$2 billion investment in Italian real estate in 1H 2023

premium rates in key markets to rise along with the general inflationary dynamics of the last two years. The new premium rental rate in Italy is €65 per square meter per annum, in line with the markets ofMilan, Rome and Bologna. There are also increases in the markets of Piacenza (€55 per square meter per year) and Verona (€52 per square meter per year), while Turin remains at €50 per square meter per year.

Compared to other asset classes, the housing sector is declining slightly with investment volumes of 106 million euros in the second quarter and a total of around 301 million in the first half of the year, indicating investor interest in the sector.

From a residential market perspective''real estate in Italy, the number of normalized transactions (Ntn) in the first quarter of 2023 was 166 thousand, which means a decrease of 8% compared to the same period of 2022. This decrease is also reflected in the Milan market (-23% compared to Q1 2022), although it is worth noting that the first quarter of last year recorded an absolute positive record and compared to historical data of the last decade, Q1 2023 is the third best result with an increase of 5% compared to Q1 2022.