Il real estate fund sector confirmation in 2025 a growth widespread and structural at global and European level, with a significant strengthening of the Italian marketThis is what emerges from the 48th Relationship on "Real estate funds in Italy and abroad”, presented in Milan by Scenari Immobiliari in collaboration with Studio Casadei. The picture that emerges is that of an expanding market, with the . global and exceeds 5.110 billion euros, Europe accelerating to 1.730 billion and Italy confirming its position among the countries with the most sustained growth, thanks to stable fundamentals, increased investments and progressive diversification of assets.
The global real estate fund market exceeds 5.100 trillion
Worldwide the real estate fund assets (between traditional funds and REITs) will reach 5.110 billion euros in 2025, with a growth of 6,2% compared to the previous year. This data confirms that financial assets remain one of the most important asset classes for large investors and institutions.
Within this market, REITs remain the largest share: they represent approximately 76,1% of the global total, confirming the role of real estate as a strategic asset in institutional investors' portfolios.
Europe is expanding, driven by the South and Italy
In Europe The sector continues its expansion phase with 2.478 active real estate funds and 283 REITs, for a total of 1.730 billion euros in assets (+4,9%). In the five main European markets (Germany, France, Kingdom Unito, Spain e Italy) the overall turnover reaches 986,5 billion euros (+4,7%), with a forecast that exceeds 1.138 billion in 2026.
Specifically, Germany remains the leading market with €324 billion, followed by France with €220 billion. However, Italy stands out for its faster growth, confirming its position as one of the continent's most dynamic markets and increasingly attractive to institutional capital.
Italy: growing assets and stable structure
In Italy the real estate fund sector continues to strengthen. The real estate assets managed by funds reaches 144,5 billion euros, up 4%, while the overall NAV stands at 125,7 billion (+3,5%).
The sector is also growing in terms of economic activity: the turnover It reached €162,7 billion (+7,1%), with a forecast of €176,8 billion (+8,7%) for 2026. Approximately 700 funds and 61 asset management companies operate in Italy, and the country represents over 13% of the real estate vehicles active in Europe, strengthening its position in the continental market.
From a financial point of view, the Italian sector remains stable. debt total is equal to 62 billion euros, i.e. 43% of the assets, a level considered under control. profitability media (Roe) is equal to 1,7%, therefore contained but stable.
According to the Bank of Italy's April 2026 "Financial Stability Report," they reduce liquidity risks and make the system more stable than other international markets.
Asset allocation: diversification grows
The report highlights a progressive diversification of portfolios. Offices remain the leading asset class (56,5%), but residential (9,7%) and hospitality (7%) shares are increasing. Interest in "prime" assets and urban redevelopment strategies is also growing.
Acquisitions in 2025 totaled €3,1 billion, while divestments totaled €2,2 billion. Investments focused primarily on offices and retail, while sales largely involved office assets.
Who drives the market: institutional investors and large groups
The sector is mainly driven by professional investors: approximately 60% of capital comes from institutional investors. The Italian market is also very concentrated, with a strong concentration of assets under management in main asset management companies in the sector. Active players include Coima Sgr, Generali Real Estate Sgr, Investire Sgr, Fabrica Immobiliare Sgr, and Castello Sgr.
Le forecasts for 2026 They remain growth-oriented, despite a still uncertain macroeconomic environment. The sector is described by operators as stable and progressively evolving, with greater attention paid to asset quality, sustainability, and geographic and sector diversification.
