Real estate at forefront of Italy’s national recovery plan: Coima

Italy’s multi-faceted national recovery and resilience plan could collectively contribute over €54 billion to urban regeneration according to research undertaken by real estate investor and developer Coima.

The figure could exceed €85 billion if investments in infrastructure are also included.

Italy’s national recovery and resilience plan covers digitisation, innovation, competitiveness and culture, green revolution and ecological transition, infrastructure for sustainable mobility, education and research, inclusion and cohesion, and research.

Coima said that its research indicates that the capital could begin the process of national regeneration particularly by addressing public real estate assets across Italy. The company said that over 350 million sq m of space is controlled by public bodies. This includes about 220 million sq m in the hands of municipalities, 42 million sq m under the control of central administrations, 78 million sq m with local authorities, 8 million sq m with regional authorities and 5 million sq m with public funds and social security institutions.

Coima points out that as 40% of properties in Italy are over 60 years old compared to the EU average of 32% while more than 70% of the assets are susceptible to earthquakes compared to 30% in the EU. The firm also points out that green space per citizen is low in Italy.

Adjusting these differences would result in the regeneration of more than 100 million sq m requiring an investment of €200 billion over 10 years, Coima said.

Property investment could affect environment, economy and tourism Coima said

“This would have multiple positive impacts in many different areas: on the environment, with a 15% reduction in CO2 emissions in Italy; in terms of employment, with the creation of 200,000 to 300,000 jobs annually; and on the economy, with the reduction of territorial differences and an increase in tourism having a positive effect on various sectors,” Coima stated.

Coima also said that investing in the creation of ESG-compliant properties, would play a crucial role in supporting long-term growth by stimulating economies as well as supporting ESG initiatives at the European level.

“Government, CDP, Ferrovie and Poste Italiane on the one hand, together with the likes of Intesa San Paolo, Unicredit, and our institutional investors (pension funds, insurance companies and foundations) are examples of organisations that could contribute towards a historic industrial plan for Italy that would fuel competitiveness and economic and cultural development,” Coima stated.

The data emerged during the tenth edition of the Coima Real Estate Forum, an annual event dedicated to examining strategies for real estate and the built environment. The event took place yesterday in Rome.

“Italy has a history of developing extraordinary cities,” said Manfredi Catella, founder and CEO of Coima. “Today, with a collaborative approach between public and private institutions, we have the opportunity to devise a plan for the country’s redevelopment that affirms a new Italian cultural and economic development model and facilitates the growth of national companies that can operate at a national and international level.

“With the support of the main Italian institutions, the Coima ESG City Impact Fund is now close to exceeding €500 million in commitments to be invested in urban regeneration programs with an economic impact of over €2 billion in partnership with selected institutions and operators.”