Italian residential property prices 'stable in Q2'

Sales prices for residential property in Italy remained steady in the second quarter of the year, according to new figures.

While the actual number of sales fell, values stayed fairly stable, the Italian Land Agency's statistics show.

Prices rose in cities such as Rome and Turin, which saw respective increases of 0.4 and 0.3 per cent. The largest decline in city home values came in Palermo, where prices fell by 2.1 per cent, AGI reports.

It is very much a buyer's market in Italy at the moment, thanks in part to a 20 per cent weakening in the euro against a number of other major currencies, according to Paul Belcher of Ultissimo.
The expert recently told the Telegraph that now is a good time to buy in the country as more locals offload properties that had previously been kept in the family for generations.

"A combination of increased property taxes and financial pressures are creating buyer opportunities," he commented.

"Distressed purchases are not widely available, nor to be expected. But attractive prices can be found for the careful buyer."

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