Italian property prices ‘to fall in 2013’
The Italian real estate market could fall between three to five per cent, according to a new 2013 market report.
The research department of Italian estate agency group Tecnocasa, says prices of prime properties in the main cities look set to hold up better than in the regions, where demand is lower.
“The difference in 2013 will be the quality of living,” it says. Tecnocasa admits there could be problems with overpriced new homes or those in areas where of weak demand, but says that means buyers could pick up bargains.
“Even in the provincial capitals, we expect prices to fall even lower than big cities. It should however be noted that in this scenario, you open up buying opportunities: lower prices that took place in 2012 and that there will be in 2013 will allow those who have the capital or will be able to get a loan to buy at very competitive prices.”
Fabiana Megliola - Head of the Research Department at Group Tecnocasa, predicts the price changes in 2013 will be: Bari From -7% to -5%; Bologna -6% to -4%; Florence -4% to -2%; Genoa -4% to -2%; Milan 4% to -2%; Naples -5% to -3%; Palermo -5% to -3%; Rome -6% to -4%; Turin -3% to -1% Verona -3% to -1%
Tecnocasa says it is difficult to see how property investment will recover in the short term to the levels of some years ago, as buyers are cautious and the proposed new property tax will not help.
Tecnocasa was founded in 1986 and is a network of agencies and real estate brokerage franchises across Italy.