The proportion of high-value transactions that complete off-market has, on our measure, climbed from approximately 30% in 2018 to closer to 48% in 2025.
There are several reasons. Discretion is one. Price discovery is another — owners selling above ten million euros increasingly prefer to test the market quietly before committing to a public listing.
For a buyer, this means that the portals show a shrinking share of what is actually available. For an advisor, it means relationships matter more than they used to.