Italy Capital Markets Market Dynamics, Q4 2025

In 2025,investments in Italy’s realestate market amounted to approximately €12.5 billion, +16% YoY, including developments and share deals. Q4 delivered exceptional activity with approximately €4.1 billion invested, representing the year's strongest performance and indicating a gradual revival in large-scale deal flow.

International investors accounted for approximately 60% of the transaction volume, while private wealth investors represented 17% of total volumes, with a value of over €2 billion, approximately double the previous year's level.

Prime yields recorded slight compression in office Milan to 4.0% and logistics to 5.3% net-on-net, while remaining substantially steady in other sectors at 4.75% for office Rome, 6.5% for shopping centres, 4.25% for high street retail, 4.5% for multifamily and 5.75% for healthcare.