Italian property market 'may stabilise' by 2010
Monday March 30th , 2009
Properties in Italy are continuing to fall in value but the market may stabilise by 2010, new research reveals.
A study by the Italian research institute Nomisma suggests that sales in the Italian residential property market dropped by 15.1 per cent in 2008 due to the global economic downturn.
Prices in the final quarter of the year were notably dented by falling consumer confidence in the global financial system.
However, the report also notes that the number of houses sold to first-time buyers is still fairly steady and an increase in supply over demand actually offers good news for investors.
The Nomisma findings indicate that Italian property sales will drop by as much as ten per cent more this year but may stabilise in 2010.
Founded in 1988, Nomisma conducts research and consultation projects within Italian real estate markets and urban planning companies.
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