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Property market is recovering: “but house is no more a refuge-asset”

05 November, Corriere del Veneto

Lifestyle is changing, young people no longer have owning a house as their main objective, even though the property market in the recent years has shown signs of recovery. The matter was discussed in Bardolino (Verona) during the convention organized by Fimaa – Confcommercio Veneto, gathering real estate agencies and brokers. According to the latest figures from the Revenue Office for 2016, transactions for houses have registered an increase of 32% compared to the previous year. The houses bought have been 48,602 in the last year. The province that reported most of the transactions has been Treviso, while the most attractive province capitals have been Venice and Verona.

“We’re recovering – explains the Fimaa-Confcommercio Veneto president – but the growth is still too little, and the taxation on properties doesn’t help. We need a decisive political intervention to regain the trust of families that had to adjust their lifestyles to face the economic and social challenges of the past years. Houses will be increasingly smaller with the same number of people for each house. The distribution of spaces will be more functional featuring areas to work from remote. Bare ownership will increase, as well as beneficial interests and residence rights rather than full ownership”.

For what concerns the touristic market in Veneto, the Fimaa touristic property observatory has registered a decrease of 11% compared to 2013 concerning sales, while rents have been stable. Cortina is the destination with the most expensive holiday houses with peaks of 10.900 euro per Sq m.

If sales have reported a considerable growth, construction is increasing too, even though with smaller figures. “We’re talking about of a few percentage points, according to the report on salaries of the industry – comments Enrico Ramazzina, director for Ance Veneto (the national association for construction enterprises) – There is an improvement, but the situation in the sector is still fragmented. Banks are very cautious in issuing mortgages and public works are stuck. Moreover, nowadays people are preferring to lease rather than buying. Mobility is a strong element, the uncertainty, together with a new culture that doesn’t see any more property as in investment, cause young people to not pursue a house as their main objective”.

Source: Corriere del Veneto

Translator: Cristina Ambrosi

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