ITALIAN QUARTELY MARKET VIEW (Q4 2011)
In Q4 2011, €990 million was invested in Italian real estate, a decrease of 26% over the previous quarter. The result for the whole of 2011 stood at €4.3 bn, a decrease of 12% compared to 2010. The retail sector was confirmed as the main driver of investment with 55% of the total volume. More generally, high street and offices together accounted for 58% of the total volume, confirming the dominance
of risk-averse investors who continue to target core assets with a low risk profile: prime gross yield for both assets were unchanged in the quarter at 5.25%, but the outlook is weakening.