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Real estate: the market slows down in the third quarter. Good performances for Palermo and Milan

05 December, Il Sole 24 Ore

The property market’s first stop since the beginning of 2014.

A meagre +1.5%. This is the growth rate of the house sales in Italy. Only three months ago the figures reached 3.8% (in the same period of the previous year), while in the first quarter of 2017 the growth was equal to 8.6% compared to the first three months of 2016.

In total, 122,378 houses have been sold, 13,104,856 Sq m altogether, whereas they were 145,529 in the previous quarter. The number is slightly higher than that of transactions closed in the third quarter of 2016 and in the first of 2017. At a geographical level, the North-East has registered a negative performance, with transactions fallen by 0.9% with 23,537 units.

The growth of the residential market slows down in the 8 most populated Italian cities, where 21,472 transactions have been reported in total, for an increase of 2.1% (+4.4% in the second quarter and +10.8% in the first quarter of the year).

Palermo and Bologna have registered respectively the best and the worst performance. In Palermo, the transactions have grown by 11.5%. Genoa is not doing very well. Here the transactions have fallen by 7.4% compared to the previous year and they were stuck in the second quarter of 2017. Milan (+6.7%) and Napes (+7.2%) are set in the middle of the chart.

The market is completely stuck in Rome (+0.3%), with little more than 6,900 houses sold.

This situation of the real estate market in the eight cities is confirmed also by the analysis in terms of surface sold. The total surface of the houses sold in the big cities barely reaches 2 million Sq m, a little growth compared to the third quarter of 2016. Turin and Rome have reported negative results, even though with a decrease below 1%. The average surface of the houses sold is lower in Milan and Turin, below 90 Sq m, while the highest value is recorded in Palermo, with 108 Sq m.

Concerning the territory, the analysis shows how sales have increased in the province capitals by 1.2%, while in the other cities the value is set at 1.7%. The results have improved in this last quarter only in the two islands, where transactions have grown by 4% (0.9% in the previous quarter), consequently to the growth of the province capitals for 8%. Among the areas, the South has registered the biggest growth, with an increase of 4.4%, where smaller cities have grown by 5.1% and province capitals by 2.4%.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi

 

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