The dominance of international real estate investors in the Italian market is accelerating the pace at which ESG policies are being implemented in the country, according to Milan-based PwC Italy partner Lia Turri.
Italy is seeing an increased level of interest in certification such as LEED which has become an essential for new developments. And, owing to the influence of the asset management companies and foreign investors, that certification now needs to be at the highest levels attainable, Turri told Real Asset Insight’s Richard Betts.
Regeneration is highly topical in Italy. “If you look at Italian real estate asset, more than 40% has been built before 1960 so it means that there is urgent need of urban renewal,” Turri said.
Another important environmental consideration which can be addressed during the urban renewal process is the comparatively low level of green space in Italian cities – around 10% compared to 20% to 30% elsewhere in Europe, Turri explained.
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