Yes, it’s official – according to the Agenzia delle Entrate – after seven long years in the red, the Italian real estate market has turned in positive results for 2014.
Property transactions in Italy were up by 1.8% in 2014 on a year by year basis, with the fourth quarter showing a particularly strong 5.5% increase. There were a total of 920 849 property transactions in 2014 with the best result coming from the commercial sector (+ 5.7%), followed by residential and manufacturing (+ 3.6%), whilst the service sector remains negative (-4.6%).
Some of the major cities in Italy saw double-digit growth in 2014, mainly Bologna (+ 18.5%), Genoa (15%), Rome (+ 13.9%) and Florence (+ 13.3%), whilst Milan and Turin both recorded a respectable growth of 5%. Interestingly, there was a 12% increase in transactions supported by a mortgage, with 40% of purchasers obtaining a loan and the average mortgage value was Euro 119,000.
So maybe it’s the time to consider investing in that property of your dreams in Italy, particularly if you put this together with the very favourable exchange rate of the euro against the dollar, sterling and the Swiss franc.