"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 to growth based on a development that is "sustainable" both environmentally and socially. Settlement production processes are starting to carried out in the form of "Impact Investment", a responsible in-vestment related to ethical finance. Based on these premises, this paper will: i) first 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 multi-criteria 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).