Real Estate Crowdfunding Surges in 2024, Nears €55B Globally

2024 was a pivotal year for real estate crowdfunding, confirming its exponential growth and its now central role as a credible alternative to traditional real estate investment tools.

According to the Real Estate Crowdfunding Report 2024, edited by Luiss Business School in collaboration with Walliance , global fundraising reached almost 55 billion euros, with double-digit growth in most markets and a record increase for Italy, which exceeded 800 million euros in cumulative funding.

“With this report we want to offer the market a transparent analysis tool, which allows investors and operators to orient themselves in a constantly evolving sector,” explained Giacomo Bertoldi, CEO of Walliance.

Professor Caroli of Luiss Business School stated: ” The report offers the market and the public a clear and scientific understanding of how crowdfunding is transforming real estate in Europe and Italy.”

From emerging phenomenon to financial infrastructure

Born just over a decade ago as an experimental method of widespread fundraising, real estate crowdfunding (RECF) is now emerging from its pioneering phase to consolidate itself as a true alternative financial infrastructure, capable of attracting both retail and institutional investors.

The logic is one of disintermediation: through authorized digital platforms, investors can participate in the financing of real estate projects with very low minimum bids, often starting from just a few dozen euros.

Alongside quantitative growth, a qualitative transformation is also observed : platforms are no longer simple intermediaries between developers and investors, but integrated players that oversee the entire investment chain, from advisory to operational management.

This evolution has seen companies like Fundrise in the United States and Urbanitae in Spain expand their reach, offering digital REITs and direct investment tools.

Global and European numbers

The United States remains the undisputed leader in real estate crowdfunding, with almost 30 billion euros in cumulative revenue and a projection that sees it exceeding 32 billion in 2025. In Europe, collections reached 20.1 billion , up 29% compared to 2023, with France in the lead (6 billion), followed by the United Kingdom, Germany and Spain.

Italy, despite starting from lower values, stands out for its dynamism: in 2024 alone, 300 million euros were raised , bringing the cumulative total to over 800 million, with concrete prospects of reaching one billion in 2025.

A result driven by the expansion of lending crowdfunding and the entry of new authorized operators.

Market diversification

The report also highlights the progressive diversification of the real estate crowdfunding market.

In Europe, the fixed income segment now represents a significant share of transactions, demonstrating the growing maturity of the ecosystem.

On the regulatory front, the entry into force of the ECSP Regulation has introduced a uniform framework, reducing differences between member countries and offering greater stability to investors and operators.

Italy: Between Boom and Consolidation

The Italian real estate crowdfunding market currently boasts 22 platforms focused on real estate. Some cater to retail investors with minimum deposits of €50 or €100, while others are positioned at more sophisticated levels, with entry thresholds of €5,000.

The portfolio of projects financed in Italy is predominantly residential (80%) , with a strong orientation towards renovation (70%) , confirming the role of the RECF in supporting urban regeneration and the energy requalification of buildings.

There is no shortage of challenges: 2024 saw a decline in the number of campaigns launched (230 versus 408 in 2023), a sign of a market settling in following the entry into force of the European ECSP Regulation, which imposed new rules on transparency, governance, and investor protection.

Sustainability and inclusion at the centre of the real estate crowdfunding market

One of the most interesting aspects that emerged from the report concerns the growing attention to the ESG characteristics of the financed projects.

More and more platforms, such as EstateGuru in Europe or EquityMultiple in the United States, are selecting projects related to energy requalification, social housing, or the creation of low-impact spaces.

In Italy, Walliance has already launched sustainability-oriented projects, particularly in the field of energy infrastructure.

The positive impact is not only environmental, but also social: real estate crowdfunding helps make access to a historically elitist asset class more inclusive, encouraging widespread participation by retail investors.

Real estate crowdfunding outlook for 2025

Estimates indicate that the sector will continue to grow: in Europe it could reach a cumulative 22-23 billion , while Italy appears ready to exceed the one billion threshold .

However, the scenario remains conditioned by macroeconomic variables – inflation, interest rates, geopolitical tensions – which could slow the expansion.

At the same time, the regulatory standardization introduced by the ECSP and the integration of new technologies (such as blockchain and artificial intelligence) promise to increase transparency and efficiency .

Conclusion

The Real Estate Crowdfunding Report 2024 captures a rapidly evolving sector: international, sustainable, digital, and increasingly regulated.

If ten years ago talking about “bottom-up” real estate investments might have seemed like a utopia, today the RECF is a sector worth tens of billions , capable of redrawing the rules of the game.

Italy, boasting growth above the European average, is among the most promising countries: reaching one billion in funding is no longer a mirage, but a goal within reach.

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(Featured image by Jakub Zerdzicki via Unsplash)

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