“Where Is Real Estate Headed?” at the Perspective EU 2025 Forum

The panel discussion Where Is Real Estate Headed?, held this past May during the Perspective 2025 forum in Venice, outlined the emerging challenges of the Italian real estate market. The session explored a range of questions, sparking a debate on the central theme: Where is real estate going? Is Italy becoming a polycentric country again? And how can effective synergies be created to encourage new investments?.

Italy is slowly rediscovering the value of urban polycentricity—a model that supports a balanced distribution of functions and opportunities across different areas of the country. This approach helps to ease congestion in major cities and enhances the value of smaller towns and neighborhoods, contributing to a more sustainable and inclusive economy. During the discussion, experts such as Francesco Rovere from AXA Investment Managers, Francesco Motta from GreenStone SICAF, and Chiara Mattei from Svicom S.p.A. Società Benefit shared their insights, highlighting how urban regeneration is a key element of this transition.

Effective Metrics and Public Sector Dialogue

A central theme that emerged from the roundtable was the need to define effective metrics to assess the real value of urban development initiatives. In this regard, dialogue with public administrations is essential: understanding where and how to intervene, and what role these institutions can play in enhancing real estate assets. Public administrations—each with their own unique characteristics—must be guided by community needs and a willingness to embrace meaningful change.

Moreover, it was emphasized that the traditional cost-cutting approach is short-sighted and limiting. A shift is needed toward a model that prioritizes asset longevity and value, integrating ESG (Environmental, Social, Governance) principles that foster inclusivity, community development, and synergy with the surrounding urban environment.

Social Impact as a Driver for Development

An emerging aspect is the definition of metrics that go beyond purely economic considerations, aiming to measure the social impact of real estate initiatives. Urban regeneration is not just about refurbishing buildings or neighborhoods—it’s also about improving the quality of life for local communities. A concrete example is the redevelopment of Garibaldi Station in Milan—scheduled for completion in 2026—which is transforming a degraded area into a strategic hub that benefits the entire city.

Looking ahead, adopting a more holistic approach to real estate in Italy becomes essential—one that accounts for social, environmental, and long-term value metrics. Promoting sustainable investments, fostering dialogue between public and private sectors, and encouraging a community-driven vision are key strategies to help Italian cities evolve in a resilient and inclusive manner. Only by doing so can we transform the urban landscape and improve the quality of life for communities, responding effectively to the ongoing challenges.

>>> The Perspective EU 2025 forum in Venice was opened by the opening keynote by Weiss/Manfredi

Photography by Fabio Delfino