ITALY Law and Practice Contributed by: Guido Alberto Inzaghi, Ivana Magistrelli, Silvia Gnocco and Gabriele Paladini, SI – Studio Inzaghi
SI – Studio Inzaghi Torre Velasca 12th floor Piazza Velasca no. 5 20122 Milan Italy Tel: +39 335 1697665 Email: info@studioinzaghi.com Web: www.studioinzaghi.com
1. General 1.1 Main Sources of Law
The SFDR Regulation aims to increase transparency on social and environmental responsibility in financial markets and to limit so-called greenwashing. It also aims to ensure the product comparability and direct the flow of private capital towards more sustainable investments. The EU Taxonomy Regulation establishes criteria for determining what is green and sustainable, and what is not, and identifies all economic activities that make a substantial contribution to achieving at least one of the six environmental objectives set by the European Commission. 1.2 Main Market Trends and Deals The total investment volume in commercial real estate in Italy in 2025 was approximately EUR12.4 billion, a nearly 23% increase from 2024. Notably, the fourth quarter played a pivotal role, generating invest - ments of approximately EUR4.3 billion, which was an increase compared to the preceding quarters of 2025 and the fourth quarter of 2024. The primary driver of this strong performance was the retail sector. In the fourth quarter, this sector attracted approximately EUR1.1 billion in investments, culmi - nating in an annual total of EUR3.4 billion, marking a new all-time high for the sector in Italy. The factory outlet, high street, and shopping centres segments were particularly active in the fourth quarter and given the strong pipeline of planned deals, they are expect - ed to maintain significant investment volumes in 2026.
The Italian Civil Code is the main source of real estate law for civil purposes. Commercial leases are gov - erned by Law No 392/1978 (the “Tenancy Law”), while residential leases are governed by Law No 431/1998. Zoning and planning aspects are primarily regu - lated by national, regional and municipal laws and regulations. The main national legal and regulatory sources in this regard are the Urban Planning Law No 1150/1942, which governs planning aspects and D.P.R. No 380/2001, regulating construction aspects. The main sources of real estate finance law are: • Legislative Decree No 385/1993 of 1 September 1993 (the “TUB”) on banking and lending matters; • Law No 130/1999 of 30 April 1999 on securitisation transactions; • Legislative Decree No 170/2004 of 21 May 2004 on financial security agreements; and • Directive 2011/61/EU on alternative investment fund managers. In terms of ESG regulations, initiatives that closely involve the real estate market are Regulation (EU) 2019/2088 on sustainability-related disclosure in the financial services sector (the “SFDR Regulation”) and Regulation (EU) 2020/852 of 18 June 2020 (the “EU Taxonomy Regulation”).
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