A record-breaking first half of 2026 for the property sector: 7 billion in investment in Italia

The Italian property market closed the first half of 2026 at a new all-time high. According to the analysis carried out by Dils’ Research Team, investment reached 7 billion euros, up 28 per cent on the same period in 2025 and 62 per cent on the average for the last ten years. Following the 2.6 billion recorded in the first three months of the year, the second quarter saw a further acceleration, with investments totalling around 4.3 billion, confirming the Italia market’s ability to attract both domestic and international capital.

Retail remains the leading asset class for the half-year, with investments totalling around 2.3 billion. The second quarter proved decisive, recording the best quarterly result ever (1.6 billion), driven by two major transactions involving trophy assets: 8 Via Montenapoleone in Milan and a pan-European portfolio of outlet centres comprising the Serravalle Designer Outlet and the Castel Romano Designer Outlet. Interest in shopping centres has also returned, with these attracting over 1 billion in investment over the last twelve months.

Investment in logistics has reached nearly 1.2 billion in the first half of the year: this is the best result recorded in the last four years and represents growth of around 50 per cent compared with the same period in 2025. The growth is driven primarily by major portfolio acquisitions by international institutional investors. At the same time, demand for space remains very strong: take-up reached 1.6 million square metres in the first six months – a new all-time high – driven by the main hubs in northern Italia. The shortage of high-quality properties also continues to support prime rents.

The hospitality sector generated around 1.1 billion in the first half of the year, remaining above the historical average despite being compared with the exceptional year of 2025. Rome is home to the most significant transactions, whilst Milan remains the most dynamic market, attracting around 40 per cent of the capital invested. Interest is also growing in Alpine destinations catering to high-end tourism.

Investment in the office sector rose to around 880 million euros (+13 per cent), concentrated mainly in Milan and Rome. On the occupier front, Milan has seen a slowdown in take-up due to a severe shortage of prime properties, particularly in the Central Business District and at Porta Nuova, with vacancy rates around 2 per cent and rents rising to as much as €900 per square metre per annum. Rome, on the other hand, saw a 27% increase in take-up, driven by demand for large, high-quality spaces.