The volume of real estate investments in Q1-Q4 2020 amounted to € 8.3 billion. This result is down compared to 2019 (€ 12 bn), which was a record year for capital market investments, but in line with 2018.

In 2020, the office sector accounted for the highest portion of investments with 45% of the total, amounting to around € 3.7 billion. It was followed by the logistics segment with 18% of the total at € 1.5 billion, and the retail sector with approximately € 1.1 billion (13% of the total invested). The hotel sector accounted for 9% of the total at approximately € 752 million. Among the other sectors, growth was observed in residential/housing, with an increase in the investment volume in 2020 of about € 370 million, representing 4% of the total volume; the residential development initiatives let mainly in the metropolitan city of Milan made a substantial contribution to this volume. In line with new consumer and living trends, growth in interest by investors in the residential segment is expected, linked to the new forms of multifamily living, such as co-living, service apartments and senior living.

In terms of source of capital, foreign investors, mainly European, were the most active investors on the market (57%), principally focusing on the office segment. Domestic capital accounts for 38% of the total, in line with the European amount (39%).