Real estate crowdfunding exceeds 54 billion but slows down

It grows but does not gallop. Around the world, real estate crowdfunding is stabilising, settling down, producing aggregations. After the volume binge of previous years, the enthusiasm of a growth that seemed unstoppable - between easy access to technology and the desire of small savers to find agile and less mediated investment channels - crowdfunding slows down and reflects. It reckons, in 2024, with what in previous months were still high interest rates, difficult mortgages and banks reluctant to lend. This is what emerges from the Walliance Real Estate Crowdfunding Report 2024, realised by Walliance in collaboration with the Luiss Business School and with the support of DWF, which will be presented today during the Walliance Keynote in Milan.

According to the report, globally the industry reached a cumulative volume of EUR 54.3 billion at the end of 2024, up from EUR 52 billion the previous year. Of this, 29.4 billion is the cumulative collection in North America, over 20 billion in Europe (up 29% in one year) and 4.8 billion in the rest of the world. In the old continent, France leads the market, with a cumulative collection of about six billion, followed by the United Kingdom, with about three billion collected, while Germany is third with 2.1 billion. This is followed by Spain and the Netherlands, with a cumulative total raised of 1.2 billion, and Estonia, with a total raised of 1.1 billion. Behind Estonia is Italy, with 850 million. The total number of projects activated in the European area is just over 32,000. In 2024, the campaigns saw Estonia at the top with 1,149 projects, followed by France (1,023), the United Kingdom (693), Lithuania (604), Spain (287) and Italy (230).

"Academic research," said Matteo Caroli, associate dean for sustainability and impact, Luiss Business School, "is fundamental to give solidity and continuity to an observatory that does not just photograph numbers, but interprets them. The report offers the market and public opinion a clear and scientific reading of how crowdfunding is transforming real estate in Europe and Italy". The report also highlights the progressive diversification of the market. In Europe, the bond segment now accounts for a significant share of transactions, demonstrating the growing maturity of the ecosystem.

"The data," explained Giacomo Bertoldi, CEO of Walliance, "show a slowdown in the race, but also a maturing of the sector. High rates until 2024, more difficult mortgages and the difficulties of banks in lending, and falling values have put the sector to the test. In Europe, aggregations are growing, some operators are also choosing to grow less fast, others have gone into default. On the regulatory front, the entry into force of EU Regulation 2020/1503 (Ecsp) introduced a uniform framework, reducing differences between member states and offering more stability to investors and operators. More than volumes or the number of transactions, we look at their quality and soundness'. For DWF, partner of the 2025 edition, "accompanying the growth of real estate crowdfunding means strengthening a sector that needs clear rules and to attract capital in a sustainable way"..

Overall, since the sector's inception, the number of campaigns in Italy has exceeded 2,000 and, as of July 2025, the cumulative collection exceeded 850 million. The growth rate recorded in 2024 was +46% compared to 2023, a pace that suggests that the symbolic threshold of one billion euros will be reached as early as 2025. The number of closed and financed campaigns since real estate crowdfunding has been active in Italy has been 2,059 to date. In 2024, more than 70 per cent of the funding was in lending), but in the first half of 2025, with the share of lending reaching 62 per cent, the weight of equity crowdfunding in the total will increase. As of July 2025, the share of capital raised exceeds 850 million. Some platforms target a fairly wide range of investors, with minimum investment tickets as low as EUR 50 and EUR 100, while other portals, especially equity, prefer to target more sophisticated investors, with minimum denominations of EUR 5,000 (such as Concrete Investing).
At the date of publication of the report, there were 22 real estate verticals in Italy, of which three platforms do not provide information on obtaining an Ecsp licence, one is waiting to obtain a licence, and one is currently suspended. Eighty per cent of the projects in Italy are for residential use and 15 per cent for commercial use. In 70% of the cases the interventions concern renovation, only 25% refer to new constructions.