Topicality - The pandemic has had devastating effects on real estate companies. The sector is economically important in many countries and therefore needs special attention. Purpose - This research analyses the economic and financial dynamics of Italian real estate companies before and during the pandemic. This is also to outline possible relaunch strategies, post Covid-19. Research methods - The balance sheets of 1,559 Italian companies, with a turnover exceeding € 800,000, for the decade 2011-2020 were analysed. The average trends of Roe and the Financial Independence Ratio were then illustrated, for Italy and each of its macro-areas (North, Centre, and South). The data were subjected to statistical processing. The Anova and Tukey-Kramer methods were used for the comparison between macro-regions. Results - ROE decreased in the years 2012-2013, presumably due to the reverberations of the 2008 crisis. Then it improved, with a decline due to the pandemic, but this was not generalised. Roe has always been positive. There are no significant differences between the different geographical areas. There is evidence of a good financial situation, which has improved over time. Implications - This study implements the modest economic literature on real estate companies. Quantitative research highlights the gains that justify the presence of numerous companies. Public policies should be attentive to the sector that implements the national GDP. The Italian situation can be a useful reference for all countries that want to develop the real estate market.