Summary of our market study

The global residential real estate market, valued at $3.81 trillion in 2022, is projected to grow at a CAGR of 5.5% from 2022 to 2030. The rental segment dominates the market owing to high property prices in developed countries, leading to increased renters and contributing to over half the market share. The Asia-Pacific region holds a dominant position at 52.6%, with China accounting for most of this share. Despite global challenges, the market remains resilient, with M&A activity in global real estate hitting $351 billion in 2022, albeit down from $560 billion the previous year. The Italian residential real estate market mirrored this global trend, with a turnover of €123 billion in 2022, increasing 3.9% from 2021. However, Italy faced a contraction in 2020 due to the pandemic with approximately 46,000 fewer transactions, but rebounded sharply in 2021 with close to 750,000 transactions, partly buoyed by 366,000 mortgage loans. Despite the ongoing impact of COVID-19 and the Russian-Ukrainian conflict, Italian residential real estate prices managed to rise by 2.5% on average in 2021. In terms of investment, the Italian market saw approximately $2.2 billion in the first half of 2023, with logistics and office assets being the most sought after.

Italian Residential Real Estate Market: A Snapshot of Current Trends and Dynamics

In Italy, the residential real estate market has been showing signs of both vibrancy and challenge, with various socio-economic factors influencing buyer and tenant behaviour. In recent years, purchases and sales within the sector have fluctuated, indicating a market sensitive to broader economic conditions. As of 2023, Italy’s residential property transactions appear to have decreased in volume, with around 350,000 homes being bought and sold, a reduction from the previous year’s figure which was roughly between 50,000 higher. Still, the market’s value has shown consistent increments, hinting at the continuing appeal of real estate as a valuable asset despite fewer transactions occurring. A prominent trend that has emerged in the Italian market is the growing importance placed on environmental sustainability and efficiency. Buyers and renters are increasingly drawn to properties that boast renewable energy sources, eco-friendly materials, and digital advancements such as Building Information Modeling (BIM) and computational design for energy-efficient and sustainable living spaces. Reflecting on the socio-demographic influences, it’s noted that younger Italians — particularly those between the ages of 18 and 44 — are particularly mobile in their housing needs, accounting for a significant portion of households anticipating changes in their living conditions.

Preferences have skewed towards well-maintained and energy-efficient homes. Geographically, demand is spread across various Italian regions, with Lombardia claiming the largest market share of home purchases and sales, estimated to be around a quarter of the total turnover. The recent global health crisis did not leave the housing market unscathed. In the initial stages, it caused a contraction in the number of property transactions, although without marked impacts on property values. However, the market demonstrated resilience with an upturn in activity and prices in subsequent quarters. Furthermore, the Russian-Ukrainian conflict has had a nuanced impact on the Italian real estate market. While the war might have prompted some Italian investors to channel their savings into more stable assets like real estate, the potential rise in mortgage rates and a more cautious lending stance from banks could temper the number of real estate transactions in the short term. Investment funds play an essential role in the market, and real estate funds, in particular, have enjoyed a surge in activity worldwide. Italy follows suit with a considerable number of active funds in the market, anticipated to manage real estate assets well above 120 billion euros. In summary, the Italian residential real estate market demonstrates a complex interplay of demand drivers, from demographic shifts and lifestyle preferences.Key Players in the Italian Residential Real Estate Market

Pioneers Shaping the Living Spaces of Tomorrow

Within the dynamic landscape of Italy's residential real estate market, several companies stand out for their significant contributions to the sector. These organizations are notable for their diverse expertise that spans construction, brokerage, consulting, and investment in real estate. Here is an in-depth look at some of the key market players driving the industry forward:

  • DILS S.P.A Established in 1971, DILS has a longstanding presence in the real estate industry, with physical offices in Milan, Rome, and Amsterdam. It boasts a diversified portfolio that includes office spaces, logistics and industrial solutions, retail, hospitality, and residential properties. DILS caters to a range of clients encompassing users, owners, and investors, adapting to the varied demands of a multifaceted market.
  • CRIF SERVICES S.P.A As part of the CRIF Group, CRIF SERVICES focuses on developing cutting-edge solutions in real estate. Its offerings include comprehensive appraisals, property surveys, and a host of other services that facilitate a deeper understanding of a property's technical and urban characteristics. By integrating innovative technology and industry expertise, CRIF SERVICES delivers a suite of services that enhance the value of real estate assets.
  • CBRE S.P.A CBRE is a global leader in commercial real estate services, providing strategic consulting and investment solutions across multiple sectors. Its professional services extend to offices, retail spaces, residential complexes, logistics, and industrial facilities. CBRE's ability to blend global insights with local market expertise makes it a valuable partner for stakeholders across the real estate ecosystem.
  • RISORSE PER ROMA S.P.A With over two and a half decades of experience, this company has expertly managed the transformation, planning, and design of territories. RISORSE PER ROMA plays a crucial role in supporting the Urban Planning Department of Roma Capitale in various aspects of real estate management, from development to disinvestment of municipal assets.
  • LIONARD S.P.A Specializing in the brokerage and sale of luxury properties, LIONARD operates within Italy, offering estates of historical, architectural, and cultural significance. Through strategic partnerships and nurturing strong business relationships, the company caters to clients looking for extraordinary and prestigious properties that stand as testaments to Italy's rich heritage.
  • The Fabricators of Foundations: Construction Companies In the realm of creating residential spaces, construction companies form the backbone of the industry. 
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Summary and extracts

1 Synthèse du marché

1.1 Introduction

The residential real estate market is the industry concerned with the purchase, sale, and rental of residential properties, such as houses, apartments, and villas, intended for residential purposes. The various offerings and products on the market include:

  • New or under construction houses and apartments
  • Renovated properties
  • Luxury houses and villas
  • Apartments for rent
  • Vacation homes and second homes

The residential real estate market in Italy has gone through several phases of contraction and growth over the past 25 years. After a period of falling prices in 2008 due to the economic and financial crisis, the market has shown signs of recovery. However, access to buying a home remains a problem for many, especially young people.[Idealist] The economic crisis of the pandemic years hit the buying and selling sector hard, with about 46 thousand transitions lost in 2020, while in 2021 there was a sharp recovery, with nearly 750 thousand transactions, of which 366 thousand with mortgage loans, and more than 1. 365 million homes rented in Italy. In fact, in 2022 buying and selling increased by 5.4 percent compared to 2021.[Confcommercio]

The global real estate market was worth $3.69 trillion in 2021 and is expected to grow at a compound annual growth rate(CAGR) of 5.2% from 2022 to 2030.[Grandviewresearch]

This study focuses on the residential real estate market in Italy. For information on complementary markets, such as office space, see the specific studies available in the Businesscoot catalog.

1.2 The global market

The size of the global housing market has been estimated at $*.** trillion in **** and is expected to expand at a compound annual growth rate (***) of *.* percent from **** to ****. Gradual growth is estimated mainly due topopulation growth, but mainly due to the desire for personal home space.

Global housing market Italy, ****-****, ...

1.3 The Italian market

Turnover data calculated for the year **** show an overall estimate that amounts to about *** billion euros, up from **** by *.* percent, or *.* billion euros more. These data are an estimate of the monetary value of homes bought and sold, found in the Real Estate Report **** on the residential market by the Real ...

1.4 Impact of covid-19

The buying and selling market contracted in ****, without this having any particular impact on prices. Istat's quarterly surveys suggest that the market has maintained, for real estate values, a certain tonicity. Both cyclical changes (***) are all positive, except for the cyclical changes in the first and third quarters of ****.

Housing price ...

1.5 The impact of the Russian-Ukrainian conflict

As far as the real estate market is concerned, the consequences of the war in Ukraine, at least in the short term, will be less than in many other sectors that are likely to go through an immediate crisis period, such as, for example,the energy sector. Real estate, on the ...

2 Analyse de la demande

2.1 Demand in Italy

Buying and selling

According to theBank of Italy's survey of *,*** real estate agents, the share of agencies that sold at least one home is declining in Q* **** compared to Q* ****: it stands at **.* percent from **.* percent, while still remaining high. Of these operators, about ** percent sold only pre-existing homes, while the ...

2.2 Demand drivers

Socio-demographic and lifestyles impacts

During the**** General Assembly of Assoimmobiliare, the research Socio-demographic and lifestyles transformations: impacts on the real estate product developed together with Nomisma was presented to investigate how demographic dynamics will transform real estate demand, with a focus on housing.

The data that emerged show a strong housing ...

2.3 The geographical distribution of demand

The estimated exchange value (***), up *.* percent compared to ****, followed by Latium with **.* percent.

Notable increase in Basilicata and Umbria compared to **** taking into account that the change refers to an amount in absolute value lower than in other regions. Growths of more than * percent, compared to ****, are observed in Abruzzo and ...

2.4 New trends in demand

Sustainability and technological buildings

The focus on environmental sustainability is growing steadily. Buyers and tenants are increasingly interested in buildings that use renewable energy, eco-friendly materials, and smart solutions to reduce environmental impact. In recent years, the construction industry has witnessed a remarkable shift toward digital transformation, which has revolutionized the ...

3 Structure du marché

3.1 The market structure

the analysis of the structure of the residential real estate market is carried out on the basis of data belonging to the category related to ATECO code **, which refers to enterprises engaged in real estate activities (***). Specifically, three different magnitudes are considered: number of active enterprises, number of employees, legal form ...

3.2 The value chain

The main players in the housing market, diversified according to their main activity, are reported.

3.3 The real estate agencies

The following are the main companies involved in real estate brokerage (***), in descending order of turnover.

DILS S.P.A: a company that has been in the real estate business since ****, has * physical offices: Milan, Rome and Amsterdam. It covers the following sectors: office, logistics and industrial, retail, hospitality, living and ...

3.4 Other market players

Construction companies

Among the most important players in the real estate market are undoubtedly the companies involved in the construction of buildings, without which there could be no building management, brokerage and buying and selling services.

Looking at the number of such companies (***) over a *-year period, we see a decreasing ...

4 Analyse de l'offre

4.1 Supply analysis

Each urbanized context has different types of buildings. it is this that makes the landscape complex and comprehensive in its proposal for services, work, reception and recreation. The destination of the property influences thearchitecture and the quality of the landscape.

As for the residential type, which is the subject of the ...

4.2 The prices

When we talk about the value of a property we normally refer to its market value, but a home is also characterized in an important way by another indicator, the cadastral value. These two values are united by the fact that they turn out to be indispensable in case one intends ...

4.3 Real estate price trends in Italy

In October ****, an average of € *,*** per square meter was demanded for residential properties for sale, an increase of *.** percent compared to October **** (***). Over the past * years, the average price in Italy peaked in June ****, at € *,*** per square meter. The month in which the lowest price was demanded was December ****: an average ...

4.4 New supply trends

Buildings with low environmental impact

Given the growing concern about environmental issues, sustainability has been becoming the main goal for the future development of construction and the real estate market for a few years now. A commitment that in Europe led on March **, ****, to the approval of the Case Green ...

5 Règlementation

5.1 The legislation

The following are the main laws concerning the buying and selling of real estate.

Buying and selling (***).

The sale is a consensual contract, since the mere consent of the parties is sufficient for its completion, while the actual delivery of the thing is not required; for consideration, since both parties receive ...

5.2 The incentives

The law provides a number of tax breaks and concessions that save on taxes and costs in reference to real estate, the following are the bonuses in effect.

Green home purchase bonus

The bonus consists of an IRPEF deduction equal to ** percent of the VAT paid on the purchase of a ...

6 Positionnement des acteurs

6.1 Segmentation

  • DILS S.P.A
  • CBRE S.P.A

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