The real estate market in Italy was severely damaged by high taxes

The real estate market in Italy was severely damaged by high taxes

High property taxes and the difficulties of companies are major problems in Italy. Topics on the financial and economic situation were discussed at a meeting of the Confederation of Owners and Builders.

Excessive taxation of housing killed the real estate market, said Corrado Folyani, president of the Confederacy. Data on the real estate market, provided by the agency tax revenues, are dramatic for the sector. High taxes, that hit the real estate inItaly, created a dangerous situation.

Sales decline by 29.6% across the country indicates that the property market in Italy is almost paralyzed and there is a lack of investment to raise revenue. A large decrease in the number of transactions (and, of course, request for purchase) leads to a pronounced drop in prices.

Experts believe that the real estate sector plays a major role in the economic recovery inItaly, so it needs urgent government intervention and mitigation of excessive taxation, in particular, a single municipal property tax, which has been tentatively accepted by the Monti’s Government and which many owners are still not able to pay.