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Prices are falling, now it’s the time to buy a house

05 December, La Stampa

The map of bargains for each city

This is a good moment for who wants to buy a house: prices are still low, and mortgages are at their lowest. Nomisma speaks about a countertrend coming to the property market. For the moment, the turning point is the increasingly dynamic transactions (545 thousand by the end of the year). This is the first signal. To see the prices rising again, we’ll have still to wait some time, even though some cities have already started seeing their prices growing again. Milan is leading this trend and the city is growing all the sectors. A trend that hasn’t been reported in the last ten years. For what concerns house prices, Nomisma believes this trend might extend soon also to other cities. However, the institute warns about the effects of the divestiture process of NPLs, the bad loans held by banks that include houses, apartments and shops.

Where are the good signals? Milan, as already said, is the only one where the recovery seems to have started, with a +1% in the first months of the year. The growth was registered also in Naples (+0.7%) and Verona (+0.5%). Some cities are far behind, like Genoa which is at the bottom of the list with a reduction of 3% in the first semester.

Where can one earn from the purchase of a house? Tecnocasa has built a map of the most dynamic Italian cities. “The property market has arrived at a turning point, as shown by the sales and prices figures, which is some areas have returned being positive again”, states Fabiana Megliola, responsible for research at Tecnocasa. Urban interventions are pushing this growth in some cities, especially for what concerns requalification projects. Moreover, the presence of important universities and companies in Milan has favoured an increase in demand for investment purpose”, explains Megliola.

On the opposite side, there is Genoa, the city that is struggling the most due to the poor quality of the offer and the low purchasing power of the potential buyers, all elements that make the recovery difficult.

Rome, despite the recovery of transactions, is not reporting changes in prices. The centre is still one of the most dynamic areas, both in terms of first house and investment purchases.

Naples is under the spotlight with an increase of prices of 0.7%. The city is benefitting from tourism, especially in the city centre where investors are focusing on, and by the arrival of the Apple Ios centre and universities, giving a new impulse to purchases.

Finally, Turin: here the first positive signs come from the suburbs where prices, after having reached the lowest point, are now rising again, especially for what concerns the first house market. “The city centre, despite the prices dropping, is living a revival in the Parco Valentino area, thanks to the return of investors, attracted by the university faculties. Other price increases in the city have been registered as a result of a better quality of the offer”, explains the expert.

Source: La Stampa

Translator: Cristina Ambrosi

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