In Italia, real estate crowdfunding has raised over 1 billion

Average EBITDA, however, follows a less linear trajectory: it was negative in the 2020–2021 period, returned to positive territory in 2022, peaked in 2023 and fell in 2024 despite revenue growth. A breakdown by individual platform confirms the selective nature of this trend: of the 10 platforms analysed, 9 saw an increase in turnover, but only 6 also improved their EBITDA, whilst for 3, operating profitability deteriorated (for one, the data is missing). In two cases, in particular, rising turnover is accompanied by negative EBITDA. This trend can be seen as an indication that the sector is still seeking a stable balance between volume growth and the sustainability of the business model.

“The figures,” continued Bertoldi, “clearly reflect this transformation. Globally, cumulative revenue reached 58.8 billion, representing an 8.3 per cent increase compared with 2024. Europe is showing very positive momentum, reaching 22.4 billion and recording an increase of 11.4 per cent, whilst the US remains the leading market with 30.5 billion.”

Among the various European countries, France has consolidated its leading position with approximately 6.8 billion raised. The United Kingdom ranks second, with approximately 3.5 billion, whilst Germany occupies third place with 2.3 billion. Next come Spain and the Netherlands, both with cumulative takings of just under 1.6 billion, and Estonia, with 1.2 billion.

“Looking ahead,” explained Matteo Caroli, Associate Dean for Sustainability and Impact at Luiss Business School, “the three scenarios projected for 2026 point to expected but more moderate growth: at EU level, between 18.9 and 22 billion; in Italia between 1.12 and 1.31 billion. Overall, the picture that emerges from this edition is that of a sector that is still growing, but which is undergoing a phase of consolidation: less concentration at the top in Europe compared with the US, but increasing competitive pressure; platform profitability under strain despite rising revenues; and a clear gap between promised and actual returns.”

For managers and professional investors, Caroli continued, ‘three key factors appear set to shape the next 12–24 months: the ability to manage and communicate credit risk transparently, the efficiency of business models in the face of rising compliance costs under European legislation (which, from 10 November 2023, applies to all European suppliers) and the ability to capitalise on international growth, which remains marginal in Italia at present, where less than 2 per cent of projects have a foreign component’.