The time for writs of property executions to be implemented in Italy got faster in 2018, but most of them end without the repossessed property being auctioned off to new owners, according to the T6 Report presented in Rome. Buying a property at auction in Italy is a great opportunity to get cheap homes for sale, but many repossessed properties don’t even get that far.
According to the most recent data, there has been a drop in the time in which real estate executions for bailiffs to repossess property are passed in Italian courts. Whereas in 2017 these times were 5 years, in 2018 the average fell to 4.21 years.
In addition, there were 60,238 procedures registered in 2017 and 49,622 in 2018, a decrease of 10,616 (-17.62%). The productivity of the courts continues to grow and the number of cases settled is 26% higher than those registered (compared to 11% last year).
The fastest court in Italy for processing foreclosure notices is Napoli Nord (which only started to operate only in 2013), with an average of 1.81 years for its procedures, followed by Trieste e Bolzano, which has an average of 2.5 years.
There is still a large number of pending proceedings, about 240,000 of which are more than 10 years old, with some regions, especially in the south of Italy, having accumulated a huge backlog that is difficult to dispose of in the short term.
As for the individual phases of the procedure, the start-up phase is longest in Como (408 days) and Gorizia (327 days), while it is fastest in Trieste with an average of 216 days, which are, however, slowed down by the 312 days of the sale phase. In Napoli Nord this phase takes only 187 days.
Finally, the distribution phase is slowest in the courts of Bolzano (121 days), Gorizia (115), Napoli Nord (101), Trieste (99) and Como (92).
While waiting to see this year's report, however, idealista/news has gained an idea of the effectiveness of property executions in terms of the actual allocation of buildings, the central point of these foreclosure procedures. On average, according to the data in the 2017 report (also available for non-members on the website of the T6 Association), 49% of the registered files (282,206 out of a total of 585,829) had reached the final phase, with percentages varying according to the court.
The five courts with the highest percentage of closed cases compared to the rest of Italy were Bolzano (with 73% of closed cases), Ferrara (73%), Trieste (72%), Genoa (70%) and Savona (69%). Tempio Pausania, on the other hand, was the court with the fewest cases closed in 2018, at only 23%.
It is then necessary to distinguish between different types of closed files, whether they are finished because the property was sold at auction or because of other reasons. The 2017 study showed that, at national level, files of the first type were 29.8% of the total number of completed procedures, while those of the second type were approximately 69.6%.
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