Week all in all positive for the real estate sector on international markets, which follows the increases marked by the main indices on greater optimism regarding the fact that the global economy (and in particular the US one) can avoid recession thanks also to the start of a phase of normalization of monetary policies and new government support plans, especially in China. On Piazza Affari the titles move in no particular order, with some companies in the sector having released important communications to the market.
The performance of the sector on the stock exchange
The real estate sector experienced a good week at European level, where the index Stoxx 600 Real Estate showed a +1.9% on a weekly basis.
A worse performance was achieved by Italy, where the index FTSE Italia All Share Real Estate it practically did not move on a weekly basis, under-performing the index FTSE MIB which closed the week with an increase of 1.6%.
Real estate securities listed in Milan
Among the real estate companies listed on Piazza Affari, there was a week positive for Abitare In (+1.5%), followed by Brioschi (+1.2%) and IGD (+0.6%). The worse performances, however, are those of Risanamento (-10%) and Aedes (-6% with a drop on Friday). Next Re (-1.9%) and Gabetti (-1.4%) also performed poorly.
In focus quarterly and industrial plans
The performance of some stocks was affected by the communications to the market which have been made in recent days, both with regards to the half-yearly results and the new industrial plans.
Brioschi Real Estate Development closed the first six months of the year with a consolidated gross operating margin of 1.7 million euros, up compared to a margin of 1.4 million euros at 30 June 2023, and a negative overall result attributable to the group of 2.3 million euros (financial management weighs heavily), compared to a negative result of 0.2 million at 30 June 2023. The overall net financial position is equal to 77.1 million euros, compared to 75.5 million euros as of 31 December 2023.
Next King closed the first six months of the year with a positive EBITDA of 1.1 million euros, compared to -1.9 million euros in the first half of 2023, and a profit for the period of 0.36 million euros, compared to the loss of 6.1 million euros at 30 June 2023. Total financial debt is equal to 56.79 million euros at 30 June 2024, compared to 57.08 million euros at 31 December 2023.
Aedes Società Anonima Ligure per Imprese e Costruzioni joint stock (Aedes) has approved the Industrial Plan 2024-2028functional to the relaunch of the business through a calibrated combination of investments aimed at optimizing and maximizing profitability in a stable and long-lasting way over time. The plan envisages finding the financial resources necessary to achieve the objectives through a balanced mix of debt and equity, the latter through an increase in the share capital under option for a maximum of 5 million euros to be carried out in 2025.
Macroeconomic data
The macroeconomic indications on the real estate front came mainly from the United States. The growth of mortgage applications: in the week to 20 September, the index measuring the volume of mortgage loan applications recorded an increase of 11%, after +14.2% in the previous week, while that of refinancing requests increased by 20%. 3%. This is thanks, highlights the Mortgage Bankers Associations (MBA), to the further drop in rates on thirty-year mortgages to 6.13%.
Meanwhile, they continued to increase house prices in the United States. They increased by 0.1% in July, according to the Federal Housing Finance Agency (FHFA) index, and by 4.5% from July 2023 to July 2024. According to the S&P CoreLogic Case-Shiller index, they instead a 5% annual gain for July, down from the previous month’s 5.5% annual gain, while the month-over-month rise settled at +0.1%.
Census Bureau data showed that rates have started to decline again new home sales in the United States in August: -4.7% to 716 thousand units compared to 751 thousand units in July.