FIABCI President: Modern urban development models must include 5P concept

Traditional public-private partnership models are no longer sufficient for sustainable urban development, Antonio Campagnoli, President of the Italian Federation of Professional Real Estate Agents (FIABCI Italy), said during a roundtable discussion held within the framework of the 13th session of the World Urban Forum 13 in Baku.

He highlighted the role of the private sector in urban development and investment risks.

"The central issue in financing housing construction in a sustainable society is risk reduction," he noted.

Campagnoli stressed the need to move away from traditional approaches and introduce a new "5P" concept into future urban development models.

"Usually, this is the 3P concept (Public-Private Partnership), but it should also include ‘People" and ‘Policy." Because if these five principles are disconnected, no city can be sustainable. The 5P concept reduces financial, political, operational, and social risks," he said.