The real estate market in Rome waits revival

The real estate market in Rome waits revival

The real estate market in the Italian capital is in the dual position. On the one hand, prices in some areas are still falling, while in the most prestigious central areas housing remains expensive, according to the Italian federation of business agents (Fimaa). Also the price of rent reduced, while the time spent on the deal significantly increased. Property market recovery is expected by the end of the year.

"The real estate market in Italy will recover by the end of 2013, if the new government supports growth, reduces taxes, and if the credit crisis weakens. The housing sector is the driving force of the economy, and we need to give it a new energy as soon as possible," said Maurizio Pezzetta, Fimaa president in Rome. It is reported that the number of property transactions fell by 40% from the peak year 2005.

According Fimaa, the cost of housing in Rome does not change the same everywhere. As can be seen in San Giovanni, the price per square meter fell by 12% in 2013, whereas in more affluent areas (for example, near the Piazza di Spagna) prices remained at the same level.

Real estate prices in the south of Rome fell by 6%. An even larger drop was recorded in Torrevecchia - 8%. A decrease of 6% was also in Aurelio and Monteverde, 5% - in the eastern part of Rome, Policlinico and Pietralata, 3% - in Prati and Corso Francia.