The rapprochement of the real estate market with that of finance has led to a major innovation in the real estate industry, which has had a considerable impact on the whole construction cycle.?Finance participates in the construction cycle, not only as a mere financing instrument to support planning and construction activities, but also for its capacity of renewing the sector, a capacity which derives from its close link with all phases of the construction cycle and, above all, with that of the "property management" which closes and re-opens any construction cycle.?The effects of real estate financing are so significant that they have a financial impact on capital markets, economic repercussions on the construction industry, they influence town development and land management and, finally, they have social repercussions.?Through this process, we have come to the definition of the economic-financial and technical standards that have distinguished and steered the real estate market in recent years.

Marzia Morena
Marzia Morena is a researcher with the BEST Department (Building Environment Sciences and Te-chnology) at the Politecnico di Milano, with which she has collaborated since 1996. She does teaching,research and consulting work, specializing in the area of technological innovation and in the relation-ship between the construction process, real estate development and facility management. She cur-rently teaches and coordinates diverse third-tier educational initiatives (Specialising Masters,Post-Graduate Courses and Permanent Education Courses). She is coordinator of the 14th Edition ofthe Postgraduate Master's Degree in Real Estate promoted by Politecnico di Milano. since 2004 shehas been the co-director of the Executive Course "Assets, Property and Facility Management - FPM"at MIP, the Business School of Politecnico di Milano and since 2005 she has been the coordinator of theelective course "Real Estate Development" of the Postgraduate Master's Degree in Real Estate, promotedby MIP Politecnico di Milano and SDA Bocconi and provided by the two schools in joint venture. Since 2010 she is the President of the Italian chapter of the Royal Institution of Chartered Surveyors (RICS). She is a founding member of the AREL board (Associazione Real Estate Ladies), established in 2006. She has authored and co-authored several publications on the topics of real estate and construction management.