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The Gabetti study analyzes the impact of the 110% Superbonus on the energy retrofitting of Italian apartment buildings, based on a sample of 4,081 residential units spread across 202 buildings.

The main interventions involved the insulation of walls and roofs and the replacement of heating systems, resulting in an average improvement of 3.3 energy classes, a 54% reduction in energy demand, and a 53% cut in CO₂ emissions. In economic terms, property values increased by an average of 10%, with a potential increase of up to 40% per square meter for those who upgraded from Class G to Class A. The total investment for the sample was 159 million euros, with an average expenditure of approximately 60,000 euros per residential unit, 96% of which was covered by government incentives. Households nevertheless invested approximately €6 million of their own funds, often for improvements not covered by the bonus, a sign of growing interest in energy efficiency.

The impact of the Superbonus varied by geographic area: households in Central Italy invested the highest share of their disposable income in retrofitting (30%), followed by the Northwest (11%), the South and Islands (10%), and the Northeast (9%). Nationally, the average private expenditure per unit was €2,480. The effectiveness of the renovations was greater in integrated projects, which involved both common and private areas (62% of the total), confirming the importance of a coordinated approach to achieve significant improvements in energy class.

From a property value perspective, Class G buildings have an average price per square meter that is 29% lower than that of higher-performing buildings; following the interventions, 30% of properties initially in Class G and over 70% of those in Class E achieved Class A or B. Every euro invested directly by private individuals generated an estimated increase in property value of approximately ten euros, demonstrating the multiplier effect of incentives on the market.

Download the report here