The real estate data registered gives signs that the Italian property market is recovering, giving hope for this year as the Tecnocasa Group’s Department of Research affirms. We look at what’s going on in terms of prices, mortgages, number of sales and purchases, and what the outlook is for 2018.
Sales and Purchases
The first positive data are those released by the Agenzia delle Entrate, the public agency that deals with the management of taxes in Italy, which show that during the first months of this year, there was a 4.5% increase in the sale of properties in the country. This trend was strongest in big cities, where in some areas the prices have already recovered and returned to positive levels, as in Milan, Bologna and Florence.
Time needed to sell
Another positive indicator of the good health of the real estate market is the sale time, which has decreased – the average is now approximately 140 days, down about 20 days from last year. This is due in part to sellers’ expectations of how much they want to get for their property matching up with the current market values, which has allowed a middle-point to be found between supply and demand more easily.
Prices and mortgages
Most of the determining factors for the recovery can be attributed to the drop in prices (they fell an average of 40% from the start of the economic crisis) and to mortgages which are now probably more favourable thanks to highly attractive interest rates.
Investments
As well as all the aforementioned, there is the return of investors who are starting to invest in the real estate market once again, attracted by low prices and high profitability thanks to the hike in rental prices (4.9% gross per year).
Prospects for the future
The property forecast is looking good for 2018, a year in which the recovery looks set to be on course, with around 570 thousand transactions and a recovery of the prices by between 0% and +2%. The driving force of the big cities is also felt in other areas such as provincial capitals and their outskirts, where it is hoped that prices will remain stable.
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