Northern Italy’s high per capita GDP level and low level of unemployment is comparable with the most developed parts of Europe and had helped create a strong market for residential property says Garbe’s country head Italy Marco Grassidonio.
The strength of the economy and the housing market attracts young professionals who are drawn in particular to cities like Milan and Bologna whose populations are increasing and which are forecast to do so for the next 25 years.
“In addition, we have in all these cities the main hub for universities and polytechnics…this also brings students and foreign students from all over the world,” Grassidonio told Real Asset Insight’s Richard Betts. Consequently, the residential market which has been very fragmented in the past, is now a key market for institutional investors and build-to-rent portfolios are increasingly in their focus.
“It’s important to highlight that cities like Milan always have an important program for affordable housing – each development has a quota of affordable housing that must be offered,” Grassidonio said.
“This helps the population to have proper houses and also mixes up the population in all neighbourhoods in a city.”
Please click on the video above to watch the full interview or listen to the podcast below.