Direct transaction activity totalled $179 billion (€154 billion) in the second quarter of 2025, rising by 14 percent year-over-year, according to JLL in its most recent 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 by 21 percent when compared with the first half 2024. Initial forecasts for 2025 by JLL 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 (€85 billion) in the second quarter, rising by 18 percent. Europe, the Middle East and Africa (EMEA) investment activity showed moderate growth in the second quarter, growing 6 percent year-over-year to $49 billion (€43 billion). In Asia Pacific, second quarter deals reached $31 billion (€27 billion), up 15 percent ye