Recent surveys conducted by banks, economists and real estate
professionals produced some rather unexpected results – the
Italian real estate sector is showing signs of recovery.
Economic and Sociological Research Centre for the Real Estate
Market's survey presented to the Assembly of the Citizens
Association ("Legacoop Abitanti") suggested that the
housing market had reached the minimum peak of the crisis. In Q4 of
2012, where just one provincial capital recorded a growth in sales,
by Q1 2013, 17 provincial capitals had experienced a
growth followed by 31 provincials in Q4. However, during the same
period, sales in municipalities suffered a drop from 97 to 70 and
then 70 to 54.
Italian Real Estate market forecast: signs of
recovery for 2014?
Banca d'Italia's Italian House Market Survey (Short-Term
Outlook) published in November 2013 surmised that:
"The property market continued to show signs of
weakness in the third quarter of 2013, although these had eased
somewhat. Reports of falling prices diminished and there was a rise
in new mandates to sell. The percentage of agents reporting a
reduction in rents was smaller. Although agents' short-term
expectations were still pessimistic, there was nonetheless an
improvement for both the national and the local reference market
thanks to the more favourable outlook for new mandates to sell and
the forecast of a less sharp drop in property prices. Assessments
of national market trends for the medium term (two years) were
And, according to Nomisma's Real Estate Market Watch
"the second negative wave that began in 2011 seems to
eventually be receding." Nomisma's report,
covering 13 of Italy's major cities, states that
"although the market is unlikely to be recover in
2014, there will be a significant recovery
in 2015 initially in the non-housing
The report continues that, in comparison to 2012, the overall
negative trend in the housing sector is less severe in 2013, and
would fade towards the end of the year.
Most non-Italian, and especially the British, prefer to buy
properties around the Lakes as well as Umbria and the Southern
Regions: Puglia, Calabria and Sicily. Venice has some of the
world's most expensive real estate: while Tuscany is the most
The consensus as to whether now is a good time to buy or not is
a 'yes' for the following reasons:
house prices in Italy are stable and attractive with many good
value properties still available;
some 'newly discovered' regions of Italy offer a great
choice of property at very reasonable prices;
it's a buyer's market – an ability to bargain
prices down still exists
buying in Italy is considered a safer investment option than
buying in other Eurozones, for instance in Spain or Greece The
Italian property market has not witnessed a wholesale
the process of purchasing is less bureaucratic than in previous
renovation costs are relatively cheap in Italy, meaning a
renovation property in Italy is an excellent way to see a healthy
return on your total investment;
improved travel connections and low-cost airlines servicing
previously remote corners of the country has seen an increase in
demand in those regions; and
the anticipated 2015 upturn will have a positive impact on 2014
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guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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