A Feasibility Analysis of The Refurbishment Investments in The Italian Residential Market
In the present research the financial convenience of refurbishment investments concerning
residential properties located in the Italian territory was analyzed. The study aimed at determining the
unit profit range for a potential investor deriving from the refurbishment of residential properties and
contextualizing the analysis to the Italian provincial capitals. With reference to the three macro-areas
that for geographic and socio-economic dierences define the Italian territory, namely the North,
Center, South and Islands, three financial convenience maps were elaborated with the aim of providing
a useful support in the investment choices of private and public operators. In particular, the financial
convenience maps could guide the private operators in their investment decisions through a higher
awareness of the achievable earnings and could help to identify the optimal allocation of financial
resources due to the increase in the market value of the refurbished property. For the public
administrations, instead, the study will be a useful reference for the calibration of the fiscal policy
decisions regarding the incentives for building refurbishment at the dierent territorial scales and of
the tax revenues related to the increase in the market value of the refurbished properties.