After a positive real estate cycle that recorded a strong growth in commercial buildings investment volumes between 2015 and 2019, we have witnessed a change of trend over the last 5 years, with very different fundamentals than before: investors’ interest now focuses on asset classes such as hospitality, residential and logistics.
This is the response to economic and demographic trends involving tourism that became explosive after the Pandemic, e-commerce that has spread exponentially throughout Italy and the change in housing demand, with smaller households and a quality renting preference for Millennials and Generation Z.
GLOBAL CHALLENGES AND RECOVERY OF THE REAL ESTATE MARKET
Restrictive monetary policies, rising interest rates and geo-political instability have affected the European real estate sector, leading to a slowdown in sales volumes, a trend that also Italy experienced over the last period. Since mid-2024 and thanks also to the intervention on rates by the ECB, we are seeing a recovery in transactions.
THE REAL ESTATE REVOLUTION: FOCUS ON SUSTAINABILITY
The real estate revolution has already been underway for some time with a sector that is increasingly mature, competent and attentive to its impact on the built environment.
Sustainability is one of these fundamentals, with investments focusing almost entirely on new, regenerated and energy-efficient properties.
SUSTAINABLE TRANSFORMATION: AN OPPORTUNITY FOR REAL ESTATE
The sustainable transformation of the real estate sector is a consolidated trend and a necessity, considering that the sector is globally responsible for about 30% of final energy consumption and 26% of global energy-related emissions.
NEW EUROPEAN REGULATORY FRAMEWORK FOR THE SUSTAINABILITY IN REAL ESTATE
In recent years, the regulatory framework in Italy and Europe has been strengthened to address these challenges: we are talking about the Energy Performance of Buildings Directive -the EPBD- and of other European Green Deal directives.
These regulations are not just obligations, but also a leverage to enhance the value of real estate assets and attract capital.
THE ACTIVE ROLE OF THE BANKING SYSTEM IN THE SUSTAINABLE TRANSITION
The banking system also plays a crucial role in supporting the sustainability of the real estate sector, thanks to dedicated financial instruments such as Green loans and Green bonds, to sustain projects with clear environmental benefits.
In this video the testimonies by Pietro Mazzi, Head of Industry Real Estate and Giuseppe Angeloni, ESG Advisory, of the IMI Corporate & Investment Banking of Intesa Sanpaolo.
SOURCE: IEA.org; energy.ec.europa.eu; LMA; ICMA; Dati Intesa Sanpaolo, CBRE, Cushman & Wakefield