giovedì 14 marzo 2013

The Italian real estate market crisis, merciless numbers

Translation of an interesting article from the Italian web based newspaper Nove da Firenze .

The figures released by FIAIP are really discouraging: in Italy in the period 2007-2012 real estate sales were down by as much as 40%. In the past year house prices also showed a decrease of 12% (25% if we compare the average prices of the previous year with those of 2008.).

And common clichés that keep the industry afloat we have thought in the past few years the only luxury properties, and this both in Italy and internationally.

According to the findings in the recent MEETIN - a real estate meeting in Naples, for example, this assumption seems confirmed in the Southern Italy.

Over the last five years, sales and construction of new buildings have declined by 40%, sales of larger apartments and luxury properties in the most prestigious neighborhoods of Naples (Posillipo, Vomero, Chiaia) has instead maintained.
The same goes for real estate on the Sorrento coast, who have not registered even the declines in sales prices.

Of the first opinions in contrast seem to come from the Northern Italy, and in particular from Milan.

According writes Joan Valsecchi on News, it seems that even the high end of the market - which had not previously been the least affected by the crisis - is starting to feel a bit 'hit: properties of prestige of Milan in fact, would arrive at the cost 20-25% less than it was five years ago.

And if we can not speak of a real crisis, however, would seem obvious signs of some slowdown in the luxury market.

It seems that at this time the only ones who can afford the expense of a certain kind - we speak of digits that can even exceed € 19,000 per square meter - are entrepreneurs belonging to sectors that are resisting more to the crisis, such as fashion or telephone for example, or the super-rich from Russia or the Arab states.

To confirm the trend, in some way, there are also data published on 6 March by Osservatorio Residenze Esclusive (Observatory of Exclusive Residences), sponsored by Tirelli & Partners, and for the second half of 2012 in the cities of Milan and Rome.

According to these data luxury properties are struggling to find buyers, and so stretch of the days of sale.

According Casa24Plus for example, in Milan, for homes with a value of more than € 7,000 per square meter, the average selling now would exceed 16 months (in 2010 were less than one year).

We wanted to explore the question also heard the opinion of Dimitri Corti, CEO of Lionard Exclusive Real Estate, a Pistoia (Tuscany) estate agency specializing in selling luxury real estate in Italy.

According to D. Corti there is not actually a real braking because the Italian sellers are basically willing to consider offers also much lower, while still allowing you to get to the final sale.

Confirms instead the fact that buyers come almost exclusively from countries such as Russia, Ukraine, Lithuania, Kazakhstan.

We are then told that Tuscany is by far one of the most sought after, not only in Italy but also in the whole Europe.

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