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residential Market News: Spanish Real Estate Intelligence

Nomisma: property prices are rising for the first time in 10 years. But it might not last long
27 November, Re Quadro According to Nomisma, prices on the residential market are on the rise for the first time in 10 years. However, without an adequate impulse of the economy to get the country of its current state of stagnation, such positive trend might not last long. Prices registered a modest increase (+0.2%), mainly in those cities where the economic growth is the strongest such as, besides Milan, Bologna and Padova, whose markets have been growing consistently. Mortgages are still the main driver of residential transactions. Despite the low interest rates, credit is not easily accessible because of the strict criteria applied by banks due to the weak income situation of many households due to the recession. As a result, mortgage-financed transactions have gone from 58.2% in 2018 to 51.8% in 2019. Rents represent 50% of the demand for houses, showing an increasingly flexible population. Short-term rentals have gone from 11% to 18% over the last year. Such a trend might be detrimental for long-term lets, which have seen the rent prices going up, especially in cities like Venice, Bologna and Florence where short-term rentals make 20% of the market. Source: Re Quadro Translator: Cristina Ambrosi
Pizzarotti to sell housing complex near the NATO military base in Sicily
26 November, Milano Finanza Pizzarotti is currently evaluating the sale of some of its non-core assets. Specifically, there are two assets that the company might put on the market. One is Residence dei Marinai, near Catania (Sicily). The facility consists of 526 houses which accommodate the families of the American soldiers of the Sigonella NATO base. The residence is leased directly by the Government of the United States, and the contract will end in 2020. The second asset is a migrant centre near Catania. In this case, the Italian Ministry of Interior terminated the lease in September, and Pizzarotti is currently waiting for the 12-million compensation while assessing a possible reconversion of the centre. Source: Milano Finanza Translator: Cristina Ambrosi
Turin: the new life of Cascina Fossata. Social housing, hotels and shops
26 November, La Stampa After a long period of neglect, the area of Cascina Fossata, near Turin, will have a new life thanks to a social housing project. The works for the new Cascina Fossata were launched three years ago and cost 18 million euro. The project was implemented by the InvestiRE fund Fondo Fasp - Fondo Abitare Sostenibile Piemonte with Cassa Depositi e Prestiti among the main investors. The new Cascina Fossata will offer 101 apartments divided between emergency accommodations for families, student housing and short-term rentals. There is also a 55-room hotel, including conference and meeting rooms. A Slow Food restaurant will also open soon in the area, along with artisanal shops, social and cultural activities and a park. Source: La Stampa Translator: Cristina Ambrosi