Market, 8 billion invested by Q3 2025

Italian real estate is returning to growth after a slowdown, or so it would seem from Dils' data on the third quarter of 2025. A total of €8 billion invested in the first nine months of the year, up 21% on the same period of 2024. It is, however, an evolving market: more selective, polarised between consolidated assets and emerging segments, but still conditioned by the scarcity of product and the climate of caution linked to rates.

In the summer quarter alone, investments reached EUR 2.6bn, slightly down on 2024, but on a year-to-date basis the trajectory remains positive. Retail was the driving force, with over EUR 1.1 billion in the quarter and EUR 2.24 billion since the beginning of the year: a record figure, +38% compared to 2024, supported by two maxi-transactions of over EUR 400 million each in the shopping centre and outlet segments. This result reflects the return of capital confidence towards physical consumer formulas, but also the concentration of transactions on a few institutional-sized assets.

Hospitality slowed down instead, after months of strong expansion. The scarcity of large core operations penalised the quarter, which closed with EUR 260m. The total since the beginning of the year remains positive: EUR 2bn in investments, up 56% compared to the first nine months of 2024. Demand is concentrated on art cities and high-end tourist destinations, with a growing focus on the luxury segment, while transactions in secondary destinations remain marginal.

Investments in excess of EUR 410 million, on the other hand, for logistics. With a take-up of 665,000 square metres - the best result for two years - the total capital achieved since the beginning of the year comes to 1.64 million. Prime rent remains stable at EUR 70 per square metre per year in the Milan and Rome hubs. Absorption recovers over the six-month period (-7% year-on-year, against -11% in June), but the lack of product continues to limit supply, while investors are increasingly looking to the light industrial segment.

Residential and living also show good growth performance. With EUR 650 million since the beginning of the year, volumes have more than doubled since 2024. Milan concentrates 86% of investments, mostly conversions from offices to residential use and student housing projects. In the meantime, the traditional residential market confirms the positive trend: 201 thousand purchases and sales in the second quarter (+8.1% over 2024) and a greater propensity for credit, with average mortgage rates down to 3.18%.