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The constant decline of house prices: waiting for the recovery
10 November, Home Rating
A constant decline in house prices, as Italy is still struggling to take off and the recovery is expected for next year.
The debate about the recovery of real estate continues. The various reports of the experts of the industry have often shown a climate of confidence amongst Italians who have resumed buying houses supported by a mortgage market offering very convenient solutions.
The experts predict the impending market recovery with a slight optimism and for next year the outlook is positive. For the time being, at least, we will have to stick to the data registered in the last quarter, showing an average price drop of 1.7%, which means 1,818 for Sq m, a 5.2% decrease compared to the same period of last year.
The recovery phase of Italian real estate is very difficult, so difficult that the country is the least dynamic in the Eurozone, in terms of sales. In the rest of Europe, the increase of real estate prices registered in the last quarter a variation of +4.4%, which is the average for the 28 countries of the European Union. The negative trend in Italy is mostly due to the heavy taxation on properties and the instability around occupation that certainly doesn’t encourage to commit to a very considerable expense for families.
At a national level, Molise is the most affected region by the difficult situation, placed at the bottom of the chart with -3.6%. The trend is negative also for Marche, with -3% and, surprisingly, Lombardy too.
In contrast, Sardinia registers a price increase of +0.6%. Liguria is doing well with a +0.4%, as well as Puglia (0.2%). As always, Liguria leads the chart concerning selling prices with 2,622 €/Sq m. Val d’Aosta (2,466 €/Sq m) and Lazio (2,429 €/Sq m) follow. In Molise, 998 €/Sq m are needed in order to buy a house; while in Calabria only 930 €/Sq m are needed. If these real estate quotations are disappointing for those intending to sell their house, they certainly aren’t for those who want to buy, favoured by the current situation.
Source: Home Rating
Translator: Cristina Ambrosi