Italian real estate market perked up considerably
Surprisingly, the global financial crisis has almost no influence on the value of real estate in Italy. Moreover, according to many analysts, house prices are now starting to reach crisis level.
According to statistics, the country from 1998 to 2008 there was a marked increase in property prices (especially residential). In some areas of these ten years, this "jump" was 70% of the original performance.
But since 2008, a sharp increase in the value of real estate in Italy were not detected - as well as the sharp fall in prices. And in times of crisis, according to the Bank of Italy, the decline in housing prices averaged only 0.3%.
If we compare the average prices for residential real estate in thirteen major cities in the second half of 2009 with the performance of the first half of 2010, they did not change (decrease did not exceed 0.6%). The cost of new buildings for the same period, too, was practically unchanged - the prices have decreased by only 0.5%.
And in some cities such as Catania, Genoa, Cagliari, even there was an increase in property prices: 0.2% - in the first two settlements, and by 0.4% - in Cagliari.
In general, the forecasts for the real estate market in Italy is very optimistic, because, according to data for 2010, sales begin to recover: in this period were sold to 620,000 objects, which is 2,2% more than in 2009.
The survey of real estate agencies, recently conducted by the Bank of Italy, showed that the majority of respondents (61%) in the next two years, expect a noticeable revival of the real estate market in the country, yet 26% believe that major changes are expected, and only 13% of respondents expect worsening situation.
According to statistics, the country from 1998 to 2008 there was a marked increase in property prices (especially residential). In some areas of these ten years, this "jump" was 70% of the original performance.
But since 2008, a sharp increase in the value of real estate in Italy were not detected - as well as the sharp fall in prices. And in times of crisis, according to the Bank of Italy, the decline in housing prices averaged only 0.3%.
If we compare the average prices for residential real estate in thirteen major cities in the second half of 2009 with the performance of the first half of 2010, they did not change (decrease did not exceed 0.6%). The cost of new buildings for the same period, too, was practically unchanged - the prices have decreased by only 0.5%.
And in some cities such as Catania, Genoa, Cagliari, even there was an increase in property prices: 0.2% - in the first two settlements, and by 0.4% - in Cagliari.
In general, the forecasts for the real estate market in Italy is very optimistic, because, according to data for 2010, sales begin to recover: in this period were sold to 620,000 objects, which is 2,2% more than in 2009.
The survey of real estate agencies, recently conducted by the Bank of Italy, showed that the majority of respondents (61%) in the next two years, expect a noticeable revival of the real estate market in the country, yet 26% believe that major changes are expected, and only 13% of respondents expect worsening situation.
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