Over 420,000 property sales were recorded in the first half of 2026, a figure that set a new all-time high for transaction volumes: during that period, corporate investment in property reached nearly €7 billion, a 35 per cent increase on the same period in 2025. These findings are set out in the new report published by Kroll’s research centre, ‘The Property Market in Italia – First Half of 2026’.
Capital flows are split equally between domestic (49 per cent) and international (51 per cent, mainly from the US, France and the UK) investors.
The retail sector is leading the way in transactions, attracting 33 per cent of investment, amounting to 2.3 billion euros. The major deals completed have confirmed the interest in retail parks and shopping centres. High streets in major cities continue to attract brands, foremost among them Via Montenapoleone in Milan and Via del Tritone and Via dei Due Macelli in Rome. In these areas, yields remain stable at between 3.5% and 4.25% in Milan, and between 3.75% and 6% on other Italian high streets.
The hotel sector is buoyed by strong tourist demand, both international and domestic. The sector saw investment of nearly 1.5 billion euros, accounting for 21 per cent of the market. Among the key drivers influencing operators’ strategies are: sustainability, wellness, authenticity of experience and personalised services. In the first quarter of 2026, room occupancy remained stable (-0.1 per cent), whilst the average price per night rose by around 9 per cent compared with 2025 (from €131.23 to €143.09). The expansion of innovative formats continues, attracting new types of customers, such as branded residences, serviced apartments and aparthotels, alongside growing interest in secondary destinations with potential for tourism development, including Naples and Sicily.
Logistics ranks third amongst the most attractive sectors for corporate investment. In the first half of 2026, it attracted €1.2 billion, equivalent to 17 per cent of total investment (+50 per cent compared with the first few months of 2025). Investor interest is focused on locations situated along the country’s main infrastructure and logistics corridors.
The office segment accounts for 12 per cent of the market. Investment has been concentrated in Milan and Rome, which together account for 80 per cent of the market. Looking at the 2025 forecast, the sector has seen an increase in transactions, with a year-on-year increase of 4% compared with 2024 (from 13,663 to 14,119). In Rome, prime locations offer stable yields of between 4.75 per cent and 6.25 per cent; in Milan, however, yields remain stable at between 4.25 per cent and 5.25 per cent.
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