The real estate market in Italy was oversaturated with offers until 2020. However, last year made some adjustments to the development of this business sector.
Background: the Italian premium real estate market felt not very well (to put it mildly) after the economic crisis in 2008 — in particular, if compared with the markets of other EU member states. The most peak period of real estate deals was between 2005 and 2007. At the time, the number of closed real estate deals exceeded 100 thous. per year. For comparison, this indicator fell to 50 thous. deals in 2013.
Cities in Italy differ significantly from major cities in the US. People come here for peace and relaxation. Italian real estate cannot be valued in terms of financial investment. Most of the potential buyers purchase houses and apartments in Italy for personal use.
Despite the strict quarantine measures introduced in Italy due to the pandemic, 2020 has become one of the busiest years in the last decade – the demand for Italian real estate has multiplied. In addition, not just the citizens of the country seek to acquire the desired objects.
The real estate market is quite balanced today. However, it is still short of offers for objects in the highest price category. The largest demand is for houses priced between €4 mln and €8 mln.