The Assessment of Real Estate Initiatives to Be Included in the Socially-Responsible Funds

The acknowledgment of the ongoing economic and financial crisis involving real estate, creates the need to formulate proposals and scenarios (in real estate) with the characteristics of socially responsible investments. These kind of investments aim towards “sustainable” development both environmentally (safeguarding the shortage of resources such as land, energy, and natural elements), and socially (protecting the population and raising its level of well-being) according to so-called “ethical finance”, instead of a mere “speculative” investment. Effectively, real estate is still an investment sector only marginally explored by the socially-responsible funds. Based on these premises, this paper will: (i) briefly analyze the nature of socially-responsible investments, setting their characteristics apart from “traditional investments”; and (ii) propose a possible procedure (of the multi-criteria type) which aims to assess socially-responsible investments in real estate. This will be applied to a case study regarding a social housing initiative in the municipality of Anguillara Sabazia (Rome, Italy).