Negative week for the real estate sector on the stock market, with European and Italian stocks falling, while the conflict with Iran is entering its fourth week, upsetting the energy markets and pushing investors to revise upwards the forecasts on rate increases by the European Central Bank (ECB) this year (three of 25 basis points are now expected, the first of which in April or June), with prospective consequences also on the real estate market.
The week was marked by the stock market crash of Vonovia, the largest German real estate group, which recorded results below expectations in 2025, despite having returned to profit after the country’s worst real estate crisis in decades and benefiting from an increase in property values. Profit of 4.19 billion euros in 2025 compares with a loss of 962.3 million euros in 2024. The company maintained its forecast for 2026 and its medium-term outlook for 2028, but aims to further reduce debt through the sale of around 5 billion euros of assets, including non-strategic ones such as commercial real estate.
The performance of the sector on the stock exchange
The real estate sector experienced a negative week at the European level, with the Stoxx 600 Real Estate index recording a decline of 1.7%, similar to that of the Stoxx Europe 600.
A similar performance was achieved by Italy, where the FTSE Italia All Share Real Estate index showed a decline of 1.7% on a weekly basis, also in this case in line with the FTSE MIB index (-1.7%).
Real estate securities listed in Milan
Among the real estate companies listed on Piazza Affari, there was a slow week for Next Re. Negative Risanamento and Gabetti at -6%, Aedes at -8% and Abitare In at -3%. IGD (+2.4%) and Brioschi (+3.4%) did well.
Among the company announcements, Aedes announced that the profit for the 2025 financial year stands at 972,547 euros, compared to a loss of 1,481,778 euros at 31 December 2024; Risanamento has postponed the Board of Directors’ meeting on the 2025 budget to 20 April to complete the drafting of the budget project, also taking into consideration economic and financial aspects which are still being studied in depth; IGD has announced an agreement with Intesa Sanpaolo on a credit line of up to 10 million euros for adaptation to climate change; Next RE announced that CPI Property Group has filed the offer document for the takeover bid with Consob.
Macroeconomic data
This week interesting data arrived from Istat, according to which in January 2026 construction production in Italy decreased by 1.3% compared to December 2025. On average for the quarter November 2025 – January 2026 construction production increased by 0.1% compared to the previous quarter. On a year-on-year basis, the raw index recorded a decline of 4.9%, while the index adjusted for calendar effects fell by 0.6% (there were 20 calendar working days, compared to 21 in January 2025).
Furthermore, again in January, compared to December 2025, seasonally adjusted production in the construction sector decreased by 0.1% in the Eurozone and by 0.9% in the EU, according to Eurostat estimates.
Looking at the United States, sales of new homes slowed in January; In February, house sales increased, according to the numbers that emerge from purchase agreements, an indicator of the prospective trend of the real estate and mortgage markets.
