Market, 5.2 billion invested in the first half of the year

The Italian real estate market archives an accelerating first half of 2025, with investments of €5.2 billion, up 50% compared to the same period in 2024. These are the figures revealed by the analysis of Dils' Team Research, which highlights how, in the second quarter alone, investments reached €2.5 billion (+56% on Q2 2024), confirming a positive sentiment among operators.

The market is still driven by hospitality, which attracted EUR 1.5 billion in the first six months, up 88% on last year, driven in particular by transactions in the luxury segment in Rome, Venice and Lake Como. Four out of the top ten transactions in the six months related to this sector.

Retail is also showing signs of vitality, with EUR 1 billion invested in the half year, the best result since 2019, supported by deals on shopping centres and high street trophy assets in Milan and Rome. The acquisition of the capital of Grandi Stazioni Retail by two international investors was reported, an operation that confirms the renewed interest in the retail sector in Italy.

The logistics sector is maintaining a positive trend, with EUR 785 million invested since the beginning of the year (+61% over H1 2024), despite a slight quarterly decline. Prime net yields are stable at 5.30%, while demand is concentrated on new space, which accounted for more than 80% of the quarterly take-up.

The office segment was also stable, with EUR 790 million invested in the half-year, of which EUR 300 million in Q2. Milan confirmed its position as the leading market (84% of investments), followed by Rome (14%). The Lombard capital recorded a take-up of 205,000 m2 in the first half of the year (+15%), with over 180 transactions concluded, a record since the start of the historical series.