The growth of the real estate residential market has consolidated in the first semester of 2017, as shown by the Survey by Ufficio Studi Gabetti. A memo s explains that “the fundamental elements have been: the increased number of transactions and the reduction of the time to close a deal, in a context where prices have only slightly changed”. At national level, according to the analysis, in the first six months of 2017, the residential transactions have been 267,506, +6% compared to the same period in 2016. All the macro areas have registered a positive variation: +6.4% in the North, +5.5% in the Centre, and +5.3% in the South. Generally, the variation reported for provincial capitals have been +5.3% and +6.3% for the other cities. The biggest positive variation was recorded in the non provincial capitals of the North (+7.2%), followed by the Centre (+6.7%). Regarding the first eight Italian cities, 49,637 transactions have been registered in total, +7.3% compared to the same period in 2016. Similarly, the remaining provincial capitals have registered a variation of +5.8%. Throughout the whole six months period, Palermo has shown the biggest growth (+14.6%), followed by Naples (+9.5%) and Milan (+8.3%).
Similar trends have been reported in Florence (+7.7%), Genoa (+7.4%), and Rome (+7%). Turin has shown a +5.2% variation, while Bologna has been substantially steady (-0.5%). On the overall, the average price variation in the first semester has been of -0.7%, but with some distinctions: Milan (+0.9%), Bologna (+0.5%), Naples (+0.4%), and Florence (+0.1%) have shown a turnaround, registering positive variations, even if little. Rome (-0.4%), Turin (-1.2%), Palermo (-2.2%), and Genoa (-3.5%)have registered a fall of prices. The average times to finalize a sale have reduced, going from an average of 5 months in 2016 to 4.8 months in the first semester of 2017.
The figures from Banca d’Italia regarding loans to families to buy a house have shown a positive variation in the first semester. The total amount issued has been 12.3 billion in the first quarter, +11.5% compared to the same period in 2016.
Translator: Cristina Ambrosi