Italian property prices to stay low in 2012

Italian property prices to stay low in 2012

Italian property prices will stay low in 2012, according to Bologna based researchers Nomisma, who believe that continuing problems within the eurozone as well as the plans of the new government will continue to affect the market.

The company believe that total Italian property sales in 2012 are likely to be at the lowest level since 2000. Based on the fact that Italian property prices fell by 1.8 per cent in the first half of this year and the number of house sales fell by a fifth in the first quarter of 2012, Nomisma expects the total number of sales may fall by as much as 12 per cent this year to 529,306. This will mean that the price of property in Italy will continue to stay low, as developers and agents attempt to entice buyers, especially those from overseas.

“The deteriorating economic context, coupled with more selective borrowing conditions and the widespread expectations of a wider depreciation than already recorded are the main reasons for the new halt to the real estate market,” Nomisma said.

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