• The consensus is that the COVID-19 recession in Italy will be sharp but shortlived (baseline scenario).
• The new European economic policy framework strongly supports the Italian economy and a favourable trend of the BTP-Bund Spread.
• In the baseline scenario of a recovery in 2021, the negative impact of COVID-19 on the Italian CRE should be contained.
• H1 results point to the resilience of the Italian CRE, with a better performance than originally expected by many observers at the beginning of the lockdown.
• However, it is possible that the impact of COVID-19 will become more apparent in the coming quarters.
• The Italy Investor Flash Survey COVID-19 shows that investors have become increasingly cautious, but are still having active investment strategies.