The real estate crowdfunding (RECF) market continues to grow globally, while showing signs of gradual maturation and consolidation. In 2025, cumulative funding in Europe reached 22.4 billion euros, up 11.4% from 2024, while in the United States it reached 30.5 billion (+3.7%) and in the rest of the world 5.9 billion. In Europe, 36,901 projects were recorded, with the lending model predominating, adopted by 58% of platforms, while in the U.S. and the rest of the world, the equity model prevails (48%). The European market still appears fragmented but is undergoing consolidation. The top 25 platforms account for 73% of cumulative funding, totaling 15.6 billion euros (+13%), and the top ten account for approximately 46%. Returns on European projects generally range from 7.4% to 11.2%, with durations predominantly between 11 and 29 months, but the report highlights the significant variation in results and risk levels.
In Italy, the market reached cumulative funding of 1.03 billion euros, up 21.3% from 2024, ranking seventh in Europe. In 2025 alone, approximately 182 million euros were raised, down from 300 million in 2024, while the number of campaigns nearly doubled, rising from 230 to 452. The majority of transactions follow the lending model, and gross annual returns generally exceed 10%, with projects typically lasting 12–36 months. The Italian market, however, is much more concentrated than the European one, with the top three platforms accounting for approximately 51% of cumulative funding, the top five for 68%, and the top ten for over 85%. Over 89% of projects involve residential construction, and approximately 69% are located in Northern Italy, compared to 22% in Central Italy and 7% in Southern Italy. Internationalization, however, remains limited, with less than 2% of projects featuring a foreign component. At the same time, the average revenue of the top ten Italian companies rose from approximately 278,000 euros in 2020 to nearly 3.9 million in 2024, highlighting the sector’s gradual growth and maturation.
Looking ahead, the report identifies international growth, diversification of offerings, and the integration of AI and new technologies as the main areas for development. In fact, platforms are expanding their role beyond simply raising capital, integrating services such as analysis, financial structuring, asset and property management, as well as secondary liquidity tools and, potentially, tokenization. Artificial intelligence could particularly enhance opportunity screening, risk assessment, and investor support by jointly processing information on the developer, the property, and the financial structure. The main limitation, however, remains the quality and comparability of real estate data, which can lead models to underestimate risks, replicate historical distortions, or confuse correlations with causal relationships. For Italian platforms, bridging the gap in internationalization and leveraging AI and technology to increase efficiency and transparency are therefore key drivers for competing in an increasingly cross-border market.
