The Italian Real Estate Market in August



The current pandemic doesn’t seem to have impacted the luxury property market as demand and prices remain stable. Engel & Völkers confirms this trend with properties sold for over one million euro.

Milan reported 4,936 residential transactions, the lowest result in the last five quarters. Fimaa forecasted decreasing transactions set between 20% and 25% compared to 2019. It will likely take three or two years to return to the same values as 2019, while investment purchases in Milan sank by 20%. Nomisma reported a slight decrease in prices (-0.4% over six months) and a sharper reduction for rents (-0.9%).


Covivio sold an office asset located in Rome to a leading company based in Naples for 7.85 million euro. The building is occupied by CreVal and covers a surface of about 1,600 Sqm.

Always in Rome, Allianz Real Estate acquired a prime asset from a closed-end real estate investment fund managed by DeA Capital Real Estate SGR. The asset was bought for 200 million euro, and it consists of a multi-tenant office complex of three buildings, fully let, covering a surface of 30,828 Sqm.

Kryalos, together with Castlelake, sold 100% of the alternative real estate investment fund Titan. The fund held an asset located in Viale Sarca, Milan, which, following the completion of a built-to-suit project, was leased to Pirelli in February 2020 through a sale & leaseback operation. The asset covers a surface of 11,000 Sqm. With the addition of the new Building 120, Pirelli has completed its campus in Bicocca which accommodates the learning centre and the meeting rooms.


CreVal sold impaired loans for a total amount of 372 million euro to MBCredit Solutions (Mediobanca group) and Amco. The portfolio sold to MBCredit Solutions amounts to 102 million euro and concerns unsecured corporate NPLs. The second portfolio was bought by Amco for 270 million euro, and it mostly consists of corporate loans, 60% of which are NPLs and 40% UTPs.


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