In the first half of 2019, the total investment volume in Italy stood at approximately €5 billion, up by around 60% compared to the same period in 2018. Some 43% of the volume invested was taken up by the hotel segment, followed by the office segment, which accounted for 34%.

A concentration of investments in office properties in the two main markets of Milan and Rome was confirmed in the first six months of 2019, cities which once again proved to be the most attractive throughout the entire country. The first half of 2019 compared to the last 12 months saw clear growth in volumes invested in the hotel segment, reaching over €2 billion and thereby dominating the Italian real estate market. The retail segment went against the trend recorded in 2018, with declining investments in the first half of the year, although good recovery was observed in the second quarter of 2019. In terms of source of capital, foreign investors were again the most active on the Italian market (approximately 70% of capital), focusing on the hotel and office segments.