News / Insights

The 23rd edition of the Real Estate Finance Monitor, sponsored by CACEIS Bank in collaboration with Confindustria Assoimmobiliare and the University of Parma’s Permanent Observatory on Real Estate Funds, analyzed 325 funds managed by 14 asset management companies active in the Italian real estate sector. In 2024, the value of investments in real estate assets remained stable, accompanied by a slight increase in financial instruments and the net cash position. Real estate management continued to post positive results, as did financial instruments and core operations, confirming the predominance of real estate activities over the financial component, with a return on the “real estate and real property rights” macro-class amounting to 2.99% of the funds’ total assets.

The asset distribution of the sample was heterogeneous: 27.4% of the funds had assets under 50 million, 27.1% between 51 and 100 million, and a growing share of 3.1% exceeded 500 million. The most significant portion of financial assets consisted of unlisted controlling equity interests, units in unlisted UCITS, and unlisted debt securities. When analyzing the funds by maturity, only long-term funds recorded profits, while short- and medium-term funds showed losses or more modest profits, primarily influenced by financial and management expenses. Unlisted, reserved, pooled, and long-term funds proved to be those with the highest profit figures, driven by positive real estate management and profitable investments.

Overall, the impact of property taxes was significant: in 2024, IMU and TASI accounted for 35.91% of total operating profit, 15.34% of the value of investment properties, and 10.19% of rental income. Nevertheless, the funds maintained a share of real estate assets above the minimum required by regulation, with values increasing throughout the reporting period, confirming the central role of the real estate sector in the portfolios and its ability to generate profitability, particularly in long-term management, despite tax constraints and the variability of results across the different clusters.