Italian HCRE Market Report

Italian HCRE Market Report

The Italian healthcare real estate (HCRE) market in 2023 was worth c. €600 million (Dils, 2024). Its analysis reveals that despite its small size relative to other countries, the sector has been increasingly attracting the attention of the investors thanks to the rising demand for healthcare services fueled by an aging population. However, supply of HCRE remains limited, as the majority of the stock available is owner-operated. Opportunities to invest in Italian HCRE through capital markets is not available, and possibilities for investments through funds are almost-exclusively available to institutional investors. We believe direct investments should be considered case-by-case, possibly with sale-leaseback operations, with ESG playing an increasingly important role in the evaluation. We believe a wide range of professionals will benefit from this report, namely: pension fund managers, management teams and investors in healthcare companies that have a significant real estate element, managers of the Italian Società di Investimento Immobiliare Quotata (SIIQs), healthcare sector owners and operators, as well as lawyers, surveyors, and real estate professionals. Our analysis will also assist investors to better understand market trends and the drivers of HCRE growth in Italy.