News / From the associates

The aging of the population in Italy and Europe is now a structural trend, with significant implications for welfare, healthcare, and the real estate market. The PwC report highlights that in Italy, people over 65 will account for approximately 24.7% of the population by 2025 and already generate nearly 20% of total consumption—a share set to grow to about 25% by 2030 and toward one-third by mid-century. This is the context for the so-called silver economy, defined as a broad range of activities related to the needs of older adults, which today has an estimated value of between 325 and 500 billion euros, equal to 20–30% of GDP. The average annual per capita expenditure of those over 65 is approximately €15,700 and is concentrated primarily on housing (nearly 50%), followed by food, transportation, and healthcare. At the same time, the over-85 age group is growing rapidly, with a direct impact on the demand for social and healthcare services, home care, and dedicated housing solutions.

From a social and regional perspective, the picture is marked by significant imbalances. Life expectancy at age 65 in Italy has risen to 22.6 years for women and 19.8 years for men, but the number of healthy life years after age 65 averages around 9.4 and varies significantly depending on socioeconomic conditions and geographic context. The dependency ratio between the elderly and the working-age population has reached 39% and could rise to around 70% by 2060, while the working-age population is projected to fall below 50%. The number of people over 85 is set to nearly double by 2060, while the proportion of older adults living alone is increasing and could exceed 30% by 2040. This is compounded by a still-insufficient service supply: approximately 47% of non-self-sufficient seniors do not receive adequate support, and residential care coverage stands at around 1.5%, with the North closer to European standards and the South still severely lacking.

In this context, the healthcare and senior living sectors remain among the most attractive for investors. In Europe, investments in the healthcare sector have averaged approximately €12 billion annually over the past five years, while in 2025 the nursing care and senior living segments recorded 63% growth, coming to represent 31% of total investments. In Italy, in the first nine months of 2025, investment volumes reached €290 million—five times the figure from the previous year—driven by portfolios of nursing homes and senior living facilities, with initial yields around 5.75% and long-term leases that are often indexed. Structurally growing demand, a shortage of supply, and the sector’s progressive industrialization make healthcare real estate a “defensive” and income-oriented asset class, despite regulatory and operational risks. Infrastructure deficiencies, particularly in Southern Italy, represent both a social challenge and a potential area for development through new public and private investments.