The rapprochement of the real estate market with that of finance has led to a major innovation in the real estate industry, which has had a considerable impact on the whole construction cycle. Finance participates in the construction cycle, not only as a mere financing instrument to support planning and construction activities, but also for its capacity of renewing the sector, a capacity which derives from its close link with all phases of the construction cycle and, above all, with that of the "property management" which closes and re-opens any construction cycle. The effects of real estate financing are so significant that they have a financial impact on capital markets, economic repercussions on the construction industry, they influence town development and land management and, finally, they have social repercussions. Through this process, we have come to the definition of the economic-financial and technical standards that have distinguished and steered the real estate market in recent years. Marzia Morena is Professor of Financial Management of Real Estate Transaction of Management of Built Environment (MSc) at Politecnico di Milano. Since 1996 she has collaborated with Lab. Gesti. Tec of Dep. ABC of the Politecnico di Milano. In 2008 she was among the founding partners of the "Permanent Observatory on the Local Public Administrations" (OPPAL) and is now a member of its Scientific Board. Coordinator of Post Graduate Master on Real Estate Management at Politecnico di Milano and SDA-Bocconi. Co-Director of Executive Course of MIP, the Business School of Politecnico di Milano. Since 2016 member of The Continental Europe Educational Standards Board (CESB) of The Royal Institution of Chartered Surveyors (RICS). Chair of Federimmobiliare from 2014 to 2016. Chair of the Italian chapter of The Royal Institution of Chartered Surveyors (RICS) from 2010 to 2016 and member since 2006. Founder member in 2006 of AREL (Associazione Real Estate Ladies) and member of board until 2013.
