In Q1 2014 prices of houses and apartments in Italy were by 10.4% lower than in Q1 2010, writes ee24.com citing thelocal.it.
Downward trend started simultaneously with the start of the global economic crisis in 2008. We have already reported that in the last year (by Q1 2014), a decline amounted to 4.6%; the largest fall was on the secondary market.
Reduction in property prices in the Republic of Italy is accelerating during the last 2 years. In 2011 there was a slight increase of 0.8%, in 2012 - a drop of 2.8%, in 2013 - a drop of 5.7%. It's noteworthy that prices for secondary housing in Italy have started to fall in Q1 2012, while prices for new property started to go down only in the beginning of 2013.