Italian Property Under the Microscope

Published on
December 1st, 2016
39 minutes

Italian Property Under the Microscope

The Interview ·
Featuring Manfredi Catella

Published on: December 1st, 2016 • Duration: 39 minutes

Manfredi Catella runs one the largest property companies in Italy, with over $5 billion in assets under management. In this interview with Dr. Pippa Malmgren, Manfredi outlines the state of demand from international investors for hard assets in Europe. Against the backdrop of the Italian referendum, he also looks at the potential outcomes and Italy’s future prospects for attracting international investment.


  • Md
    Matthew d.
    5 June 2017 @ 14:02
    I think the default playback setting for this interview should have been 1.25x (at least)
  • CH
    Calvin H.
    8 December 2016 @ 00:52
    God, that was the worst ever. Monotone, and non-answers. I had to quit at the 20min mark and I have a house in Ravenna! :)
  • IP
    IDA P.
    4 December 2016 @ 16:00
    To Jack: I don't think the thumbs down are because the topic is niche, there are many specific interviews. I simply don't find it fair to tell people that real estate investment in Italy is interesting, without warning that the justice system is so slow, if you rent your home and the tenant doesn't pay , it usually takes about 18 months to get the tenant out, 18 months during which you do not collect rent. Italy is the most beautiful country in the world, but it must get it's act together if wants to become an interesting place to invest.
  • MG
    Matteo G.
    4 December 2016 @ 10:44
    Pippa is very interesting as an host, but she is not good as an interviewer. the answers are almost always too politically correct and do not go to the point, but she accepts them instead of insisting.
  • RP
    Ron P.
    4 December 2016 @ 01:24
    In response to Jack V
  • RP
    Ron P.
    4 December 2016 @ 01:23
    I think the comments provide feedback to the speaker. The up down provides feedback to RV
  • IP
    IDA P.
    2 December 2016 @ 14:07
    oh I forgot ! I have friends from London who own property in Italy, they come over every summer to enjoy their vacation home on the hills above the sea. However I have come to the conclusion that the local town hall hates these people for investing in the region, because many local taxes cannot be paid through your bank account, they send a bill through the postal service which I must go pick up and go pay for them. We have asked to have an automatic service where the town hall either sends the bill by email, or just charges the cost on their bank account. Sending the bill to London takes too long, the payment would be late. Anyway, this is not possible either. Also they pay a very very high rubbish collection tax all year long, even though they spend about 3 weeks a year in their house. This is because there is no discount for vacation homes, the rubbish collection tax is calculated according to square metres, not according to rubbish produced. So my friends pay a fortune for rubbish collection, even though they produce none. Please offer some solutions, my London friends have not purchased other homes: too much stress for the management of the bills. You need a trustworthy person around to manage the bills! Local town halls must adopt technology if they really want to sell to northern Europeans. Real TV I think you're great, but you should have interviewed my friends who own a nome in Italy to understand how hostile local governments are.
  • IP
    IDA P.
    2 December 2016 @ 13:40
    I'm sure that this guest is a smart guy, but this interview is too politically correct. I have been living in Italy since 1987, and I see that the referendum regards a topic which is too complex for most people to understand, a constitutional committee independent from politics should have been formed to decide the constitutional reform. People don't trust who wrote the reform, but the radio is telling us that if we don't vote us everything will collapse, it is shameful. Also considering all the reforms we need, how come nobody addresses the question that in Italy local banks have pushed small investors to buy subordinated bank bonds which are probably worth nothing. This is why it is hard to clean up the mess, because with a bail in which is fair in theory , you create a social problem. I work as an independent financial advisor , I am one of the few in Italy who gives independent advice on a fee basis: most financial advisors are paid by commission be the bank they work for. So they may give excellent advice, however they have a potential conflict of interest. Now a register has been created where independent financial advisors like me and agents who work on a commission for a bank are all called by the same name, that is consulenti finanziari. I can't use the term independent anymore. This create confusion, and confusion creates poverty in the system not wealth. Clear and free competition creates wealth in the system. Also, the organism body which must vigilate on me is composed by people who are employees of big banks! They are not allowing independent members on the board. italy is the only Eu country where it is not possible to become an independent financial advisor today, I started 10 years ago, now there are no new entrants to this profession, creating a bank momopoly. The point is, if this government is so closed and against competition, and can we believe that real wealth in Italy will grow enough to sustain prices of real estate? I find this impossibile, the population here is not growing enough. I hope the next time you discuss Italian problems, please interview someone who can answer these questions, especially why this government is against independent advice, which is necessary to create competition and long term wealth among investors who want to buy real estate. Best Regards, I. Pagnottella
  • MA
    Mark A.
    2 December 2016 @ 13:19
    This is exactly the content I'm interested in. Actionable, clear and horizon broadening. The idea that the third biggest Eurozone economy, which is at a crucial juncture which will define the future of the EU and Euro is somehow niche doesn't wash for me.
  • TS
    Tim S.
    2 December 2016 @ 00:51
    Always a fan of Pippa's style. Interesting discussion on expands my thinking in a more global way. One thing I always count on RV is to stretch my mind, even if subject is not top of mind.
  • GC
    Gary C.
    1 December 2016 @ 18:19
    Pippa, great selection of articulate speakers regarding Italy's role in the Eurodrama. Would love to have you cover related topics regarding Cuba
  • ma
    mary a.
    1 December 2016 @ 16:23
    fresh look at a country often written off as bankrupt and ungovernable. may not be mainstream investment, but certainly reminds us that discontinuity, as he says, offers opportunity.
  • JV
    JACK V.
    1 December 2016 @ 15:44
    Perfect example of why the THUMBS UP/THUMBS DOWN indicator should be eliminated. The speaker was very good, but the niche nature of his expertise is likely responsible for 50% down votes (as of the time of this comment). UP/DOWN is crude and relatively uninformative. Encouraging more comments (and reducing editorial attacks on comments which are arguably negative, but factually accurate) would be a more intelligent way of providing feedback to the speakers, the RV editors and other viewers.