Real estate in popular regions of Italy fell in value by 2.5%

Real estate in popular regions of Italy fell in value by 2.5%

Housing in tourist areas in Italy, where foreigners and Italians acquire second homes, fell in value in the first half of 2014 by 2.5%, according to ee24.com citing immobiliare.it. 

In Calabria, which is already considered the cheapest region in the country (€1,200-1,300 per sq.m), and in Campania, decline amounted to 7%. Housing in Sardinia and Sicily became cheaper by 5%, in Puglia - by 4%. 

Prices on the Adriatic Riviera (around Rimini) and in Tuscany remained stable compared with the 1st half of 2013. Property in Trentino - Alto Adige region of northern Italy, which is quite expensive (over €3,000 per sq.m), increased in price by 2.8%. 

Today second homes in Italy are being bought not for investment purposes but rather for personal use. Oversupply and lack of buyers gives the opportunity to bargain for a discount up to 15% off the original price. In Liguria real estate prices are €3,500-4,000 per sq.m, up to €6,000 per sq.m in with sea views and even up to €13,000 per sq.m on high-end resorts such as Santa Margherita or Alassio. The typical purchase in Trentino - Alto Adige is €250 thousand, in Emilia-Romagna - €100-150 thousand.