Portugal 
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Real Estate and asset management together towards a new market
“The international scenario is full of uncertainties, but it is also true that the economic growth is stabilizing. It is necessary to find a global dimension of growth that is not ideological, but that considers the positive and negative aspects of what is happening”. This is one of the points expressed by Giulio Tremonti during his speech at the opening of Re Italy 2017- spring edition, that gathered for the first time not only the main players of the real estate market, but also those of the asset management market, to stress the more and more close relationship between the two sectors.
The risks of financialisation
Tremonti has pointed the finger towards the financialisation of the economy, that could generate distortions if not well managed. “When I talk with the international representatives, I sense a general worry in two directions: Italy and North Korea. I try to convince them that Italy is not doing that bad as it seems and that North Korea is a paper tiger in the hands of Beijing”. The fears of Tremonti are rather towards the globalization model adopted since the fall of the Berlin Wall: “ I am not against globalization as an economic process, but against the ideology of globalization, which brings benefits to some, but creates problem to others”. For Tremonti, the entry in a historical dimension “cannot be governed by the politically correct, hiding problems under the carpet”. Neither the solution can be the excess of regulations that has characterized the last few years: “It is wrong believing that democracy is a value for everyone. It is not a product to export, but rather a process that requires different times for each Country and people”.
The recovery of real estate
The day has continued between round-table meetings and moments of in-depth analysis about the main themes of real estate and asset management. The widespread feeling is that there are signs of recovery on the real estate side, even though not in a general way. The interest of the investors in the great requalification projects and in the trophy asset continues to grow, whereas the problems connected to the bureaucracy and the long times of the national justice are remaining. This is the picture emerging during the RE Italy 2017, spring edition, an event organized at the Italian stock exchange in Milan by Monitorimmobiliare.it and Monitorisparmio.it.
Real estate finance between lights and shades
Luca Dondi, CEO of Nomisma, has presented the last report on the real estate finance in Italy, pointing out the signs of an ongoing recovery – thanks specially to the growing feeling of trust from the companies and families – , but also the delays in the renovation of the market offer that leaves our Country behind in the international context.
Throughout the day there has also been space for follow ups on the matters of asset management, starting from a focus on the Pirs, which are registering a great success on the market, as Marco Rosati, Zenit Sgr CEO, has stressed. He is also hoping for a greater attention by the Italian SMEs towards the capital market. An opinion also shared by Alberto Zorzi, Arca Fondi Sgr Investments Vice Director, who has stressed as nowadays there is a very rich offer on the market of products to diversify the sources to access to credit other than banks.
Roberto Reggi, Director of the State Property Agency, has presented the urban regeneration plans which – among other things – features the rationalization of the public expenditure for rentals at loss, with the collaboration of privates.
“The interest shown by the market operators, with more than 1,100 deposits, proves that the real estate market is in a phase of great evolution. There are signs of awakening that deserve to be strengthened”, this is the conclusion of Maurizio Canone, director of Monitorimmobiliare.it and Monitorisparmio.it. “Real estate and asset management are two sectors that are gradually converging, with new products and corporate strategies”.
The interviews
Giulio Tremonti, lawyer and former Foreign Affairs Minister
“When I talk to investors, they tell me: the situation at international level is good, there are only two problems.
Italy and North Korea. I try to explain that Italy is not in a serious situation as they think and that Korea is a false problem, it is a paper tiger in the hands of China. While in the world there is a big disorder: the facts of these days prove it”.
Roberto Raggi, State Property Agency director
“The urban regeneration is an occasion to rationalize the spaces and to reduce the rentals at loss. We regenerate areas of the cities that today are empty. We do that in collaboration with privates that aim at profit.
A common goal and a collaboration that are giving positive results not only in big cities such as Milan and Rome but also in cities of medium dimensions”.
Paola Ricciardi, Reag managing director
“There is a great interest by foreign investors in our Country. It is not a recent phenomenon, but since a few years already there has been attention towards Italian assets.
Nowadays the competition has become very strong, for this reason, we look for niches in the market. It is not always easy finding products suitable to the expectations. Among the most interesting sectors, there are the residences thought in an innovative way rather than the traditional concept of residence”.
Vincenzo Albanese, Sigest sole director
“Positive signs are coming from the market, especially for the city of Milan which has been growing for the third year in a row. But there is still space for further growth. We note a sharp recovery of the values related to new initiatives”.
Mario Abbadessa, Hines Italy CEO:
“During the convention ‘The new cities, between public and private: the Rome and Milan examples’ we discussed the urban evolution in the two main Italian cities. As a company, we aim at reproducing the 800 million investments of 2016 through permanent solutions and residences to place in the long term. With the passing of time, we will be less and less a country of property owners. The culture of real estate products is changing”.