The total volume of real estate investments during the first half of 2021 amounted to € 3 billion, down compared to the volume in H1 2020 (€ 3.5 billion).

The asset class making the greatest contribution to the overall results in H1 2021 was once again the office sector, accounting for 25% of the total, with investments of approximately € 760 million. It was followed by the logistics segment with 17% of the total at € 520 million, sector which confirmed its growth last year as well, thanks to the acceleration of e-commerce as a result of the health emergency. Among the other sectors, the hotel segment was up, recording a volume of € 480 million (16% of the total invested), in particular due to two transactions of € 100 million in Venice. Conversely, the retail sector, which recorded approximately € 170 million (5% of the total invested), saw declining values, mainly due to the restrictions during the pandemic period, as well as to the uncertainty with regard to the future of this asset class, which will have to increasingly focus on an omni-channel approach.

In terms of sources of capital, foreign investors predominantly from the USA and the United Kingdom were those most active on the market, mainly focusing on the logistics, hotel, health/ welfare and mixed segments. Domestic capital continues to focus mainly on the office product.