Italy home sales will "fall slightly" in 2012

Italy home sales will "fall slightly" in 2012

Sales of houses in Italy will "fall slightly" in 2012, Nomisma has declared.

The research group, based in Bologna, analysed market data and predicted that the number of real estate transactions this year will reach a total 594,037 this year - down from 598,224 in 2011.

Nomisma also predicted price drops for both commercial and residential property, adds Property Investor Europe, with houses in the 13 major cities thought to decrease in price by 1,6%. Office values are also forecast to fall by 2,1% in the coming 12 months.

"We have shelved hopes of an immediate revival of the sector and, with it, the prospect of an easy absorption of large surpluses", Luca Dondi, head of Nomisma, commented.