The brick has always attracted Italians and continues to push investments into real estate funds and in the Real Estate Investment Trust (Reit), which have touched new tops in terms of assets, both global and in Europe and Italy, in a phase in which they are sought Alternative investments. This is what emerges from the 46th report 2025 on “The real estate funds in Italy and abroad” created by real estate scenarios in collaboration with the Casadei studio.
Heritage exceeds 4,800 billion globally
The funds assets listed, unlisted and Reit, in 2024, touched the 4,810 billion euros globallywith an increase of 3.4 percent on 2023, confirming the supremacy of the Reit with a concentration of about 76%.
“Even if the macroeconomic and political scenario is conditioned by uncertainty, the real estate sector is reacting well. Also because it is in its nature to be anticyclic”
comments Mario Breglia, president of real estate scenarios, underlining that
“The reasons that are moving investments from the USA to Europe (which is more stable) push further development of the market”.
Europe driven by the five major economies
Also in Old Continent The expansive phase of real estate funds continues, grown both in number and in terms of assets, with 2,007 funds and 258 active reits and a total heritage of 1,650 billion Euro, increase of 3.1%. The weight of European funds on the overall assets (34.3%) remains stable, while it increases in volume, confirming the positive cycle recorded in recent years.
Observing i Five main European countries (UK included), there is a 2024 turnover of over 942 billion euros, growing by 3.5%, and it is expected to close 2025 with volumes beyond 991 billion euros. There Germany continues to represent over a third of the overall volumes (314.2 billion euros), turned off by France (214 billion euros), but Italy records the greater growth of turnover (over 6.6% to 151.9 billion euros) followed by Spain (6.4 percent to 117 billion).
Italy shows bright growth rates
In Italythe sector of real estate funds continues to grow in a sustained way: his weight on the rest of the EU amounts to over 13%, with a Nav which at the end of 2024 reached 121.5 billion Euro, up 6.6% compared to 2023.
“The real estate market has returned to expand with an acceleration of prices higher than consumer inflation, with the reduction of interest rates that stimulates the demand for mortgages. The prospects for the rest of the year are positive for all sectors and this contributes to the well -being of real estate funds”
Breglia explains.
The increase is also the real estate assets held directly from the 675 funds active in Italy, which rises to 139 billion euros (+6.1% on previous twelve months). For 2025 an increase of 5.3% of the NAV and 5% of the assets are expected, with a number of vehicles that could touch the 700 units.
“The asset allocation of the Italian managed heritage saw the weight of the various sectors vary, with the residential and the receptive which were growing “
Francesca Zirnstein, general manager of real estate scenarios, explained, adding that the perspectives for 2025 “are of cautious optimism”.
Decreasing debt
Debt of the Fondi system, equal to 59 billion of euros, it is slightly decreased with an incidence close to 43% on heritage. There performance (ROE), While representing the average of very diversified realities, it fell by ten basis points at 1.8%.
“Unlike most European funds – it is remembered – based on current legislation, the Italian ones are constituted in closed form and are therefore not subject to the risk of liquidity deriving from high requests for reimbursement. The risk that at the expiry the assessments of the real estate portfolio of the funds they significantly divide from the market values is confirmed reduced”.
