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Newsletter n. 15

State-owned real estate properties in Italy: Is it time to buy?

On the 3rd of May in London Ernst & Young (EY) hosted a workshop on the Italian Public Real Estate market. The event organised in conjunction with the Italian Trade Agency – London office and with the patronage of the Italian Embassy was attended by a selected number of investors.

The workshop has been an exclusive chance to hear from key Italian stakeholders and experts giving their insights, shedding light on this unique environment and providing a clear picture of the Italian public real estate market, in particular, on the chances of investments, the instruments and procedures to gain access to the public properties offerings, and all the legal and tax aspects related.

The Italian Trade Agency provided an overview of its activity in support of foreign investors and presenting the Public Real Estate portal investinitalyrealestate.com, followed by a detailed market analysis and tax regulatory framework from EY. The session was concluded by a round table in which qualified panellist from the Italian Revenue Agency, The Ministry of Finance, the Public development Bank – CDP and the Italian Trade Agency, gave a unique insight on tax reforms , Government initiatives and market opportunities.

Commercial real estate volume reached record figures in 2016 in Italy, (residential sales reached 528,865 in 2016, an 18.94% increase compared to 444,636 closed in 2015. For 2017, Real Estate analysts expect further growth: a total of 565,391 transactions is estimated for 2017, while for 2018 this could reach 584,523, arriving at 616,513 in 2019), thanks in part to the equity commitment from international investors. While core investments are in the spotlight, many operators are currently considering value-added and development opportunities in a market where local demand is rising and the overall economy shows signs of recovery and stability. In this scenario, state-owned real estate properties represent a huge market opportunity in Italy.

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