Business and Money

Italy’s property market bucks recession

Italy's property market bucks recession
Property sales in Rome were up 11.8 percent in the third quarter. Photo: Rome property photo: Shutterstock
The Italian property market received a boost in sales in the third quarter of 2014, the country’s revenue agency said on Thursday.

Residential property sales rose almost 19 percent in Bologna and 23 percent in Florence, while in Rome sales were up 11.8 percent, the agency known as Agenzia Entrate said.

Elsewhere in the country other major cities also saw an increase in activity between July and September, including a 10.4 percent rise in Genoa, 8.9 percent in Palermo and a 7.3 percent increase in Naples, Ansa reported.

Overall, the property market grew by 3.6 percent in Italy in the third quarter compared with the same period last year, with almost 207,000 transactions reported.

The sale of shops saw the biggest gains, jumping nine percent in the quarter, while the sale of homes rose by 4.1 percent. Office sales, meanwhile, fell by two percent.

The boost in property sales comes as Italy remains mired in a long recession, and after several quarters of negative statistics.

Still, the sluggish market has prompted authorities in some places to come up with more creative ways of reviving sales and developing their towns. Dozens of foreigners are now vying for €1 properties in a village in Sicily as part of a deal proposed by the mayor. 

READ MORE: Dozens of foreigners vie for €1 homes in Sicily

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