This marked a deceleration of growth from the first quarter but brought volumes over the first half of 2025 up 21 percent from first half 2024. Initial forecasts for 2025 projected a gradual recovery throughout the year, though given the deceleration seen during the second quarter, more of this growth is likely to shift to the second half of the year. Transaction volumes in the Americas reached $99 billion in second quarter, rising 18 percent. Europe, the Middle East and Africa (AMEA) investment activity showed moderate growth in the second quarter, rising 6 percent year-over-year to $49 billion. In Asia Pacific, second quarter volumes were $31 billion, up 15 percent year-over-year.
Cross-border investment continued to improve from the trough in 2023, rising by 21 percent during the year. Asia
