“Impact Investments” in Real Estate: Opportunities and Appraisal

Following the events of the still unfolding economic and financial crisis involving real estate, there has been a growing awareness of having to formulate proposals and scenarios (in real estate) that have the characteristics of socially responsible investments; therefore, in line with the papal Encyclical Laudato Si’, these proposals and scenarios must aim at growth based on a development that is “sustainable”, both environmentally and socially. Settlement production processes are starting to be carried out in the form of “Impact Investments”, responsible investments related to ethical finance. Based on these premises, this paper will: (i) briefly analyze the nature of an “Impact Investment” and what characterizes and sets it apart from “Traditional Investments”; (ii) then, based on the analyses made, it will be possible to identify the elements for formulating a procedure (of the multicriteria type) aimed at assessing an “Impact Investment” in real estate. Lastly, the procedure will be applied to a case study involving a social-housing initiative in the Municipality of Ladispoli (Rome).