Vastgoedmarkt H1 2025 in Italië

According to the Dils Research Team, investment volumes in Q2 2025 reached €2.5 billion, up 56% compared to the same period last year. This confirms the positive sentiment among real estate players for 2025. Looking at the first half of the year, the Italian market attracted €5.2 billion in investments, a significant 50% increase over H1 2024.

Once again, the performance was driven by the Hospitality sector, which recorded its best result in the past five years thanks to investments exceeding €850 million. The sector recorded €1.5 billion in H1, marking an 88% increase compared to H1 2024. Activity was particularly strong in some of Italy’s top tourist destinations – including Rome, Venice, and Lake Como – with a clear focus on the luxury segment. Hospitality continues to attract capital through high-value transactions, with four of the ten largest deals of the semester belonging to this asset class.

In line with the trends of previous quarters, Retail recorded over €500 million in Q2 investments, bringing the H1 total to €1 billion – the sector’s best performance since 2019. The strongest quarterly contributions came from deals in the shopping center segment and the growing interest of private investors in trophy mixed-use assets with a high street retail component, located in prime districts of Milan and Rome.

Noteworthy is the significant deal involving Grandi Stazioni Retail S.p.A., the retail space concessionaire for Italy’s main railway stations, whose capital was acquired by two major international investors. While the nature of this transaction excludes it from the total investment volume, it nonetheless signals a renewed interest in the Italian retail sector.

In Q2 2025, investment volumes in the Logistics sector reached €141 million, bringing the H1 total to €785 million. Despite a quarterly slowdown, this represents a 61% increase over H1 2024, confirming a positive trend. The Q2 decline is attributed to temporary factors, while structural market dynamics – including a robust pipeline of upcoming deals – suggest a likely increase in H2 volumes. The prime net yield remains stable at 5.30%, consistent with the previous quarter, though within a broader context of gradual compression.

Logistics take-up reached approximately 560,000 sqm in Q2, up 13% from the previous quarter. The H1 total amounts to around 1,050,000 sqm, down 11% compared to H1 2024. The occupier market is stabilizing, though still reflecting the sector’s expansion in recent years. Demand remains strong for high-quality spaces, with newly built assets accounting for over 80% of Q2 take-up. The national prime rent remained unchanged at €70/sqm/year in the Milan and Rome markets, while the Verona market saw an increase to €60/sqm/year.

The Office sector recorded €300 million in Q2 transactions, bringing the H1 investment total to €790 million. The data shows overall stability year-on-year. Milan remained the leading national market, accounting for 84% of investments, followed by Rome with 14%.

In Milan, office take-up for H1 2025 reached approximately 205,000 sqm – including 100,000 sqm in Q2 – marking a 15% increase compared to H1 2024. This was the best semester in terms of number of transactions (over 180) since the start of the data series. The occupier market was driven mainly by demand for medium-sized spaces, with 51% of take-up involving units between 1,000 and 5,000 sqm – the highest share in five years. High-quality (Grade A/A+) spaces continue to dominate, accounting for over 74% of total take-up. The prime rent remains stable at €775/sqm/year, with an upward pressure expected in the coming quarters.

In Rome, office take-up reached 19,000 sqm in Q2 and approximately 53,000 sqm for H1, down 46% quarter-on-quarter and 23% year-on-year. Among the roughly 70 transactions in H1, only 19% involved Grade A/A+ properties, highlighting the ongoing shortage of high-quality stock. This scarcity is no longer limited to the CBD and Historic Centre but is also starting to affect occupier choices in the EUR Core area, where prime rents have increased to €400/sqm/year. Against this backdrop, further rental growth is expected, driven by limited supply and a modest development pipeline.

The Living sector attracted approximately €320 million in investments during H1, with over €130 million recorded in Q2 alone. These figures represent significant increases compared to the same periods in 2024: +54% year-on-year and +98% quarter-on-quarter. Milan remained the main investment destination, accounting for around 60% of Q2 volumes, followed by Rome with 20%. Notably, Student Housing accounted for roughly one-third of total H1 investments, reinforcing its position among the most attractive asset classes for investors, who are increasingly focused on both development projects and core products.

In Q1 2025, the Italian residential sales market continued its positive momentum from 2024, recording 172,048 transactions – up 11.2% year-on-year.

Milan saw 5,505 transactions (+7.1% YoY), with a strong preference for smaller units (over 65% under 85 sqm). New builds accounted for 9.5% of sales – returning to stable levels after the previous quarter’s spike due to several project completions – and remained 3.7 percentage points above the national average.

Rome also maintained growth, with 8,528 transactions (+10.7% YoY), continuing a positive trend observed for over a year. Nearly half of demand (49.5%) focused on mid-to-large units (over 85 sqm), while new builds made up 8.1% of transactions, returning to pre-Q4 2024 levels.

Favorable financing conditions continue to support the market: in Q1 2025, average mortgage rates fell to 3.22% (-76 bps YoY), boosting loan uptake. Mortgage-backed purchases accounted for 53.5% of sales in Milan and 58.7% in Rome – both up from the previous year. The rental market remained stable nationally in Q1, though with differing trends in major urban areas. Milan and Rome saw a continued decline in long-term leases in favor of short-term contracts. In Rome, standard leases (4+4) dropped by 12%, while in Milan the decrease was more moderate (-1.3%) and showed improvement over previous quarters. Conversely, temporary contracts rose by 2.8% in Rome and 6.0% in Milan.

With total H1 volumes of approximately €790 million – €580 million of which were recorded in Q2 alone – the Alternative sector once again proved to be among the most attractive for investors. This result was driven particularly by the return of major transactions in the Healthcare segment, which saw €266 million in Q2 investments thanks largely to two portfolios included among the top ten transactions of the quarter. Significant deals were also closed in the Mixed-use segment, including a major transaction featuring a strong Education component.

As forecasted, the first half of 2025 closed with solid investment growth. The Italian market remains attractive for both established asset classes – particularly Hospitality – and emerging segments such as Healthcare, Education, and Data Centers, which are gaining momentum in response to society evolution and technological innovation. In a global landscape marked by shifting balances, the main challenge for Italian real estate will be to align with long-term structural trends. The goal is to continue creating new opportunities that meet the expectations of key players, thereby reinforcing the country’s positioning within the European context.

Volgens het Dils Research Team bedroeg het investeringsvolume in het tweede kwartaal van 2025 € 2,5 miljard, een stijging van 56 % vergeleken met dezelfde periode vorig jaar. Dit bevestigt het positieve sentiment onder vastgoedspecialisten voor 2025. In de eerste jaarhelft trok de Italiaanse markt € 5,2 miljard aan investeringen – een aanzienlijke plus van 50 % ten opzichte van H1 2024.

De groei werd opnieuw gedragen door de Hospitality-sector, die dankzij investeringen van ruim € 850 miljoen het beste resultaat in vijf jaar neerzette. In H1 kwam het totaal op € 1,5 miljard, een toename van 88 % versus H1 2024. Activiteit concentreerde zich vooral in toplocaties als Rome, Venetië en het Comomeer, met duidelijke focus op het luxesegment. Hospitality blijft kapitaal aantrekken via transacties met hoge waarde; vier van de tien grootste deals van het semester behoren tot deze assetclass.

In lijn met eerdere kwartalen noteerde Retail meer dan € 500 miljoen aan Q2-investeringen, waarmee het H1-totaal op € 1 miljard kwam – de beste prestatie sinds 2019. De sterkste bijdragen kwamen uit deals in winkelcentra en uit de groeiende belangstelling van particuliere beleggers voor trophy-assets met high-streetretail in de topwijken van Milaan en Rome.

Vermeldenswaardig is de overname van Grandi Stazioni Retail S.p.A., concessionaris van de retailruimtes in de grootste Italiaanse stations, door twee grote internationale investeerders. Hoewel deze transactie niet in het totale investeringsvolume wordt meegeteld, onderstreept zij de hernieuwde interesse in Italiaanse retail.

In Q2 2025 bedroeg het investeringsvolume in Logistiek € 141 miljoen; H1 sloot af op € 785 miljoen. Ondanks een tijdelijke dip betekent dit 61 % groei ten opzichte van H1 2024. Structurele fundamentals – waaronder een stevige pijplijn – wijzen op hogere volumes in H2. De prime net yield bleef stabiel op 5,30 %.

De opname in Logistiek steeg in Q2 tot circa 560.000 m² (+13 % kwartaal-op-kwartaal); H1 kwam uit op circa 1.050.000 m² (-11 % jaar-op-jaar). Nieuwbouw vertegenwoordigde meer dan 80 % van de opname. De nationale prime rent bleef € 70/m²/jaar in Milaan en Rome, terwijl Verona steeg naar € 60/m²/jaar.

De Kantorensector registreerde € 300 miljoen aan Q2-transacties; H1 kwam op € 790 miljoen, vrijwel stabiel jaar-op-jaar. Milaan was goed voor 84 % van de investeringen, gevolgd door Rome met 14 %.

In Milaan bedroeg de kantooropname in H1 2025 circa 205.000 m² (waarvan 100.000 m² in Q2), een stijging van 15 % t.o.v. H1 2024. Het aantal transacties (180+) was het hoogste sinds de start van de reeks. Middelgrote ruimtes (1.000 – 5.000 m²) waren goed voor 51 % van de opname. Grade A/A+-panden domineerden met 74 %. De prime rent bleef € 775/m²/jaar, met opwaartse druk in de komende kwartalen.

In Rome bedroeg de opname 19.000 m² in Q2 en circa 53.000 m² in H1 (-46 % QoQ, -23 % YoY). Slechts 19 % betrof Grade A/A+, wat de schaarste aan hoogwaardig aanbod benadrukt. Prime rents in de EUR-Core stegen naar € 400/m²/jaar; verdere groei wordt verwacht.

De Living-sector haalde in H1 circa € 320 miljoen op, waarvan ruim € 130 miljoen in Q2 (+54 % YoY, +98 % QoQ). Milaan trok circa 60 % van het Q2-volume, Rome 20 %. Student Housing vertegenwoordigde een derde van de H1-investeringen en blijft een top-assetclass.

Q1 2025 bevestigde het momentum in de woningverkoop met 172.048 transacties (+11,2 % YoY).

• Milaan: 5.505 transacties (+7,1 %), met voorkeur voor kleinere units; nieuwbouw 9,5 %.
• Rome: 8.528 transacties (+10,7 %), bijna de helft > 85 m²; nieuwbouw 8,1 %.

Gemiddelde hypotheekrente daalde naar 3,22 % (-76 bps YoY). Hypotheekgedekte aankopen stegen tot 53,5 % van de verkopen in Milaan en 58,7 % in Rome. Op de huurmarkt daalde het aandeel langlopende contracten, terwijl tijdelijke contracten stegen met 2,8 % (Rome) en 6,0 % (Milaan).

Met circa € 790 miljoen aan H1-volumes – waarvan € 580 miljoen in Q2 – bleef de Alternatieve sector aantrekkelijk. Vooral Healthcare sprong eruit met € 266 miljoen in Q2 dankzij twee grote portefeuilles. Ook Mixed-use met Educatie-component zag belangrijke deals.

Zoals voorspeld sloot H1 2025 af met solide investeringsgroei. Italië blijft aantrekkelijk voor gevestigde assetclasses – vooral Hospitality – én opkomende segmenten zoals Healthcare, Education en Data Centers. De uitdaging is om in te spelen op langetermijntrends en zo de positie van Italië binnen Europa verder te versterken.