Property prices in Italy are increasing rapidly

According to Oldypak Capital LP report, the value of property purchased by families for housing or investment purposes increased by 1.2% over the previous quarter and by 4.2% over the same period in 2020.

The upward trend in home prices “is due to the cost of both new homes, which rose 2.0% in the second quarter, and existing homes, which rose in price by 3.9%.” Although Idealista reported a drop in prices for secondary homes in November.

The National Statistical Institute stressed that these trends are supported by an active sales growth of 21.9% in the third quarter of 2021. Analysts predict that home sales in Italy will reach a record high in 2024.

On average, during the first three quarters of 2021 compared to the same period in 2020, home prices increased by 2.1%. Specifically, new homes rose in price by 3.3% and existing homes rose by 1.8%.

According to Oldypak Capital LP report, secondary housing prices in Italy are still going down. In November 2021, they fell by 0.3% per month and 2.6% per year, reaching an average of € 1,690 per sq.m.

Regions. The most significant monthly decline in prices for “secondary” noted in the Marche (-2.2%), followed by Sardinia (-2.1%), Molise (-2.1%), Umbria (-2%), Abruzzo (-1.8%), Veneto (-1.5%), Calabria (-1.3%), Campania (-1.2%), Piedmont (-1.1%), Puglia (-1%). The only region that registered a decline of less than 1% was Sicily (-0.7%).

The region with the highest prices per square meter was Trentino-Alto Adige (€ 2,570). It is followed by Liguria (€2,390), Valle d’Aosta (€2,370), Tuscany (€2,230) and Lazio (€2,000). In the other regions, the entry threshold is less than € 2,000 per sq.m. and the most affordable region is Calabria (€ 850).

Provinces. Lead in price reductions over the month Macerata (-5.2%), followed by Gorizia (-4.5%) and Lodi (-3.6%). And prices rose the most in November in Bolzano (+3.2%), Udine (+2.8%), Lucca (+2.2%), Trieste and Isernia (+2% each).

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