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Despite a 2023 marked by global economic difficulties, the managed real estate sector showed surprising resilience, registering 5% growth globally.
Real estate funds and REITs (Real Estate Investment Trusts) increased their total assets to the impressive figure of EUR 4,650 billion. Italy also recorded a significant increase, with NAV (Net Asset Value) up 5.3%.
The Real Estate Scenarios Report
The detailed picture of the managed real estate industry was presented in the 2024 Report on ‘Real Estate Funds in Italy and Abroad’, produced by Scenari Immobiliari in collaboration with Studio Casadei. The report, presented in Milan, highlighted how, despite the challenges of 2023, the assets of real estate funds and REITs continue to grow. At the end of 2023, global assets reached EUR 4,650 billion, with REITs holding about 76% of the total.
The performance of real estate funds in Europe
In Europe, the real estate fund sector has seen growth in numbers and assets. There are 1,973 active funds and 276 REITs with total assets of EUR 1,600 billion, an increase of 4.6%. Germany continues to dominate the European market, followed by Luxembourg, France and Italy. Assets under management in Europe by the top eight countries reached EUR 943 billion.
Italy and the growth of real estate funds
The Italian real estate fund sector has grown significantly. With assets of EUR 114 billion and an increase of 8.6% over the previous year, Italy remains a growing market. Forecasts for 2024 show a further increase in NAV of 5.3 per cent and assets of 4.6 per cent.
Prospects for 2024
According to Mario Breglia, president of Scenari Immobiliari, 2024 looks set to be a year of action after a 2023 hiatus. Investors can count on a less chaotic market with solid real estate fundamentals and stable demand. Francesca Zirnstein, managing director of Scenari Immobiliari, predicts an ideal year for value-add investments, with a return of attention to modern offices and the living sector attracting increasing interest.
Conclusion
The managed brick sector has shown remarkable resilience in a difficult year. With positive growth forecasts for 2024, the global real estate market, and the Italian market in particular, is poised for new development and investment opportunities. The challenges of 2023 have strengthened the sector, preparing it for a future of sustainable growth and innovation.
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