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According to Idealista, bare ownership in Q2 was offered 26% below full ownership in Milan and 41% below in Trieste. The seller's age explains part of the gap; the property's yield, which the tax table ignores, explains another part.
ReadThe «Gli immobili in Italia 2026» report puts municipalities' remaining IMU headroom at €1.1 billion, 7% of receipts. With rates close to the maximum, the tax now grows through cadastral income, starting with 20,000 compliance letters by year-end.
ReadWith ruling 1193/2026 the Puglia administrative court requires a municipality to decide on an owner's application for land whose planning restrictions have lapsed. A known principle with a larger effect on 'white zone' values than is often assumed.
ReadA Centro Einaudi report for Assonime and Confindustria Assoimmobiliare estimates an annual deficit of 151,000 homes in a country with 35.6 million dwellings. The issue is where they are, not how many.
ReadConnection requests to Terna have passed 100 GW, but realistic projects for 2030 are counted in single digits. In between sits a land market trading places in the queue rather than plots.
ReadA composite case: a disused shed in a semi-central area, bought for a nine-storey residential scheme under the permit route then in common use. After 2024, an implementation plan, new monetisation tables and longer timelines rewrite the appraisal. Where the loss comes from and why alternative designs land on almost the same number.
ReadIn JLL's 2026 Global Real Estate Transparency Index Italy improves by 5 basis points and remains among transparent markets, but outside the thirteen that attract over 80% of direct investment. Transaction data, administrative predictability and credit: where the risk premium is formed.
ReadCBRE and Dils agree on the volume invested in Italy in the first nine months of 2026, about 10 billion euros, but one sees +6% and the other +30%. Hotels and logistics lead, regional markets account for 74% of the quarter and prime yields are starting to move with rates.
ReadIn the first half of 2026 resale prices in Milan fell 0.5% according to Tecnocasa, and rents lost almost two points. With a 4.4% gross yield, the lowest among large Italian cities, and mortgages at 3.56%, the investor's numbers no longer add up. What this means for prices.
ReadIn 119 pages of reasoning on the Via Stresa tower, the Milan court rules out intent and negligence and acknowledges deep interpretative uncertainty in the rules. The ruling also shows the gap between what was paid in 2018 to monetise planning standards and what would be paid today. What changes for anyone valuing land in Milan.
ReadThe Finance Ministry is studying the return of a 21% flat tax on new leases of small shops, with a size threshold between 250 and 300 square metres. The 2019 precedent, landlords' numbers with inflation at 3.3% and the limits of a tax lever against retail desertification.
ReadWithout new legislation, from 1 January 2027 the tax credit for renovating a main residence falls from 50% to 36%. The government, which brings its budget framework to Cabinet today, is weighing a 65% Ecobonus for energy works. What this uncertainty means for households, builders and resale values.
ReadIn 2025 Italy traded €22 billion of non-performing exposures, but the shape of the deals has changed: average portfolios shrank from €1 billion to €190 million, Banca Ifis is exiting the business and single-name transactions are rising. What this means for property-backed credit.
ReadWith 875 observations addressed, Turin's new master plan moves to the second co-planning conference and aims for approval by year-end. Until then, every project must comply with two plans at once. An analysis of the safeguard regime, the equalisation model and the development rights register.
ReadScenari Immobiliari expects Italian real estate turnover to grow 8.7% in 2026 and 9.8% in 2027. Second-quarter Omi data show flat volumes and credit becoming more expensive again. A comparison of the two readings and of the factors that could reconcile them.
ReadThe regulation proposed by the European Commission on 9 September has been read as a crackdown on short-term lets. For institutional investors another provision matters more: the power to restrict purchases of homes not used as a primary residence.
ReadIn the second quarter of 2026 shop and workshop sales rose 5.7% and traded floor area 7.7%, while offices slipped 0.6%. The Revenue Agency data point to larger units and to buying outside the main cities.
ReadIstat's preliminary second-quarter 2026 estimates show Milan new-build prices up 1.1% year on year, after +20.1% at the start of the year. Turin posts +23.3%, Rome +8.3%. At least three explanations fit, and the data cannot yet separate them.
ReadIran, Hormuz, a halted Saudi pipeline and an uncertain Moscow-Kyiv truce have brought back inflation and ECB hikes. How the energy crisis reaches property, the 2022 precedent and three scenarios for the months ahead.
ReadIn early September a building on Milan's corso Magenta was bought through an Article 7.2 securitisation. Introduced in 2019, the tool counted 67 vehicles and €3.8 billion by mid-2025. With bank credit more selective, pairing senior bank debt with partly paid junior notes is gaining ground.
ReadApproved on 23 July, Rome's overhaul of its master plan rules amends 67 articles. A 20% bonus on lawful demolished floor area, social housing in historic centre conversions, limits on short-let uses and no more reserve land in the countryside. With a heritage constraint on precisely the buildings where the bonus would pay most.
ReadIn Q2 2026 sales of newly built homes rose 15.6% while building land traded fell 15.1%. The two figures look at different stages of the cycle and, with the ECB hike and rising build costs, point to tighter future supply. Some caution is needed in reading them.
ReadTwo rulings by the Lombardy administrative court declare the City of Milan's silence on conventioned building permit applications unlawful. Sixty days for a reasoned answer, then a court-appointed commissioner. No permit is granted automatically, but open-ended waiting becomes a measurable risk.
ReadOver twenty years Italian residential values lost 24.1% in nominal terms, with Milan the only market in growth. Adjusted for inflation, even Milan's gain turns into a decline, and the return on property has to be looked for elsewhere.
ReadFrom 28 August, data centre applications above the environmental permit threshold go to Lombardy's regional desk. The single procedure shortens the environmental stage while leaving planning conformity untouched, and that remains the scarce asset.
ReadResolution 1071 of 6 August replaces Milan's 2013 guidelines on privately delivered public infrastructure. The method for quantifying the offset changes, and with it the economics of schemes built under an implementation plan.
ReadMore than a billion euros into Italian shopping centres in twelve months. The 250 basis point spread over high street prices management intensity and format obsolescence risk.
ReadRental listing stock rose 8.2 per cent in the second quarter of 2026, with Milan at 16.4 and Padua at 36.5. The indicator counts listings, not contracts, and the two are not the same.
ReadTitle III bis of Rome's Building Regulation took full effect on 25 August. Minimum performance standards, a 5 per cent area bonus, insulation out of the floor area calculation.
ReadSecondary deals fell to 47 per cent of Italian NPE transactions in 2025. A composite case shows how a buyer reaches a 14 million bid on a portfolio the seller carries at 19.
ReadBetween Milan and Palermo the price of a new home varies by a factor of 2.3, while the cost of building it varies by twenty per cent. The gap lands entirely on the residual land value, which reaches a six-to-one ratio. Behind that residual sits a long and largely discretionary administrative process, and the landowner monetises all of it.
ReadItalian prime yields did not move in the quarter the ECB reversed course. The spread over the risk-free rate is now thinner than for most of the cycle, and returns must come from rental growth.
ReadThe Demanio's annual report, Fintecna's revised plan and the Piano Casa amendments all point the same way: from disposal to development. Which shifts the constraint from capital to procedural timelines.
ReadTwo deals in a few months have brought institutional capital into a segment long run by family operators. The real estate interest, though, lies less in the service than in the buildings it brings back into income.
ReadBanca d'Italia's second-quarter survey points to a broad slowdown in residential price growth, with the North-West almost flat. Discounts and selling times, however, remain at historic lows, which changes how the figure should be read.
ReadIRS rates rose in the second quarter of 2026, yet the best fixed-rate mortgage offers held steady, with spreads slightly below zero. Lenders are absorbing the difference, and that capacity is finite.
ReadCoastal values rose 5.6% in the first half of 2026, yet the national average for existing seaside stock remains below 1,900 euros per square metre. Between the top of the ranking and the mean lies a ratio of twelve to one.
ReadEuropean real estate investment grew by double digits in the first half of 2026 while the investor sentiment indicator hit a record low. The two readings measure different things, and the figures themselves shift depending on who counts them.
ReadBuildings classified as F/2 ruins have passed 635,000, up 129% since 2011. Behind the cadastral figure lies a gap between recovery cost and end value affecting a growing share of the country.
ReadAfter June's hike, the ECB left the deposit rate at 2.25% on 23 July. Forecasts made at the start of the year pointed the other way, which is the first thing to keep in mind before reading any second-half projection.
ReadWith the era of large bank disposals over, portfolios backed by real estate now change hands mainly between investors. Pricing no longer rests on the discount to face value but on information quality and recovery timelines.
ReadThe £14.3 billion agreement announced on 4 August creates the world's largest logistics platform and removes London's biggest REIT from the market. The premium paid says something broader about the gap between share prices and property values.
ReadArdian has taken Casaforte; Nuveen and Safestore hold Easybox. In two years the segment has moved from niche curiosity to declared target for pan-European funds, in a country with the lowest per-capita provision on the continent.
ReadThe housing debate has moved onto the stock: too many dwellings in the wrong places, too few where they are needed, conversion as the answer. The diagnosis holds, yet the gap is widening mainly on the income side, and no refurbishment plan closes it alone.
ReadItalian real estate fund assets rose to €144.5 billion, with twenty managers running 97% of the vehicles. Offices still account for 56.5% of portfolios while the market buys retail, logistics and living.
ReadRemortgaging collapsed 63.4% while purchase lending grew 6.6%. The figure that matters, though, is different: collateral prices rose about 11% for new and refurbished stock against a 5.5% average.
ReadAuthorised dwellings fell 9.2% quarter on quarter but held flat year on year, while floor area grew 4.4%. New residential supply is shifting towards larger units just as demand moves the other way.
ReadListed housing stock rose 1.2% in the quarter yet remains 2.1% down year on year. Behind the national figure sits a sharp geography: Milan is accumulating unsold stock faster than anywhere, while the South keeps absorbing.
ReadIn unlikely-to-pay exposures secured by property the borrower is still paying, the asset is still producing and no enforcement has begun. What follows is a negotiation with rules of its own, governed by a prudential clock that allows a single pause. The path of one position, from classification to exit.
ReadAggregate distressed-debt stock is stable, but the center of gravity has shifted to granular UTPs and the secondary market. For anyone working with property collateral, that's the number that actually matters.
ReadWith the Milan-Cortina Winter Games over, the real test is the urban legacy. Twenty years after its own Games, Turin shows where to look to understand what actually works.
ReadItaly's professional pension funds' assets rise to €136bn, yet real estate's share slips from 15.8% to 14.8%. Not a retreat from property — a balance sheet growing faster than its most illiquid slice.
ReadInvestment in senior housing and assisted living is doubling, but 2035 capital-need estimates range from €15bn to €23bn — a gap that says more about data uncertainty than the sector's real trajectory.
ReadDemand for prime property in Italy grew 6.3% - but for very different reasons: home-buying in the North, yield-seeking in the South, with Sardinia leading on price. Branded residences, meanwhile, are redrawing the map of residential luxury.
ReadPrelios SGR has acquired, on behalf of Italy's chartered accountants' pension fund, a thirteenth-century palace in central Naples destined to become a hospitality venue - a deal that speaks to a wider trend in the Italian market.
ReadWorth £5.3 billion in the UK and €1.7 billion in Spain, build-to-rent in Italy remains a work in progress: a promising pipeline with figures still too immature to read with confidence.
ReadH1 2026 closed with €7 billion invested in Italian real estate, the best half-year on record. Behind the headline number lies a structural reshuffling of the market.
ReadThe government certifies €120bn in spending. The Court of Auditors measures just 6% of public-works value as fully closed and tested. Two metrics, two very different pictures of the Plan.
ReadRecord-high rents in Rome, a correction underway in Milan. The sharper divide is fiscal: 65.7% of Rome's new leases opt for capped-rent contracts, while Milan moves the opposite way.
Read€520M invested in 2025 (+63%): PBSA becomes Italy's top living segment for the first time, driven by one of Europe's lowest student-bed coverage rates.
ReadIn Q1 2026 Rome absorbed 52% of Italian office investment volumes versus Milan's 19% — a rebalancing driven by prime product scarcity in the traditional market leader.
ReadEqt Real Estate buys twelve logistics assets in northern Italy just as quarterly sector volumes drop 30%: a sign of selectivity, not crisis.
ReadMillionaire and family-office investment in Italian commercial real estate has doubled in a year: one transaction in four now involves them.
ReadOver 24 billion euros invested in Europe in 2025 and Italy growing 27%: hospitality is cementing its role among real estate asset classes.
ReadQ2 2026 data point to a two-speed residential market, but not all sources agree on the same picture.
ReadJune 30, 2026 is the single deadline set by Law 50/2026 for completing all PNRR-funded interventions. What it means for construction sites, contractors and real estate.
ReadNew mortgage rates have risen for a fifth consecutive quarter, even as the ECB continues cutting reference rates. The apparent paradox has a precise explanation.
ReadIstat's price index shows Italian home prices accelerating to +5.2% year-on-year in Q1 2026. Behind the headline figure, new and existing homes are moving in almost opposite directions.
ReadData centers have become one of Italy's most dynamic real estate asset classes, with €289 million invested in Q1 2026 alone. But the gap between announced and realized investment is worth understanding.
ReadConsulting firms have invested over $10 billion in artificial intelligence, but in real estate, judgment on ambiguous scenarios, negotiation and professional responsibility remain human. An analysis of where the line between acceleration and substitution sits today.
ReadItalian retail real estate closed 2025 with €3.5 billion in investment, up 39% on 2024 according to PwC — a European record led by shopping centers and outlets. Prime high street yields fell to 3.70%, while the cap rate-risk free spread compressed to 374 basis points.
ReadAfter months of stability, the ECB raised rates in June, and a second move in July is considered likely by several analyses. For European real estate, that means tighter spreads, a declining Stoxx 600 Real Estate index, and growing selectivity toward quality, low-leverage assets.
ReadMilan's Q1 2026 office take-up settled at 65,000 sqm according to JLL, but Grade A demand remains intense: vacancy stands at 3.6% versus a 9.4% citywide average, with prime rents at €820/sqm in the Duomo CBD. Quality, not quantity, now drives the office market.
ReadItalian home sales keep growing, but beneath the surface the market is polarizing: Milan, Rome and Naples hold firm while Turin and Palermo show signs of value erosion. Nomisma forecasts a physiological stabilization through 2028, with annual transactions settling just above 780,000.
ReadAfter years of explosive growth, European logistics real estate enters a more mature phase: structurally solid demand, reduced speculative development, energy as a new critical driver. In Italy, 2025 absorption reached 2.5 million square metres.
ReadEuropean office take-up fell 16% in Q1 2026, below the five-year average. Yet AEW projects prime offices as the top-returning real estate segment in Europe over the next five years, at 9.3% per year.
ReadFrom the third property, a VAT number is required; the flat tax rises to 26% from the second unit; and since May 20th, platforms like Airbnb are transmitting booking data to authorities. Italy's short-term rental market is being rewritten.
ReadOMI data confirms a solid Q1 2026: nearly 180,000 residential transactions, up 4.4% year-on-year. Prices on existing homes keep rising, and average mortgage amounts hit a ten-year high.
ReadItaly's commercial real estate market closes Q1 2026 with €2.6 billion in investments, in line with the ten-year quarterly average. Retail leads with €650 million; logistics sets an all-time take-up record while capital deployed declines versus 2025. A two-speed market.
ReadOn June 1, 2026, the transfer of the remaining undeveloped areas of Milano Santa Giulia from Lendlease to Bizzi & Partners was formalised. The transaction is valued at approximately €154 million, with the Australian group recording an estimated loss of AUD 175 million. Davide Bizzi inherits a complex masterplan: 385,000 sqm to build, an estimated €1.8 billion in investment required.
ReadFrom June 3, 2026 — the first working day after the transposition deadline of the Energy Performance of Buildings Directive (EPBD IV) — Italy's Energy Performance Certificate becomes a more detailed and more market-relevant instrument. The market is already pricing it in: energy-efficient properties command up to 15% more.
ReadQ1 2026 delivers the best take-up figure ever recorded for an Italian logistics market opening quarter: nearly 860,000 sqm of occupied space, up 78% year-on-year. The sector accelerates, but investors are exercising growing selectivity.
ReadNearly 800,000 homes sold in 2025, commercial investments above €3 billion in Q1 2026 alone, and a government decree trying to address the rental emergency. Here is what is happening in Italian real estate.
ReadItalian commercial real estate opens 2026 with €3.05bn in Q1 investments (+13% YoY), while logistics records its best quarterly take-up in four years. On the regulatory front, DL 66/2026 reshapes housing policy with PPP instruments and accelerated procedures.
ReadThe decree in force since 8 May reshapes the regulatory framework for Italian public and social housing. Here is what really changes for market operators.
ReadItaly's governing majority has tabled amendments to reopen the 2003 building amnesty and regularise pre-1985 illegal developments. The proposal is still under debate, but it affects millions of Italian property owners.
ReadCovivio's acquisition of four Milan hotels for 217 million euros is far more than a single transaction: it is a snapshot of a strategy and a market in transformation.
ReadQ1 2026 confirms the polarisation of Italy's office market: solid but selective demand, historically low vacancy for Grade A stock, and prime rents hitting new highs in Milan and Rome.
ReadIl permitting in Italia rappresenta ancora oggi uno dei principali fattori di incertezza nei progetti immobiliari.
ReadUn progetto nella migliore location, senza fattibilità, rimane solo un bel progetto.
ReadIl mercato residenziale italiano mostra segnali di cambiamento strutturale che vanno oltre il ciclo dei tassi. Tre dinamiche in particolare meritano attenzione da parte di chi sviluppa o investe nel comparto.
ReadIl segmento della logistica urbana sta attraversando una fase di rapida evoluzione nelle principali città italiane. Milano, in particolare, offre oggi opportunità interessanti per investitori capaci di leggere i segnali di mercato con anticipo.
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