Property sales jump in italian cities

Photo: Nadio

Italy's housing market has seen sales and prices decrease steadily for a long time, as the country's economy struggles to exit recession. Now, though, figures from the Italian revenue agency show signs of rebounding activity in major cities.

Sales of Italian proeprty jumped 19 per cent in Rome in the three months to September 2014 compared to the same period in 2013, reports Ansa, while Florence saw activity rise 23 per cent.

Indeed, other cities such as Genoa saw a rise of 10.4 per cent in the quarter, while Palermo and Naples enjoyed rises of 8.9 per cent 7.3 per cent respectively.

In total, the country's market saw buying and selling rise 3.6 per cent year-on-year.

Is this the start of the Italian real estate renaissance?

The latest report follows an equally positive evaluation by Knight Frank, which found that as well as increasing interest from Chinese and Asian buyers, American and British buyers are returning the country in bigger numbers, thanks to the strength of the dollar and the pound versus the weak euro.

Indeed, on TheMoveChannel.com, Italy climbed to become one of the five most popular countries in September 2014 for the fourth time since January.

"Italy continues to face challenging market conditions with Europe again coming under the spotlight recently over its muted economic growth and with some of Italy’s banks faring badly in the latest stress tests. However, the food and culture, the wine and architecture and la dolce vita remains a permanent feature and continues to draw buyers wanting a slice of Italian life," explains Rupert Fawcett, a Partner in the agency's Italian team.

"There has been increased interest this year in city living with an upturn in inquiries for Rome, Venice, Milan and Florence," he told OPP Connect. "Rome has returned positive growth in the last quarter for the first time in several years, Venice is showing increases at the upper end and all cities have seen increased sales activity. We expect prices to remain stable in these locations over the next year, but we do not expect any price increases for at least the next few years."

"In other areas there continues to be pressure on prices due in part to the availability of a large amount of stock which means buyers tend to deliberate for longer when searching for the perfect property. However, correctly-priced properties in the best locations are finding good interest and, in some cases, multiple offers."