Italian Healthcare Real Estate Market Report
The Italian Healthcare Real Estate Market Report provides the reader with a comprehensive and in-depth analysis of the Italian healthcare real estate market. This encompasses a research on its key drivers, stakeholders, market dimensions, and prospective trends.
Document Details
This report is produced by Gilardini Realty, a specialist investor in the European Health Care Real Estate (HCRE) market, which was worth c. €9.8b in 2023 after decreasing by 28% compared to 2022 (JLL, 2024). The HCRE in the United States (US) also showed a contraction, reaching $7.6b in 2023, versus $25b registered in 2022 (SkyView Advisors Healthcare Real Estate, 2024). The report takes a deep dive into the Italian HCRE market, worth c. €600 million in 2023 (Dils, 2024). It can be used as guide for investors and other stakeholders seeking to increase their exposure to this segment of the real estate market.
Main findings
The analyses reveal that despite the small size of the Italian HCRE relative to other countries, the sector has been increasingly attracting the attention of the investors thanks to the rising demand for healthcare services fuelled by an aging population. However, supply of HCRE remains limited, as the majority of the stock available is owner operated. Opportunities to invest in Italian HCRE through capital markets is not available, and possibilities for investments through funds are almost-exclusively available to institutional investors. We believe direct investments should be considered case-by-case, possibly with sale-leaseback operations, with ESG playing an increasingly important role in the evaluation.
Who will benefit from this report?
We believe a wide range of professionals will benefit from this report, namely: pension fund managers, management teams and investors in healthcare companies that have a significant real estate element, managers of the Italian Società di Investimento Immobiliare Quotata (SIIQs), healthcare sector owners and operators, as well as lawyers, surveyors, and real estate professionals. Our analysis will also assist investors to better understand market trends and the drivers of HCRE growth in Italy.
Structure of the report
The report is structured as follows: after briefly reviewing definitions (Section 3), we analyse the Italian healthcare market and its growth drivers (Section 4). Section 5 focuses on the Italian HCRE market, and the report concludes in Section 6 with an outlook for 2024 and beyond.