On the political side, Sergio Mattarellas seven-year term as President will end in February with voting starting on 24 January. One year later we still have thousands of new daily cases and hundreds of deaths each week. Then, on 24 February, war broke out. We have to avoid a third wave in January which could be severe, said Italys Prime Minister Giuseppe Conte introducing the new measures. This achievement has been considered by the Prime Minister as a new light giving hope to all of Italy, a symbol of Italian strength and capacity. Logisticsis confirmed as the hotspot for all investors, a must have, backed by strong fundamentals. The beginning of 2021 marked the same trend recorded at the end of 2020 for real estate sector in Italy, highlighting a 33% drop in investments compared to the same period of the previous year. The Recovery Plans financial support will be focused on three main objectives: 40% of the financial resources will be dedicated to green projects, 27% to digital projects and 40% will address the historically under-performing southern part of the country with a strong attention to gender inclusion and support for young people. In this context, investors are still in the wait & see stage, yet keen to invest even in high street retail, albeit with more selectivity. Italy House Price Index - 2022 Data - 2023 Forecast - 2010-2021 A regular update on the commercial real estate market in Hungary. Overall, real estate sectors continued its race in the first half 2022 with both occupier and investment markets posting positive results. Thus, how is this optimism spreading into the Italian real estate? A TRULY GAME CHANGER. Sei ora sul sito Italy-Emerald-Web di CBRE. On the other hand vendors are still reluctant to put new assets on the market before understanding how tenants requests will impact prices and yields. The Christmas holidays are over, and Italy spent most of this period in lockdown with all the regions in Red Zones. Investors are reacting in different ways. New development projects and hotel operator selections are still underway and interest from operators has not diminished. 30% of hotels are expected to remain closed for the entire season; business hotels (4 and 5 stars in the major business cities) are suffering due to the travel restrictions (US travelers, representing 7.4% of total arrivals are absent) and are mostly closed. The main villa is well preserved, with period details, elegant frescoes, floors with the typical Italian decorations of liberty . So the market is not completely stagnant but it is weighed down by old properties. "This is the time to invest in Italy - Jamie Dimon, Chairman and CEO J. P. Morgan. Living increased its share at almost 5% on the total mainly thanks to Hines commitment in developing modern concept of living in Milan to meet the city needs of an increasing demographic trend. A further positive element is the strong public demand driven by the EU funds that, combined with private capital (i.e., through Private-Public-Partnerships) could unlock new market products and potential. There is also encouraging evidence from the most affected (and correlated) sectors from the pandemic: retail and hospitality. It could also create more demand for space if space per capita increases. Thanks to Mr Draghis reputation, initial feedback from the investors is positive with the gap between yields on 10-year Italian bonds and their German equivalents falling to the tightest level in nearly 5 years, at 1.05 percentage points, as well as the Italian stock market with the FTSE MIB up by 2.1%. In this context Milan is still evolving and COVID-19 has just slowed down the urban regeneration projects which were on track before the pandemic: if in 2010 there were just 2 important projects in the city, today there are more than 10 projects located from the city centre to the periphery. The huge liquidity available in the markets is continuing to drive investors toward real estate and this will not change in 2021. Italy is in its sixth week of lockdown and it seems it is approaching the turning point: the trend of infections is slowing down, but the lockdown has been extended to the 13 April. The new instrument to support the Italian economy called Decreto Rilancio is now law. He has always been in favour of using public debt to help the economy while supported by structural reforms and productive investments. If the overall volume in the first nine months - circa 5 billion - is still in the range of 15% less compared to last year, pipeline is strong: at least 2 billion comprised in portfolio deals (the largest with Blackstone as a buyer) that could bring the year-end volume to circa 9 billion. According to the latest research of the Italian Revenue Agency the Italian real estate market reported a significant volume growth in sales, from+ 0,3% of the Centre capitals to + 12,2% of the South ones. I am not able to enter Italy because of virus. Italian property prices have on average fallen by 0.4% every year. The 2021 Financial Law (Legge di Bilancio) approved at the end of the year confirms the need to act against the current crisis supporting the healthcare sector, companies and families with particular attention to young people and women. In addition, the Italian Pension Fund of the Doctor (ENPAM) through its asset manager DeA Capital SGR completed 86 million core acquisition of Mellerio Velasca buildings in CBD Milan from Kryalos SGR and a second core transaction in Rome will be closed in the coming days. Normality will take much longer to achieve and the reality is that a lot of companies are still recommending that employees work remotely, due to the fact that only 20/30% of the workers are allowed in the office because of the social distancing rules. The office market attracted circa 50% of the investments growing by 10% compared to the same period of last year. Following social distancing measures, from 18 May bars, restaurants as well as hotels and hairdressers were allowed to reopen. The sacrifices we have been making for more than a month are producing the desired results and we cannot stop right now". Overall activity slowed down in Q1, with core investors more resilient and some opportunistic buyers looking for rescue deals. Over the past two years retail performance proved to be resilient regardless of facing pressured test by the pandemic, confirming that underlying fundamentals are important. 20 billion of equity ready to be deployed in 2020 and 6 billion of assets to be sold. While property prices across most of Europe are rising, Italian house prices decrease every year. The market research study on the commercial real estate market in Italy focuses on the market activity within the key subsectors, such as offices, retail, industrial and multifamily. On the vaccine campaign the stop of the AstraZeneca vaccine at the beginning of last week had a small impact on the number administered, which has been circa 150,000 per day with a peak of circa 164,000 on 20 March, equal to 129.6 administrations every 1,000 inhabitants (ahead of Spain, Germany and France but really behind the UK). Luxury Law has asked to its cooperators what they think about the property market and future outcome following the Covid-19 pandemic. It was reflected in a further cooling from investors toward the retail sector for all 2020 and the first nine months of 2021: is the end of retail approaching? Between 11 and 18 May all the other shops will reopen except for bars and restaurants scheduled for 1 June. 76651 Homes for Sale. The fast-recovering economy, high level of Covid vaccination rate (among the highest in Europe) combined with Mario Draghis reliability earned us this unprecedented recognition. Copyright Cushman & Wakefield 2022. In his first press conference after the meeting with President Mattarella, he underlined how the consciousness of the emergency needs answers that are up to the challenge. This may suit some high streets and shopping areas more than others. If this victory seems to reinforce the power of the populist anti-establishment party Movimento 5 Stelle, the Regional elections held during the same weekend saw 3 Regions (Toscana, Puglia and Campania) won over by the Partito Democratico and 3 Regions (Veneto, Liguria and Marche) won over by the Right wing coalition (lead by the Matteo Salvins Lega) with Movimento 5 Stelle losing numbers of votes across the country. About Italy Sotheby's International Realty: ITALY SOTHEBY'S INTERNATIONAL REALTY offers the best service and the broadest international exposure to real estate buyers and sellers in Italy. We are expecting a very low Q2 due to a total stop of new assets put on the market in the last 4 weeks. The only exception being the retail sector, where the fast increase in the interest rate has offset the improvement of fundamentals and investors continued to be selective. While the Mediterranean peninsula of Italy is surrounded by 7,500 kilometers of seaside, there are also magnificent lakeside views as well. All rights reserved. Why is the Italian property market falling behind? The first half of the year has been quite an eventful period for the world, with some countries ending up in domestic political turmoil, such as UK and Italy. Its not a dramatic drop and its better than the -1.2% recorded last year. Short term: the plan aims to repair the economic and social damage caused by the pandemic. Location and sustainability of rent will drive the investment and new KPIs underlining leases will be the real hurdle for the near future. The huge liquidity available in the markets is continuing to drive investors toward real estate and this will not change in 2021. As Miles Johnson said in the FT weekend edition Romes rancorous politics will be a minefield for the former ECB president. 110% tax refund (Ecobonus) for refurbishing residential units (in particular for improving the energy efficiency). Core office, logisticsand residential opportunities have emerged as the most resilient asset classes, being the main focus for the majority of investors. Seven-year budget, due to run from next year to 2027, with Brussels proposing more than 1 trillion in spending. Full recovery of consumer demand will be postponed due to the downside risks, including inflation, higher energy prices and supply chain disruptions which will have an impact. The economic numbers are starting to come in from official sources and the truth is clear: the effects of two months of lockdown will be so deep that the climb back will be more than challenging. This approach is confirmed by Cushman & Wakefields Survey Italian Real Estate Market - An Insight into Investors' Sentiment, when we surveyed over 140 investors during May. Theres a fourth driver linked to another peculiarity of our market: the large concentration of wealth in the hands of private families / investors and a low share of private debt. Italy: Real Estate. At the moment, the trend varies depending on the type of site. Even if 2021 economy was full of uncertainty, the last year represented a record-breaking year for the global real estate realm, with global commercial sales volumes exceeding the 2020 total by 59% and the prior peak observed in 2019 by 22%. E-commerce is becoming a more powerful complement to in-store shopping and the recent trend suggests a renewed balance between online and brick & mortar sales. If we consider this extreme situation as normality, we need to completely re-think the cities and to re-think cities will take time. The land component of the residential property is included. These could reduce the number of bidding investors, but the reduced competition could help in unlocking deals that were very competitive just few months ago. You are now on CBRE Italy-Emerald-Web Site. Retail is the only one placed to be more attractive in terms of pricing over the next quarters. As in many countries, the 2008 economic crash had a a major impact on Italy and its real estate and housing markets. Those who have outperformed are likely to continue to gain market share and lease out more space to support their growing footprints. To discuss real estate and the economy seems somewhat secondary whilst the news is dominated by images and reports from Ukraine and the surrounding countries. Italy Real Estate Market View | Coronavirus - Cushman & Wakefield With over 918,000 doses delivered, Italy had over 589,000 doses of vaccine administered representing the highest number in Europe(Our World in Data 10 January 2021) and the second highest ratio (0.98 doses administered per 100 people) after Denmark. I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}. All non-essential activities will be stopped (from conferences to amateur sports), restaurants and bars must close at 18.00 (remaining open over the weekends and providing take away service until midnight), gyms, swimming pools, theatres and cinemas will be closed, travel on both public and private transport is not recommended unless for essential working, emergency and healthy reasons. OUR LATEST LISTINGS View Our Latest Properties For Sale Bedrooms 2 Bathrooms 1 Internal Area 120 m Number of deaths followed a similar trend, dropping to an average of 181 per day from 220 per day of the previous week. The new decree increased the outright grants to bars, restaurants and discos with a maximum contribution of 150,000. Australian developer LendLease and Canadian Pension Fund PSP Investment entered into a partnership agreement to proceed with a large urban redevelopment project worth 2.5 billion. Despite this, we are quite confident that the fundamentals for the occupiers sector have improved and are expected to strengthen in 2022. If 70% of the investors are ready for a yield increase by year end, the scale varies among the different asset classes with office, residential and logistics more resilient, with prime yields expected to increase up to 25 bps. The Government started talks about Phase 2 concerning the gradual re-opening of activities which is expected to begin in May, subject to the level of infections. Covid-19 Information and analysis on what is happening in the real estate markets in Italy. Cushman & Wakefield MarketBeat reports analyse quarterly Italy commercial property activity across office, retail and industrial real estate sectors including supply, demand and pricing trends at the market and submarket levels. Short-term rental prices are soaring and new properties are also recording increasing prices. I nostri esperti sono in grado di creare strategie immobiliari di successo in ogni dimensione del real estate. In this context it is clear that the general decision to push people back to the workplace or to continue to work remotely will depend on the number of new Covid cases registered during first weeks of September. Milan, Italy, New Perspective: From Pandemic to Performance. EU Recovery fund approval with a financial support for the country of 80 billion in subsidies and 120 billion in loans. All good news for real estate and we now have a clearer perspective of what to expect for the year ahead. Additionally, at the beginning of the week, Corum AM acquired an 8 million office building in Rome from Tristan Capital Partners. The increasing cost of energy, oil, gas, as well as of some raw materials could affect low-income households as well as businesses, municipalities, developers. Covid-19 has been an accelerator of an already ongoing process, that is now set to strengthen. Their approach is more cautious, underwriting is made in a more conservative way and business plans are updated with contingent data. In terms of asset classes industrial & logisticsregistered a further important growth compared to 2020 (+20%) together with Hospitality (+34%). The Summer is Magic was a pretty famous song from 1993 which comes on the radio every year during the summer holidays. 50% of Municipality Tax (IMU) exemption for Hotels, B&B, Camping and all the tourist assets. Second half-year is not disappointing, the recovery is real and current economic data are better than expected with GDP forecasted at +6% by the year end. We were used to looking at sustainability through the lens of the buildings but now it is the finance industry that is challenged by it. On the financial side, to support the economic recovery, Italy has raised a record of over 22 billion with a bond sale (BTP Italia inflation linked). The notion of inflation being our major concern continues, as does the rising cost of energy which will be particularly predominant in Italy, since 100% of our gas is imported, with 40% coming from Russia. In addition he says the combined effect of the borders re-opening and the presence of tourists will boost internal consumptions. In Venice the Biennale di Architettura and the Boat Show (6 June was the last day) marked the starting point of the recovery. Italy House Price Index | Moody's Analytics - economy.com Download The document is made up of the following sections: ECONOMIC OUTLOOK; Different solutions are under discussion for the lockdown full exit plan, but some points are already clear: schools will open in September (Italian school year ends in June) and there wont be other exceptions to the current lockdown measures before 3 May (as requested by some regions). However, its a bit more complicated than it seems. Fully vaccinated people surpassed 80% (on the total population over 12) and recent local political elections confirmed the weakening of the populist and anti-European parties. According to Intesa Sanpaolo's Mortgage Market Monitor, here is how the Italian real estate market currently stands and what trends have been affected at the beginning of 2022. In particular at EU level, members are discussing: On these points, timing seems critical. In September 2022 for residential rental properties was asked an average of 12.12 per month per square meter, with an increase of 7.07% compared to October 2021 ( 11.32 monthly per square meter). Climate risk is a financial risk and must be factored when pricing the assets. The office leasingsector is also showing signs of dynamism: in Milan 4,000 sq m in a centrally located asset owned by Bain Capital has been leased to a fashion brand at a rent aligned to pre-Covid level. Despite that, the current high-level yield for the shopping centresector presents a relative premium versus other property sectors and bonds. Some investors, mainly opportunistic, started to ask for new opportunities with higher returns. Retail. In addition to the national guidelines (such as the national curfew between 10.00 and 17.00, or public transport occupancy reduced to 50%) each region will be launching stronger measures in relation to the local risk. Third quarterly volume invested increased 4% on the same period last year, standing at approximately 2.1 billion, +16% on the 2015-19 quarterly average. Additional 13 weeks of furlough and ban of redundancies until the end of June (for small and medium companies until the end of October), 11 billion of outright grants for companies with up to 10 million turnover, professionals and VAT holders, 400 million has been allocated to the education sector (schools and universities), The healthcare sector will receive 5 billion of which 2.8 billion to buy vaccines and anti-COVID-19 drugs, On the fiscal side a cancellation of tax debt from 2000 through to 2010 will be given to VAT holders who have lost over 30% of their turnover and for salaries below 30,000, alternatives have been winners in the crisis with 70% increase in volumes, logistics have been resilient with volumes at the same level of 2019, offices (which performed quite well in the first 3 quarters) have been impacted in Q4 with just 1.22 billion and a decrease of 25% on an annual basis, retail and hospitality, the most impacted asset classes by the COVID-19 pandemic, closed the year with a reduction, respectively, of 22% (continuing a reduction trend already in place in 2019 and in 2018) and of 74% (but in line with 2017 and 2018 numbers), 10y Bond Yields reached 0.873%v the lowest level since October 2019, The spread with the German bonds decreased to 133 Bps the lowest level in the last 7 months. This may be reflected in an acceleration of tenants Wellbeing policies and towards a greater use of technology and activity based working. Due to the increase of COVID-19 cases (1,365 new cases at 30 August 2020 with 20.9 new cases every 100,000 people; like Germany and UK and 4 times less than France and 10 times less than Spain) Italy has recently introduced mandatory coronavirus tests at airports for people returning from vacations in Spain, Greece and Croatia. In total in Italy 39 million tourists are expected over the next 3 months, for a total of 166 million presences showing an 11.9% and 16.2% increase compared to 2020. The confidence about commercial property during the 4 days of the. after the pandemic we will have to shape up, getting rid of our debt not because some zealot says so but because we will never be able to invest in the future generation. A recent Coldiretti (the most important agricultural association) research based on the European Forest Fire Information System (EFFIS) data says that in Summer 2021 we had an increase of fires by 256% compared to the historical series of 2008 - 2020. There is still a great deal of uncertainty over the year-end final figure and on estimates for 2021. Within logistics, data center is proving attractive for a number of international investors although the Italian market is still at a very early stage. If in Milan the impact has been moderate with just 30% decrease compared to the same period of the previous year (but reaching the lowest take up level in the last 5 years, equal to circa 157,000 sq m), Rome received the biggest impact down by over 70% with just 44,000 sq m leased since the beginning of the year. The pressure on the current Prime Minister Giuseppe Conte came from the Italia Viva party, a small governmental coalition member (led by former premier Matteo Renzi), which withdrew from the governing coalition (through the withdrawal of its ministers) challenging how the Recovery Plan money (over 200 billion) will be spent to revive the Italian economy and in particular the sectors where the money will be directed. interventions under NGEU). Figure 1: Italy real estate market value: $ billion, 2016-21 Show more Pricing Single User: $ 350 Site: $ 525 Enterprise: $ 700 Quick Buy Add to basket Enquire before buying Discounts available for multiple purchases. In Italy, the House Price Index measures residential property market prices. Over the last 7 days the number of new cases dropped to an average of 6,600 per day compared to 9,500 per day of the previous week. After two weeks of the summer break, we recorded some deals completed for almost 700 million. Italian property prices have on average fallen by 0.4% every year. Corporate occupiers are starting to question about how they should change their office layout to allow employees to come back to the office. What's wrong with the Italian property market? - ITALY 4 travellers The cost and hassle of major renovation work is off-putting for many who would rather pay more and buy a new property. As the countrys economy continues to grow so does the real estate sector. A recent survey published by Morgan Stanley showed that around half of all European workers have returned their normal jobs, with France and Germany leading the rate of return with 58%, and Italy and the UK following with 47% and 49% respectively. The Prime Minister faced another important issue related to the COVID-19 vaccines campaign: the delay in deliveries and then an unexpected reduction in the number of doses being sent from vaccine manufacturers to EU countries. In Italy - Jamie Dimon, Chairman and CEO J. P. 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