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Italian property rebounds in second half of last year
14/04/2010
The Italian Land Registry (AKA Agenzia del Territorio) has just revealed its annual report on the Italian property market last year. The organisation said that Italian property prices held firm in 2009 for the most part, despite a significant drop in sales. The total figure on sales, 1.347m represented a drop of 11.3% on 2008's figure, which in turn was 13.7% down on 2007.
According to the agency there was a noticeable turnaround in the second half of 2009. It said that a year-on-year drop of over 18% in the first quarter, shrank to a year-on-year drop of just 4% by the final quarter.
Though a second-half turnaround is confirmed by several other sources and reports, it has to be said that the final quarter shrinkage was always going to be smaller, because sales had dropped significantly by the fourth quarter of 2008, whereas in the first quarter they were still pretty strong.
The most significant findings for those considering an overseas property purchase in Italy however, was the fact that prices only fell 0.7% in the second half of 2009, compared to the same period in the previous year. Anyone considering Calabria property will be pleased to know that Southern Italy was by far the best performer, with a 0.1% contraction in the cities, and a shock 0.4% growth in the smaller municipalities (i.e. like Calabria).
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Daniel Lewis
Cash Generator
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