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The market for real estate and Unlock Italy: Marcia Morena , Professor of Financial Management of real estate transactions and Technology Architecture at the Politecnico di Milano is an analysis of the crisis light of recent legislative proposals addressing important topics such as school construction and sustainability.
The housing market is in crisis for several years, where are we?
We’re not out of the tunnel, but definitely a little ‘light begins to see. We were lucky enough to live a very long period of stability in the real estate that he had never seen. We are talking about many years: from 1998 to 2007 in Italy and in fact the impact of the fallout from the housing crisis has been slower than other countries for cultural element that characterizes us. In our country, in fact, the introduction of instruments of financing real estate have been introduced since the late ’90s, in contrast to other countries. Note that I never said the construction industry, we are talking about real estate, which are two very different things, but definitely related to each other, because the real estate would never exist without the construction industry.
What weight had the finance in this crisis?
In our country much later than others, we had the distribution of securities, real estate funds, the REIT, the salt & amp; leaseback that led to the approach to the property market. Probably, if it were not for the financial environment, we would have definitely had a crisis, but not in those terms. It was also an extraordinary moment of wealth for our country and then Italy has highlighted the crisis in a stronger.
You mentioned stabilization.
This free fall, in some respects more strongly in other smaller, today sees a time of stabilization. The moment you stop and there is stable means that you are ready to think back to review what could be the means and methods by which to try to approach a shot.
The Unlock Italy can give a boost? What are the expectations?
I think it is a good product because it tries to question some aspects of the stiffness of the system and make suggestions. These are the points in the decree that talk about infrastructure, rather than financial instruments and for some specific works for the housing market as a whole. The increased flexibility of the Cash Deposit and Loans in the financing of major projects as well as small. I think it is a step not just that in the meantime Unlock Italy has been recognized that the real estate industry with all its weaknesses are, more than other areas, a strong impact on national GDP with an armature construction, infrastructure and all that is connected to real estate. For example, just the tourist sector that in Italy should focus with greater determination also from a point of view real estate. The data federalberghi October argue that the accounts of 2014 herald a closing in the red with the four summer months of absolute stagnation and the total turnover of the hotels still firmly attested below 2008 levels.
No you can hide the bureaucratic obstacles that Italy suffered in an international scenario.
fact I consider the Italian Unlock an attempt to “simplify” the bureaucratic process that is the main block for the evolution of this sector and its attractiveness to foreign investment. The competitive capacity of the national system is directly linked to bureaucratic complexity and length of the timing for answers. What blocks the ability to attract is precisely this uncertainty of the times and responses that many other countries, in contrast, can provide. The Unlock Italy at the moment seems to introduce a pragmatic and functional approach, is a small but significant step that could trigger virtuous circles and attract capital flows from abroad.
In the building we are daily to analyze the combination of “retrain built or build new,” with this huge umbrella of energy efficiency and urban regeneration that are the main driver of the buildings. The real estate market moves on these two lines?
The construction industry is an integral part of the real estate market. In a country like ours, the increased activity is related not so much to construct a new, but the enhancement of the existing building with a view of profitability and development of the area and approach to valuation. For the conformation of the country will be increasingly difficult to build or not according to cultural points of view. We have built a real estate portfolio that if it was partly demolished would share our industry much faster, because it has not be renovated, exploitable and has no functional value not only linked to the property.
Almost a holistic
…
The same Italian Unlock arises with this vision, and reference is made: we can no longer think about individual real estate product, whether it’s from scratch, whether it is from value. Everyone needs to expand these types of interventions by the investor. To this are important cities who have actually worked with a vision not only related to the restructuring, but linked to the development of a product that has had its effect on the territory enhancing everything there is in its surroundings. The property itself has a subtle impact, but that is not always read to the end: in fact any type of investment should include a 360-degree view. We can not afford to intervene with products that are not of quality, for many reasons and from all points of view: functional, technological, economic, environmental, aesthetic.
This is about also historical buildings and school buildings.
To prevent from happening again distortions and delays on the redevelopment of school, the Italian Unlock finally takes into account the drivers of ‘ urgency right there where you have the need to take action to resolve problematic issues particularly relevant. It introduces the possibility to intervene in a manner of urgency is a measure that can be considered new.
@ edilio_it
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