• 01.10.2010

Italian real estate market trends: II quarter 2010

The data produced in the Quarterly review, carried out by the Centre of the housing market, confirmed, albeit at a slower trend reversal recorded in the first quarter of 2010. It is, in fact, the trend was still positive rate (percentage change in the second quarter of 2010 compared to second quarter 2009) the trading volume, which in this quarter amounted to +2.3% for the entire real estate industry.

It should be noted, however, a real estate market in two speeds: 􀂃 in good recovery in the second quarter of 2010 are the transactions of housing units and appurtenant, +4.5% and +0.8% respectively are the trend rates of these sectors which together account a share of over 80% of the Italian property market, difficulties 􀂃 still appears non-residential market, with a decided loss of sales in the tertiary sector (-14.1%), but less sensitive in the commercial (-4 , 7%) and manufacturing (-4.2%).

In particular:

• the residential sector with 141,898 trades has a positive trend in all main areas. Continued significant recovery had already begun in the previous quarter, in the Centre, where the annual trend rate in the second quarter of 2010 amounted to 11.6%, and South America, where the annual trend growth amounted to +6.9 %. Although positive, it is a minor change in the trend rate of sales of homes in the North, +0.5%, lower than the growth recorded in the previous quarter, +2.7%.

• 3,738 transactions with the tertiary sector is the sector that recorded the highest decline due to the very negative trend that exists in the North, -14.9%, and the South, -16.4%, while the Center field loses less, -8.9%;

• the commercial sector with a total of 9,739 NTN highlights in this quarter, the decline noted in the previous quarter. The decline in the quarter is attributed primarily to the North, an area which focuses almost 50% of the market, showing a fall of -6.7% and Central regions, -5.9%. Light, however, the decrease in the South, -0.4%.

• the productive sector with 3037 sales, as the commercial and service sectors, worsening the negative figure in the first quarter. The higher-ups were in the South - 5.4% and Northern Ireland, -4.9%, while the market is steady at the Centre, +0.1%.

It also confirms, as already outlined in previous quarterly notes on the residential sector a better trend for the provincial capitals, which grow in the second quarter of 2010 of +8.1%, when compared to children who demonstrate a +2.9%.

In eight major Italian cities and provinces is observed on a consolidation of the trend reversal recorded in the previous quarter. In fact, the volume of sales of homes reported an overall trend in annual average rate amounted to 11.2%. Municipalities of the respective provinces grow overall by 3.9% instead. The housing market in Rome is in a strong recovery trend in the quarter amounted to +23%. Even the high rise in sales in Genoa City, +13.3%, while the smaller increase is recorded in Milan, +3.3%. In contrast Bologna showing a loss of -7.0%, disregarding the growth expectation aroused in the first quarter.

As for housing prices in the first half of 2010 the national average of residential building units, per unit of retail space, is stationary, with the average price that is equal to € 1,574 / sqm. The average price of homes in the first half of 2010 is stable in both Italian cities, that is € 2,273 / sqm (-0.2% compared to the second half of 2009), is not common in the capital, where the national average price is equal to € 1,311 / sqm (unchanged from the second half of 2009).

It should be noted that in the capitals in the past four semesters, there were always push-ups, albeit minor, of residential prices. Since the beginning of the fall in prices, in the first half of 2008, the average price fell by -1.4%. It is less than the decline in smaller municipalities where the average price of homes decreased by -0.5% from the second half of 2008.