A more environmentally friendly culture has developed in the last decades, with a focus on wastefulness, consumption, and a desire to use more renewable energy. There have been many technical and regulatory innovations in the real estate market, but is Italy keeping up with these changes?
Italian real estate map, between new and old Italian real estate property dates back to big construction works of Italian reinassemente after the Second World War. Indeed, more than 50% of real estate has been realized before 1975, when construction works were not regulated from energy politics and earthquake proof, now essential.
Moreover, since 50ths and 70ths many building elements have changed such as: sizes, heights and illuminating rapports, best quality of goods, supply and quality of products. Environment attentions and new technologies have introduced new devices and new ways to heating, air conditioning, air recycling and all the home automation systems and home remote control. In addition, lifestyle is deeply changed and houses do not meet the Italian needs.
In Italy, the real estate property count 65.05 billion houses, and is divided into 2 sections:
11% of real estate are owned not by natural persons;
89% of real estate, like 57.75 billion houses, are owned by natural persons. There are different types of use:
house for rent;
relevance such as parking space;
Residential real estate is 32.85 billion and 61% is used as main houses, 11% is granted for rent and 17% is a second house.
Today markets: between renovations and new houses The supply is old, the demand is numerous but the houses on market do not meet the young people’s needs. People are looking for new quality houses and energy efficiency, but 51% of real estate, or 16.7 billion houses, are over fifty years old, dating back before the 70's and they are not suitable for modern needs.
Only 12.7% of real estate italian property is realized in the new millennium and is in compliance to today's regulations and meets the new request.
Italy has a big growth potential in the renovation market, indeed it is possible to renovate 560 billion sqm to a value of €450 trillion as it stands. Instead, residential houses that need routine maintenance count 1.41 trillion sqm. The renovation would meet the people's needs. The construction works would be driven by technologies to efficiently manage space and energy systems.
In 2021 the renovation works were +6% up in comparison to 2020. The peak of new houses was 2011 and then slowed down, ten years later new houses started to increase again. Since 2019 the number of new houses have been less than half compared to renovations. In particular, 2021 was the year of big construction and renovations’ works, thanks to the benefits given by Italy.
In order to meet the needs and lifestyles of a new generation, Italy has a great deal of growth potential. House is the main object in an Italian's life and it’s right to show to potential buyers valid options that meet their needs.