Rome, Milan, Venice, and Florence dominate investor preferences across all capital types, with established leisure destinations forming a strong secondary focus. This preference is consistent across domestic Italian, pan-European, and global capital sources, reflecting the importance of liquidity, depth of demand, and scalability.
Luxury and upscale segments are prioritised for their pricing power and demand resilience. Italy offers more than ten true luxury destinations, providing investors with opportunities to diversify geographically within the country and pursue value-add strategies across multiple high-end markets.
Interest in secondary and regional markets is meaningfully more selective, with domestic Italian capital showing materially higher propensity to target these locations than inbound investors. Where respondents highlight secondary markets, this is typically framed around specific opportunities—repositioning, conversion, or supply-constrained micro-locations—rather than broad directional exposure.
