EXPO REAL 2026 comes to a close

Three intense days in Munich, this year with almost summer-like weather, which gave the sense of a market far more alive than some macro numbers might suggest.

Huge turnout: more than 42,000 participants from 74 countries.

My impression, especially from the meetings held over these days, is of a market that is becoming ever more international and less focused on the traditional Central European axis.

I met many players from the Iberian Peninsula, especially Spain and Portugal, and sensed growing interest in Southern Europe and the Nordics too.

And then Italy. The Italian presence seemed relatively limited compared with other countries, but paradoxically I found strong international interest in investing in Italy. An impression consistent with capital flows: Italy, Spain and Portugal together attracted €18.2 billion in the first half of 2026, up 39% on the previous year.

Another clear element: plenty of capital. Lenders, debt funds, investors, but also many developers looking not simply for financing, but for the capital that fits their business plan.

That is perhaps the takeaway I bring home. It does not look like a market stalled for lack of capital. Rather, it looks like a market in which capital and opportunities still need to find each other better.

Investors returning to Southern Europe, the expansion of private credit and interest in development, living, hospitality and new infrastructure are making the capital stack increasingly complex. The introduction at Expo Real of a dedicated area for investable infrastructures — energy, digital infrastructure, data centres and social infrastructure — is also an interesting sign of how the traditional boundaries of real estate are widening.

I come back from the Expo with many new contacts, a few more ideas and above all a stronger conviction: the next competitive advantage in real estate will not simply be access to capital, but knowing how to put together the right capital for the right transaction.

See you next year, Munich.