Case, because Italy is the only country in Europe with falling prices
Real estate sales in net recovery, even if still in the leopard patch on the territory, to which counter prices remain firm or still slightly down. A framework that makes Italy far from a rest of Europe where the values ??of the brick have now embarked on a path of growth. According to Eurostat, Italy is the only country where, in the middle of last year, real estate prices were still falling, compared to a remainder of Europe which recorded increases of more than 5% for two thirds. According to ISTAT, in fact, in our country in the third quarter of 2017 the index of house prices fell by 0.5% compared to the previous quarter and by 0.8% compared to the same period of 2016.
According to ISTAT, in fact, in our country in the third quarter of 2017 the index of house prices fell by 0.5% compared to the previous quarter and by 0.8% compared to the same period of 2016.
The causes of the delayed recovery Which then the structural and contingent motives that still weigh on the Italian brick? Three orders of motivation according to Luca Dondi, general manager of Nomisma. «In Italy we see diversified trends with realities like Milan, but not only, in which there is already moderately expansive dynamics, and other areas of the country where the downturn is still taking place - explains Dondi -. This is the effect of a very slow recovery, which is still affected by the weakness of seven years of crisis, the excess of supply not yet disposed of and the fact that there has been a partial re-evaluation of values. We have seen a certain defense of values, albeit out of the market, during the crisis. A rigidity that we are serving today ».
The sellers did not want to give in, trying to bring home unsustainable values ??based on the economic situation and the situation in the sector. "This is why today we are experiencing a recessionary residue despite the return of demand and the increase in sales," says Dondi. In other countries, such as Spain, the prices heavily reduced due to the crisis have allowed the sector to start again before we do.
More mortgages than investments Not only. «Even the change in the composition of demand in recent years, in which the component supported by the mortgage is the prevailing, if not exclusive, while the investment component is positioned that is positioned on an average higher level of the market, causes the effect on prices is modest and therefore can not reverse the cycle ", says Dondi. Looking at the data processed for Il Sole24 Ore from Scenari Immobiliari in 2017, (gross) prices rose by 1.8% in Milan and by 0.8% in Rome against values ??that rose by 4.5% in Barcelona 17.2%, 5.8% in Madrid, 6.2% in Lisbon and more than 7% in Copenhagen and Helsinki. Only London after the Brexit did worse than the Italian cities, marking a 2.3% drop in values.
The burden of Npl To weigh on the sector also the slowness in the search for a solution to manage the NPL in charge of the banks.
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