What happened between 2007/2008 had consequences that are still difficult to overcome, but it is important to know to avoid repeating what has already happened, and, a moment of difficulty, such as a crisis, can represent an opportunity for the development of new technologies, useful also for the recovery from it. An analysis of the European real estate, in particular the Italian one, showed that during the crisis the real estate sector was heavily affected by economic drift, but with regard to this market, serious difficulties were addressed in the following periods. One of these tools born from the need for recovery is crowdfunding, which was created precisely to make up for the lack of funding from banks and financial institutions and puts its strength on the "crowd". By studying other financial instruments used for project development or mere speculation, it appears that accessibility is very often limited. Crowdfunding, with the community as its strength, presents itself as an alternative tool, a new concept that connects investors with entrepreneurs, based on the strength of aggregation, albeit virtually, giving the possibility to make a business idea in reality that allows an economic return for those who invest and for those who propose the idea. In recent years the spread of crowdfunding has led to the rapid development of some dedicated platforms, such as "Housers" or "Walliance", which from year to year increase capital raisings for real estate projects. Given the satisfactory results, the forecasts for the future are optimistic especially if, as happened in Italy, all countries will regulate it. To understand exactly what crowdfunding is and where, how and when it is placed within the real estate market, this thesis work has been divided into two: the first part traces the highlights of the events related to the real estate crisis of 2007-2007, with a focus on the Italian real estate market in the period 2005-2017. The second part focuses on the financing methodologies of a project and in particular it addresses the issue of crowdfunding as a response to the slow economic recovery as clear in the two case studies presented: “Macchia Romana II” and “Palazzo Redoglia”
Ciò che è accaduto tra il 2007/2008 ha avuto conseguenze che sono ancora difficili da superare, ma è importante imparare dagli errori per evitare di ripetere ciò che è già accaduto e, un momento di difficoltà, come una crisi, può rappresentare un'opportunità per lo sviluppo di nuove tecnologie, utili anche per il recupero da esso stesso. Un'analisi del settore immobiliare europeo, in particolare quello italiano, ha mostrato che durante la crisi il settore immobiliare è stato pesantemente influenzato dalla deriva economica, ma per quanto riguarda questo mercato, anche nei periodi seguenti sono state affrontate gravi difficoltà. Uno di questi strumenti nato dalla necessità di recupero è il crowdfunding, che è stato creato proprio per compensare la mancanza di finanziamenti da parte di banche e istituti finanziari e pone la "folla" come punto di forza. Studiando altri strumenti finanziari utilizzati per lo sviluppo di progetti o per semplici speculazioni, sembra che l'accessibilità sia molto spesso limitata. Il crowdfunding, con la collettività come punto di forza, si presenta come uno strumento alternativo, un nuovo concetto che collega gli investitori con gli imprenditori, basato sulla forza dell'aggregazione, anche se virtualmente, dando la possibilità di realizzare in realtà un'idea di business che consenta un ritorno economico per chi investe e per chi propone l'idea. Negli ultimi anni la diffusione del crowdfunding ha portato al rapido sviluppo di alcune piattaforme dedicate, come "Housers" o "Walliance", che di anno in anno aumentano la raccolta di capitali per progetti immobiliari. Dati i risultati soddisfacenti, le previsioni per il futuro sono ottimistiche soprattutto se, come è accaduto in Italia, tutti i paesi creeranno una regolamentazione adeguata. Per capire esattamente cos'è il crowdfunding, dove, come e quando viene inserito nel mercato immobiliare, questo lavoro di tesi è stato diviso in due: la prima parte ripercorre i momenti salienti degli eventi legati alla crisi immobiliare del 2007-2008, con particolare attenzione al mercato immobiliare italiano nel periodo 2005-2017. La seconda parte si concentra sulle metodologie di finanziamento di un progetto e in particolare affronta il tema del crowdfunding come risposta alla lenta ripresa economica, come risulta dai due casi studio presentati: “Macchia Romana II” e “Palazzo Redoglia”
Crowdfunding. An alternative tool for real estate market development
PISANI, GIUSEPPE
2018/2019
Abstract
What happened between 2007/2008 had consequences that are still difficult to overcome, but it is important to know to avoid repeating what has already happened, and, a moment of difficulty, such as a crisis, can represent an opportunity for the development of new technologies, useful also for the recovery from it. An analysis of the European real estate, in particular the Italian one, showed that during the crisis the real estate sector was heavily affected by economic drift, but with regard to this market, serious difficulties were addressed in the following periods. One of these tools born from the need for recovery is crowdfunding, which was created precisely to make up for the lack of funding from banks and financial institutions and puts its strength on the "crowd". By studying other financial instruments used for project development or mere speculation, it appears that accessibility is very often limited. Crowdfunding, with the community as its strength, presents itself as an alternative tool, a new concept that connects investors with entrepreneurs, based on the strength of aggregation, albeit virtually, giving the possibility to make a business idea in reality that allows an economic return for those who invest and for those who propose the idea. In recent years the spread of crowdfunding has led to the rapid development of some dedicated platforms, such as "Housers" or "Walliance", which from year to year increase capital raisings for real estate projects. Given the satisfactory results, the forecasts for the future are optimistic especially if, as happened in Italy, all countries will regulate it. To understand exactly what crowdfunding is and where, how and when it is placed within the real estate market, this thesis work has been divided into two: the first part traces the highlights of the events related to the real estate crisis of 2007-2007, with a focus on the Italian real estate market in the period 2005-2017. The second part focuses on the financing methodologies of a project and in particular it addresses the issue of crowdfunding as a response to the slow economic recovery as clear in the two case studies presented: “Macchia Romana II” and “Palazzo Redoglia”File | Dimensione | Formato | |
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https://hdl.handle.net/10589/152350