Glossary · the vocabulary of Italian real estate

The lexicon of Italian real estate.

Over 276 technical terms — from the cadastral sub-unit to WAULT — used every day by those who value, invest in and manage property in Italy. All in one place, explained the way we'd like to find them.

276 terms

14 categories

IT · EN

Continuously updated

Fifteen areas. One shared language.

The taxonomy follows the real structure of the Atlantica platform: each term belongs to its operational domain.

Land registry & identifiers

Sheet, parcel, sub-unit and cadastral records.

Cadastral categories

Revenue Agency taxonomy: A/1 – F/6.

Measurements & size

Floor area, rooms, floors, GLA, GFA.

Urban planning & constraints

PGT, NAF, ADR, ARU, permitted uses.

Market & valuation

OMI, NTN, yield, vacancy, take-up, comparables.

Asset class

Residential, offices, retail, logistics, hospitality, alternatives.

Funds & vehicles

SGR, SICAF, SIIQ, ELTIF, AIFM, investment structures.

Transactions & contracts

Sale, lease, deed, rent, WALT.

Real estate taxation

Cadastral income, IMU, IRPEF, property VAT.

Institutions & official sources

Revenue Agency, ISTAT, Bank of Italy, OMI.

Socio-economics & demographics

Population, income, businesses, tourism.

Mobility & infrastructure

Metro, tram, ATM, accessibility, isochrones.

Environment, energy & ESG

Urban green space, EPC, energy classes, risks.

Atlantica platform

Digital twin, 3D heatmap, comparables engine, Modal Explorer.

276 of 276 terms

IndexA B C D E F G H I J K L M N O P Q R S T U V W X Y Z

17 terms

Above-ground floor Piano fuori terra: A level placed entirely or predominantly above the level of the external ground.
Accessibility Score Accessibility Score: Atlantica's composite score (0–100) computed on transit, POI diversity and proximity within 500m.
Accommodation facilities Strutture ricettive: Hotel and non-hotel establishments rated 1 to 5 stars, with surveyed bed capacity.
Active enterprises Imprese attive: Businesses registered with the Business Register and operating, net of closed and suspended ones (Milan 2024: 191,129).
AGEA (agriculture agency) AGEA: The Agency for Agricultural Payments: manages the SIAN system and rural cadastral data.
Agricultural production buildings D/10: Buildings for production functions linked to agricultural activity.
Air quality Qualità dell'aria: ARPA monitoring of the main pollutants (PM10, PM2.5, NO₂, O₃) — an ESG valuation factor.
Alternative Alternative: A family including data centres, self storage, life sciences and social infrastructure: a diversification driver for institutional portfolios.
Alternative Investment Fund ManagerAIFM Alternative Investment Fund Manager: Directive 2011/61/EU governing managers of alternative funds (real estate, private equity, hedge) in the EU.
Asking Price / Asking Rent Asking Price / Asking Rent: The price/rent requested in the listing, distinct from the transacted price that records the actual close.
Asset Deal Asset Deal: The sale of the individual property or portfolio, with a tax impact on registration and mortgage-cadastral taxes.
Asset management company (SGR)SGR Società di Gestione del Risparmio: A company authorised by the Bank of Italy to set up and manage collective investment schemes, including real-estate funds under Legislative Decree 58/1998 (Consolidated Finance Act).
Assets Under ManagementAUM Assets Under Management: The total value of the assets managed by an SGR or a manager.
Assisted-care residence (RSA)RSA Residenza Sanitaria Assistenziale: A social-healthcare facility for dependent elderly people, with regional accreditation.
ATM Milan (transit operator) ATM Milano: Azienda Trasporti Milanesi: the operator of local public transport — metro, tram, bus, trolleybus.
Automated Valuation ModelAVM Automated Valuation Model: A statistical model that estimates a property's market value from cadastral, market and contextual variables.
Average taxable income Reddito medio IRPEF: Declared taxable income / taxpayers, published by the Ministry of Economy by municipality and postcode.

12 terms

Bank of Italy Banca d'Italia: The national central bank and supervisory authority over banks and SGRs — it authorises and supervises real-estate fund managers.
Banks & insurance D/5: Credit, exchange and insurance institutions.
Basement floor Piano interrato: A level placed entirely below ground level (Atlantica coding: S1, S2, S3…).
Bathing & spa establishments C/5: Bathing establishments and spa-water facilities.
Borough Municipio: Milan is divided into 9 boroughs (Municipi): sub-municipal administrative districts with decentralised functions.
BREEAM BREEAM: Building Research Establishment Environmental Assessment Method — the British standard equivalent to LEED.
Brownfield Brownfield: An already-built site, often with industrial pre-existences and potential contamination, to be redeveloped.
Build-to-RentBTR Build-to-Rent: Residential development for rental use only, typically with integrated services and professional management.
Building awaiting declaration F/6: Building awaiting declaration — pending a cadastral variation.
Buildings for worship E/7: Buildings used for the public exercise of religious worship.
Business lease Affitto d'azienda: A contract for the enjoyment of a business as a going concern (not the property alone), governed by Article 2562 of the Civil Code.
Business Plan Business Plan: The asset's investment plan: assumptions on rent, vacancy, CAPEX, exit plan and expected IRR.

34 terms

Cadastral consistency Consistenza catastale: The size of the real-estate unit in the unit of measure set by its category (m², rooms, m³).
Cadastral deed report Visura catastale: Official document issued by the Revenue Agency with the identifying data, category, class, consistency, cadastral income and ownership of a property.
Cadastral floor plan Planimetria catastale: Technical drawing at 1:200 scale filed with the cadastre, representing the internal geometry of the real-estate unit.
Cadastral income Rendita catastale: The average ordinary income attributed to the property by the cadastre, the calculation basis for IMU, registration and inheritance taxes.
Cadastral parcel Particella: Base reference unit of the cadastre: a portion of land identified by sheet + parcel. Milan's Urban Cadastre counts over 131,760 parcels indexed in Atlantica.
Cadastral plot plan Elaborato planimetrico: Overall drawing of a parcel showing the position of all sub-units, common areas and access points.
Cadastral section Sezione catastale: Subdivision of the municipal territory used in large municipalities to group related sheets.
Cadastral sheet Foglio: The cartographic map into which the cadastre divides the municipal territory. Each parcel is uniquely identified by its sheet number within the municipality.
Cadastral surface area Superficie catastale: Surface of the real-estate unit calculated under Presidential Decree 138/1998, including reduced percentages for balconies, terraces and appurtenances.
Canopies C/7: Enclosed or open canopies.
Capital ExpenditureCAPEX Capital Expenditure: Capital spending: extraordinary investments that increase the asset's value.
Capitalization rate Cap Rate: Capitalisation rate: Net Operating Income / asset value. A proxy for prime yield in Anglo-Saxon conventions.
Castles and palaces A/9: Castles and palaces of artistic or historic value.
Cemetery buildings E/8: Buildings and constructions in cemeteries, excluding columbaria, sepulchres and family tombs.
Central Business DistrictCBD Central Business District: The core office district of a metropolis — for Milan: the historic centre, the Quadrilatero, Porta Nuova.
Chamber of CommerceCCIAA Camera di Commercio: A local public body supporting businesses; the source of the Business Register and of enterprise-density statistics.
Civil dwellings A/2: The most common residential category, corresponding to the standard apartment.
Clear height Altezza utile: Internal measure between the finished floor and the underside of the slab; it determines habitability and the liveability index.
Co-living Co-living: A hybrid housing model with private units and large managed common spaces.
Collapsing units F/2: Collapsing units — ruined or structurally failing properties.
Collective residences B/1: Colleges, boarding schools, seminaries, hostels.
Command Center Command Center: An advanced search interface with multiple filters (zone, NIL, category, surface, floor, constraints) and real-time aggregations.
Commercial lease Locazione commerciale: A Law 392/1978 contract: 6+6-year term for non-residential, 9+9 for hotels. Provides for a goodwill indemnity.
Commercial-use buildings D/8: Buildings constructed for the needs of a commercial activity — large-scale retail, shopping centres.
Comparable Comparable: A market transaction or rent for a similar property, used as a reference to estimate the asset being valued.
Comparables Engine Comparables Engine: Atlantica's engine that automatically returns the transactions most similar to a subject property, ordered by similarity and distance.
Confirmatory deposit Caparra confirmatoria: A sum paid at the preliminary stage as a guarantee of commitment: if the seller defaults they return it double; if the buyer defaults they lose it.
Consob (markets regulator) Consob: The National Commission for Companies and the Stock Exchange: supervises intermediaries, regulated markets and the disclosure of listed SIIQs and ELTIFs.
Consolidated urban fabric Tessuto urbano consolidato: Built-up parts of the territory recognisable by their urban and morphological layout, subject to conservation/maintenance works.
Consumer price index (NIC)NIC Indice dei prezzi al consumo: The ISTAT index measuring inflation: base 2015 = 100, updated monthly by city.
Copernicus Copernicus: The European Earth-observation programme — satellite data for land-use analysis, climate risk and heat islands.
Core / Core+ Core / Core+: A low-risk strategy: stabilised assets, prime locations, predominantly income return, contained leverage.
Coverage ratio Indice di copertura: Ratio of built area to total plot area, expressed as a percentage.
Covip (pension-fund regulator) Covip: The Pension Funds Supervisory Commission — pension funds are important institutional real-estate investors in Italy.

7 terms

Data Center Data Center: An emerging asset class: a specialised property for housing servers, valued on power (MW) and reliability tier.
Data quality tier Data quality tier: Atlantica's classification of data completeness per parcel: T1 identifiers (100%), T2 cadastral (94%), T3 enriched (78%), T4 ownership (15%), T5 transactions (62%).
Days on MarketDOM Days on Market: The average number of days a listing remains on the market before closing.
Debt Service Coverage RatioDSCR Debt Service Coverage Ratio: Ability to cover debt service: NOI / (interest + principal).
Digital Twin Digital Twin: A 3D digital twin of the territory based on Google 3D Photorealistic Tiles: it lets you explore every building with its cadastral, town-planning and market attributes.
Disused areas Aree dismesse: Former industrial, railway or military areas no longer in use: a prime target for urban regeneration.
Due Diligence Due Diligence: The technical, legal, tax, environmental and cadastral verification process prior to closing a deal.

10 terms

Economy dwellings A/3: Lower-grade finishes and fittings than the civil category.
Effective Rent Effective Rent: The average effective rent over the contract term, net of incentives.
Emphyteusis Enfiteusi: A real right over another's land with an obligation to improve it and pay a periodic fee, typical of formerly state-owned territories.
Employment rate Tasso di occupazione: Employed people aged 15–64 / population in the same band. Milan 2024 ≈ 73.9%.
Energy class Classe energetica: The APE classification from A4 (highest efficiency) to G (obsolete), determined by the overall EPI.
Energy Performance Certificate (APE)APE Attestato di Prestazione Energetica: A document mandatory in sales and leases certifying the property's energy class (A4 → G).
Energy Performance IndexEPI Energy Performance Index: The overall non-renewable energy-performance index (kWh/m² per year) that determines the APE class.
Equity Multiple Equity Multiple: Cash-on-cash multiple: total returns / equity invested. A measure of total return, not time-weighted.
European Long-Term Investment FundELTIF European Long-Term Investment Fund: A European vehicle for illiquid long-term investments (infrastructure, real estate, SMEs). Marketable to retail too.
Exit Cap Exit Cap: The cap rate expected at the asset's disposal, used to estimate the exit value in the business plan.

7 terms

Fixed-capital investment company (SICAF)SICAF Società di Investimento a Capitale Fisso: A collective investment scheme in corporate form with fixed capital, an alternative vehicle to the contractual fund for real-estate and private-equity investments.
Flat-rate rental tax Cedolare secca: A substitute regime for residential leases: a fixed tax (21%, or 10% for agreed rent) replacing income tax, surtaxes and registration tax.
Floor Area RatioIT / UT Indice di edificabilità: Ratio of buildable gross floor area to the plot's site/territorial surface. It sets the volumetric potential of a development.
Footfall Heatmap Footfall Heatmap: A heat map of pedestrian density — a key tool for retail and hospitality analysis.
For-profit sports venues D/6: Buildings for sports activities run for profit.
Former energy certificate (ACE)ACE Attestato di Certificazione Energetica: The historic name for the APE, replaced from 2013.
Fortifications E/5: Buildings constituting fortifications and their appurtenances.

15 terms

Garages & stables C/6: Stables, sheds, garages and car boxes.
General master planPRG Piano Regolatore Generale: The historic town-planning instrument — still in force in many Italian municipalities — that governs land use and zoning.
Geological feasibility class Classe di fattibilità geologica: Articulation of the municipal territory by buildability — from Class 1 (no limitations) to Class 4 (non-buildable).
Glass Highlight Glass Highlight: A 3D selection effect with polyline perimeters and a semi-transparent volume — it highlights the current building in the digital twin.
Goodwill indemnity Indennità di avviamento: Compensation due to the commercial tenant on termination not attributable to their fault, equal to 18 (or 21) months' rent.
Grade A Grade A: High-standard office/logistics properties: high energy class, modern technical specifications, primary location.
Grade B Grade B: Properties of intermediate quality standard or with a location secondary to the prime.
Green Premium Green Premium: The rent/price differential recognised for certified properties (LEED, BREEAM, WELL) over equivalent non-certified standards.
Greenfield Greenfield: A free, un-urbanised area earmarked for new development.
Gross floor areaSL Superficie lorda: Total floor surface measured to the outer face of the perimeter walls. Basis for calculating the gross €/m² value.
Gross floor area (planning)SLP Superficie Lorda di Pavimento: Town-planning measure: the sum of the gross floor areas of every above-ground storey, used for building-density indices.
Gross Leasable AreaGLA Gross Leasable Area: Gross lettable area, typically estimated as 72% of the gross floor area in retail and offices.
Gross usable floor areaSUL Superficie Utile Lorda: Built surface net of shafts, stairwells and lifts, but gross of perimeter walls.
Gross yield Gross Yield: Gross return: annual rent / purchase price, without deduction of operating costs.
Ground floorT Piano terra: A floor at level 0, typically at street level — the highest-value floor for retail.

9 terms

Headline Rent Headline Rent: The face rent of the contract, before discounting incentives (rent-free, TIA).
Heritage listing Vincolo monumentale: Historic-artistic protection for assets declared of cultural interest under Legislative Decree 42/2004.
High Street High Street: Prime urban retail streets (e.g. Via Monte Napoleone, Via della Spiga, Corso Vittorio Emanuele).
High Street Retail High Street Retail: The retail segment on prime urban shopping streets — the most resilient through the e-commerce cycle.
Historic centresNAF Nuclei di Antica Formazione: Areas of consolidated historic fabric subject to protection and morphological conservation rules.
Hospitality Hospitality: Hotels (D/2) and accommodation facilities, valued on operating performance (RevPAR, ADR, Occupancy).
Hotels D/2: Hotels, guesthouses and similar (for profit).
Hydrogeological constraint Vincolo idrogeologico: Protection under Royal Decree 3267/1923 for land at risk of instability or alteration of the water regime.
Hydrogeological risk Rischio idrogeologico: The hazard linked to landslides and floods, mapped by basin cartography and hydrogeological plans (PAI).

12 terms

Implementation plan Piano attuativo: An executive instrument of the PGT required in transformation areas: it defines subdivision, infrastructure works and land cessions.
Income bracket Classe di reddito: Taxable-income brackets used in tax statistics (e.g. 0–10k, 10–26k, 26–55k, 55–120k, over 120k).
Independent valuation Chief Valuation: A formal independent valuation under RICS/TEGoVA standards, mandatory for regulated-fund transactions.
Industrial buildings D/1: Workshops — industrial and manufacturing buildings.
Industrial-use buildings D/7: Buildings constructed for the needs of an industrial activity.
Inflation rate Tasso di inflazione: The annual percentage change of the NIC — a driver of rental-indexation adjustments.
Internal Rate of ReturnIRR Internal Rate of Return: The discount rate that brings the project's cash-flow NPV to zero.
Isochrone Isocrona: A curve enclosing all points reachable from an origin within a given time — a key tool for accessibility analysis.
ISTAT (national statistics) ISTAT: The National Institute of Statistics: provides demographic, economic and labour-force data and the consumer price index (NIC).
Italian Land Agency (former) Agenzia del Territorio: The former public body responsible for the cadastre, merged into the Revenue Agency in 2012.
Italian Revenue Agency Agenzia delle Entrate: The public body that runs the Italian tax system and, since 2012, the cadastre and land registry (formerly the Land Agency).
IVASS (insurance regulator) IVASS: The Institute for the Supervision of Insurance: relevant to real estate as an investment class for insurance companies.

15 terms

Labour force Forze di lavoro: Employed plus job-seekers, an ISTAT definition consistent with Eurostat.
Land Cadastre Catasto Terreni: Separate register dedicated to agricultural parcels and undeveloped land.
Land use Destinazione d'uso: The function authorised by the building permit for a real-estate unit (residential, office, commercial, industrial, hospitality, services).
Landscape constraint Vincolo paesaggistico: Protection under Legislative Decree 42/2004 (Cultural Heritage Code) for landscape assets and areas of notable public interest.
Lease Locazione: A contract whereby the landlord grants enjoyment of the property to the tenant against a rent, under Articles 1571 et seq. of the Civil Code.
LEED LEED: Leadership in Energy and Environmental Design: the USGBC green-certification standard, with Certified / Silver / Gold / Platinum levels.
Libraries & museums B/6: Libraries, art galleries, museums, galleries, academies.
Lighthouses & towers E/6: Lighthouses, semaphores, towers making the municipal clock publicly usable.
Listed real-estate investment company (SIIQ)SIIQ Società di Investimento Immobiliare Quotata: A listed joint-stock company with a favourable tax regime, required to distribute at least 85% of its rental-management profit.
Living Living: A family of asset classes oriented to managed residential use: BTR, student housing, senior living, co-living.
Loan-to-ValueLTV Loan-to-Value: Financial leverage: debt / market value of the asset or portfolio.
Local Identity UnitNIL Nucleo di Identità Locale: The 88 areas into which Milan has been divided by the PGT to read neighbourhood identity and vocation.
Local Identity Unit · composition Nucleo di Identità Locale · composizione: Demographics by NIL — used in Atlantica as a proxy for neighbourhood profile.
Location Score Location Score: Atlantica's synthetic location-quality index (0–100) combining accessibility, POI diversity, zone market and socio-economic context.
Logistics Logistica: Warehouses and distribution platforms (categories C/2, D/8). Prime logistics = 12m clear height, 10,000+ m², cross-docking.

11 terms

Mandate Mandate: A formal assignment given by an investor to an SGR or adviser to source and manage investments according to defined criteria.
Market Pulse Market Pulse: A home-dashboard ticker with prime rents, yields, vacancy and last-quarter trends for each asset class.
Milan Metro Metropolitana Milano: A network of 5 lines (M1 Red, M2 Green, M3 Yellow, M4 Blue, M5 Lilac) — a primary driver of residential and retail value.
Milan PGT 2030 PGT Milano 2030: The version of Milan's Territory Governance Plan currently in force, with 10,972 constraint features indexed in Atlantica.
Modal Explorer Modal Explorer: A full-screen modal screen exposing all of a property's dimensions: overview, sub-units, market, comparables, financial sheet.
Mortgage Ipoteca: A real security in favour of the creditor registered in the Land Registers, encumbering identified assets.
Mortgage and cadastral taxes Imposte ipocatastali: Mortgage and cadastral taxes due on recording and transfer, typically €50 fixed for a first home or €200 for a second.
Multifamily Multifamily: Multi-family buildings held in single ownership and let to individual households: a US institutional standard, growing in Italy.
Municipal cadastral code Codice catastale comune: A 4-character alphanumeric code assigned by the Revenue Agency to each Italian municipality (Milan = F205).
Municipal property tax (IMU)IMU Imposta Municipale Unica: The municipal property tax: taxable base = cadastral income × 1.05 × category multiplier; the rate is set by the municipality.
Municipal toll bridges E/2: Municipal and provincial bridges subject to toll.

10 terms

NDVI NDVI: Normalized Difference Vegetation Index — a satellite index of vegetation vigour used in ESG analysis.
Net Absorption Net Absorption: Net absorption: the net change in occupied space over the period (gross take-up minus space released).
Net Asset ValueNAV Net Asset Value: The fund's net value: asset value less liabilities, divided by the number of units.
Net Leasable AreaNLA Net Leasable Area: Lettable area net of common spaces and the vertical core.
Net Operating IncomeNOI Net Operating Income: A property's net operating income: rents less direct operating costs, excluding interest and income taxes.
Net yield Net Yield: Net return: annual rent net of costs, maintenance, IMU and structural vacancy, divided by the gross value of the property.
Non-profit sports venues C/4: Buildings and premises for sports activities (non-profit).
Normalised Transaction NumberNTN Numero Transazioni Normalizzate: OMI indicator: the number of sale transactions weighted by the share of the real right transferred.
Notarial deed Rogito: The notarial deed of sale that completes the transfer of ownership, subject to recording in the Land Registers.
NZEB NZEB: Nearly Zero Energy Building: a building with almost zero energy needs, mandatory for new constructions since 2021.

10 terms

Office Uffici: Office and tertiary properties (category A/10, and D for large complexes). Segmented into Grade A and Grade B.
Offices and studios A/10: Offices and private studios — the cadastral category of ordinary commercial-office space.
OMI quotations Quotazioni OMI: Minimum and maximum sale and rental values for each building type in each OMI zone.
OMI zone Zona OMI: Segmentation of the municipal territory into homogeneous micro-zones (Central, Semi-central, Peripheral, Suburban, Extra-urban, Rural) each associated with min–max value ranges.
On-demand acquisition On-demand acquisition: Acquisition via the OpenAPI/Sister API of fresh cadastral data when opening a property not yet cached.
OpenAPI Catasto OpenAPI Catasto: An authorised reseller for REST access to cadastral data with asynchronous acquisition (states: queued, processing, completed).
Operating ExpenditureOPEX Operating Expenditure: Recurring operating costs of management: maintenance, property management, utilities, taxes.
Opportunistic Opportunistic: A high-risk strategy: development, distressed, conversions, high leverage and double-digit expected returns.
Other special-purpose buildings E/9: Special-purpose buildings not included in the other categories of group E.
Ownership stake Titolarità: The share of a real right held by the registered owner (e.g. full ownership 1/1, bare ownership, usufruct).

18 terms

Parks and gardens Parchi e giardini: A category of usable public urban green space — ~3.73 km² in Milan.
Personal income tax (IRPEF) IRPEF: Personal income tax: rental income is taxed at progressive rates unless the flat-rate option is chosen.
Pipeline Pipeline: The set of investment opportunities under review by the acquisition team, ordered by stage of progress.
Point of InterestPOI Point of Interest: A mapped place of interest (transport, dining, services, retail) — an input for the accessibility indices.
Population density Densità abitativa: Residents per km², an indicator of urban pressure and potential residential demand.
Preliminary contract Contratto preliminare: A binding undertaking between the parties to enter into the final contract (deed) in future. Registrable and recordable.
Prime Rent Prime Rent: The top market rent for a high-standard (Grade A) property in a prime location, expressed in €/m²/year.
Prime yield Prime Yield: The net yield of a prime property: market rent / net purchase price, net of management costs.
Prisons B/3: Prisons and reformatories.
Private chapels B/7: Chapels and oratories not used for public worship.
Private hospitals D/4: Private care homes and hospitals (for profit).
Programme agreement Accordo di programma: An agreement between public bodies and private operators for projects of significant interest, derogating from the town-planning instruments in force.
Protected natural areas Aree naturali protette: Portions of the territory under environmental protection (regional parks, nature reserves).
Proximity Score Proximity Score: A 30% weight on the number of POI categories present within 500m of the point of analysis.
Public enclosures E/4: Enclosed precincts for special public needs.
Public hospitals & care B/2: Public care homes and hospitals.
Public offices B/4: Public offices.
Public schools & labs B/5: Public schools and scientific laboratories.

20 terms

Railway yards Scali ferroviari: In Milan: seven disused former freight yards (Farini, Greco-Breda, Lambrate, Porta Genova, Porta Romana, Rogoredo, San Cristoforo) subject to regeneration masterplans.
Real Estate Market IntensityIMI Intensità del Mercato Immobiliare: Ratio of NTN to the stock of real-estate units — measures market turnover as a percentage.
Real Estate Market ObservatoryOMI Osservatorio del Mercato Immobiliare: A unit of the Revenue Agency that publishes market quotations every six months by municipality, zone and property type.
Real rights Diritti reali: Ownership, usufruct, use, habitation, emphyteusis, surface, easement: rights that can attach to a property.
Real-estate fund Fondo immobiliare: A collective investment scheme investing in real estate, real property rights and stakes in real-estate companies. Closed-ended, with a multi-year term.
Recognisable urban-design areasADR Ambiti contraddistinti da Disegno urbano Riconoscibile: Urban fabrics with a recognisable morphological layout, protected in their architectural legibility.
Registered owner Intestatario: The party — natural person or legal entity — recorded as holder of the real-estate unit with the cadastre.
Registration tax Imposta di registro: Tax on contracts: 9% on the purchase of a second home, 2% on a first home, with specific rates for leases.
Rent Canone di locazione: The periodic consideration for granting enjoyment of the property, typically indexed to ISTAT inflation.
Rent Free Period Rent Free Period: A rent-free period granted to the tenant during negotiation: an incentive not visible in the headline rent.
Reported crimes Reati denunciati: The total of complaints filed with law enforcement — an indicator of perceived safety and neighbourhood attractiveness.
Reserved fund Fondo riservato: A real-estate fund destined exclusively for qualified investors (professional under MiFID II).
Resident population Popolazione residente: Inhabitants registered with the municipal registry at the survey date.
Residential Residenziale: Properties used for housing (categories A/1–A/9, A/11). Can be segmented into prime, mid-market and affordable.
Residential lease Locazione abitativa: Governed by Law 431/1998: free-rent 4+4 or agreed-rent 3+2, in the forms set by local agreements.
Retail Retail: Commercial properties: high street (C/1), medium-sized stores, large stores, shopping centres, retail parks.
Retail fund Fondo retail: A real-estate fund open to subscription by the general public: subject to stricter limits on leverage and concentration.
Roof terrace F/5: Roof terrace — covering surfaces for exclusive or appurtenant use.
Rooms / Units Vani: Historic consistency unit of the A categories: a 'vano' conventionally equals one usable room. In Atlantica converted to m² with normalised coefficients (A/10 = 19 m²/room, other A/B = 15 m²/room).
Rural dwellings A/6: Rural residential type.

26 terms

Sale & Leaseback Sale & Leaseback: A transaction in which the owner sells the property and simultaneously leases it back, freeing up capital.
Sale and purchase Compravendita: A contract transferring ownership for consideration, governed by the Civil Code (Articles 1470 et seq.).
Saleable area Superficie commerciale: A weighted surface that reflects market value: 100% of the main area, with decreasing percentages for appurtenances and balconies.
Saved Property Saved Property: A property saved to a personal watchlist with notes, tags and analysis status.
Seismic risk Rischio sismico: Classification into four zones (1–4) that determines anti-seismic construction prescriptions.
Seismic zone Zona sismica: Classification of the territory into four hazard zones (PCM Order 3274/2003), determining anti-seismic prescriptions.
Self Storage Self Storage: Modular self-managed storage units let to individuals and businesses.
Semi-basement Seminterrato: A floor with its slab below ground level but with part of its walls windowed above ground.
Senior Living Senior Living: Residences for self-sufficient elderly people or those needing light assistance — distinct from nursing homes (RSA).
Service Charge Service Charge: Recoverable property costs (cleaning of common areas, plant maintenance, security) borne by the tenant, expressed in €/m²/year.
Service punctuality Puntualità del servizio: The percentage of services within the scheduled times — Milan metro ≈ 99.7%.
Service regularity Regolarità del servizio: The percentage of services run versus those scheduled — Milan metro ≈ 99.8%.
Setbacks and distances Distacchi e distanze: Minimum distances required by technical rules between buildings, boundaries and street frontages.
Share Deal Share Deal: The sale of the shares of the company that owns the property: lower tax impact but heavier due diligence.
Shops C/1: Shops and stores — the typical street-level retail property.
Sister portal Sister: The Revenue Agency's portal for contracted access to cadastral services: lists of sub-units, deed reports, floor plans, copies of deeds.
Site density indexIF Indice di fabbricabilità fondiaria: Maximum buildable volume per square metre of site area (m³/m²).
Small detached houses A/7: Dwellings in small detached houses (villini).
Special floating/toll structures D/9: Floating buildings, private toll bridges, equipped container-parking areas.
Special public structures E/3: Constructions and buildings for special public needs.
Stately dwellings A/1: Luxury residential properties in areas of particular urban prestige.
Stock Stock: The total existing commercial surface in a submarket, expressed in m².
Student Housing (PBSA)PBSA Student Housing: Purpose-Built Student Accommodation — facilities dedicated to university students with shared services.
Sub-unitSub. Subalterno: Identifier of the individual real-estate unit within a parcel. The sheet–parcel–sub-unit triple is a property's unique identifier.
Submarket Submarket: A geographic sub-articulation of a metropolitan market (e.g. CBD, Semi-centre, Periphery, Hinterland) used by brokers for market reports.
Superbonus / Ecobonus Superbonus / Ecobonus: Tax incentives for energy-efficiency and anti-seismic upgrade works (Articles 119 and 14 of Decree-Law 34/2020).

11 terms

Take-up Take-up: Gross market absorption: m² of commercial space leased in a period (typically a quarter or a year).
Tenant Improvement AllowanceTIA Tenant Improvement Allowance: The landlord's contribution to the tenant's fit-out works, expressed in €/m² or in months of rent.
Territory Governance PlanPGT Piano di Governo del Territorio: Municipal town-planning instrument introduced by Lombardy Regional Law 12/2005, replacing the old master plan (PRG). Articulated into a Plan Document, a Services Plan and a Rules Plan.
Theatres & cinemas D/3: Theatres, cinemas, concert and performance halls.
Tourist arrivals Arrivi turistici: The number of tourists who checked in to accommodation facilities in the period considered.
Tourist overnight stays Presenze turistiche: The total number of overnight stays — measures tourism's economic impact better than arrivals.
Town-planning constraint Vincolo urbanistico: A prescription that limits the possibilities of intervention on a property or area (protection, non-buildability, public destination).
Transacted Price Transacted Price: The actual closing price of a sale, recorded in the deed.
Transformation area Ambito di trasformazione: An area earmarked for major urban transformation, with a specific implementation regime.
Transit Score Transit Score: A component of the Accessibility Score: a 40% weight on public-transport options reachable within 500m.
Transport stations E/1: Stations for land, sea and air transport services.

15 terms

Ultra-popular dwellings A/5: Ultra-popular (lowest-grade) residential type.
Uncovered parcel Particella scoperta: An area within a parcel with no built footprint (courtyards, parking, gardens).
Underground warehouses B/8: Underground warehouses for storing goods.
Unemployment rate Tasso di disoccupazione: Job-seekers / labour force. Milan 2024 ≈ 5.1%.
Units being defined F/4: Units in the course of definition — provisional cadastral registration.
Units under construction F/3: Units under construction.
Unlisted real-estate investment company (SIINQ) SIINQ: Unlisted real-estate investment company — controlled by a SIIQ with an analogous regime.
Urban allotments Orti urbani: Municipal or association-run spaces for cultivation in an urban context.
Urban area F/1: Urban area — footprint surfaces with no building.
Urban Cadastre Catasto Fabbricati: Register of urban real-estate units: residential, industrial and commercial buildings and their appurtenances.
Urban forestation Forestazione urbana: Tree-planting works in the urban environment — Milan's ForestaMi aims for 3 million trees by 2030.
Urban green space Verde urbano: The surface of parks, gardens, equipped green areas and protected areas in the municipal territory — Milan ≈ 25.86 km².
Urban heat island Isola di calore urbana: The phenomenon whereby densely built urban areas record higher temperatures than the surrounding rural areas.
Urban renewal areasARU Ambiti di Rinnovamento Urbano: Areas of Milan's PGT identified as priorities for urban regeneration and transformation.
Usufruct Usufrutto: The right to enjoy another's asset and collect its fruits, with an obligation to preserve its economic destination.

5 terms

Vacancy Rate Vacancy Rate: The share of commercial stock that is unlet: vacant area / total stock, expressed as a percentage.
Value-Add Value-Add: An intermediate-risk strategy: repositioning, re-leasing, significant CAPEX with value creation at the end of the deal.
VAT on real estate IVA sugli immobili: A specific regime: exemption for residential sales by private individuals; VAT option for sales of commercial property by a business.
Vernacular dwellings A/11: Dwellings typical of their locality (alpine huts, refuges, trulli, sassi).
Villas A/8: Dwellings in villas.

8 terms

Walkability Walkability: The pedestrian quality and liveability of an area — measured as the density of POIs reachable on foot.
Warehouses C/2: Warehouses and storage premises.
Waste tax (TARI)TARI Tributo Rifiuti: The municipal waste tax, commensurate with the property's surface area and land use.
Weighted Average Lease TermWALT Weighted Average Lease Term: The weighted average remaining term of a portfolio's leases, weighted by rent.
Weighted Average Unexpired Lease TermWAULT Weighted Average Unexpired Lease Term: A variant of WALT used as a metric of the quality and predictability of rental income.
WELL WELL: A certification standard oriented to the health and wellbeing of occupants.
Working-class dwellings A/4: Working-class (popolare) residential type.
Workshops C/3: Workshops for arts and crafts.

3 terms

Year-over-YearYoY Year-over-Year: The percentage change of the same indicator on an annual basis.
Year-to-DateYTD Year-to-Date: Cumulative figure from the start of the current year to the reference date.
Yield on Cost Yield on Cost: A stabilised yield calculated on the total project cost (purchase + CAPEX), an indicator of value creation in a value-add deal.

1 term

3D Heatmap Heatmap 3D: A hexagonal visualisation with extrusion proportional to a metric's value (price, rent, listing density, pedestrian flow).

Method

Where these definitions come from.

The glossary is extracted from the live Atlantica platform: every term here is actually used in a data field, a KPI, a filter or a partnership document. Definitions verified against DPR 138/1998, L. 392/1978, L. 431/1998, D.Lgs. 58/1998 (TUF), D.Lgs. 42/2004, PGT Milano 2030, OMI, ISTAT.

Primary sourceAgenzia delle Entrate · DPR 138/1998 · Cadastre Regulation
LegislationTUF · TUB · Codice Urbani · L. 392/78 · L. 431/98
PlanningPGT Milano 2030 · Building Regulation
MarketOMI · official Agenzia delle Entrate quotations
Socio-economicsISTAT · MEF · CCIAA · ATM Milano · Questura Milano
Valuation standardsRICS Red Book · TEGoVA European Valuation Standards

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