The robust level of housing demand and lesser output in Italian housing market has resulted in sharp acceleration in house price inflation, claimed a property expert.
Edward Crompton, Managing Director of Real Point Property has stated that prices in the Italian housing market are set to experience an increase. The housing supply problem is the reason for increasing property prices in Italy, particularly in central Tuscany and Florence. Affordability has not declined as the market remains very buoyant even in this period of high demand of housing units.
The demand for residential properties is at unprecedented levels. New house price inflation has accelerated rapidly and also the prices for renovated properties appear to have risen even more sharply. Experts believe that house prices could increase by 10% this year in many areas. The considerable flow of funds to property market from outside Italy is indicative of the apparent lower prices when compared to other countries. The overall growth in the construction sector also remains strong. The housing market has played a key role in the overall performance of the economy in recent years.
Overseas property buyers who choose to buy a holiday home Italy would be making a profitable long-term investment. The figures will be positive reading for foreign investors who have chosen to buy a residence in Italy, as it means that their acquisition has appreciated in value during the last year. Prices have risen to certain extent but the cost of property is still well below the levels of comparable resorts in other popular holiday destinations such as France, Spain and Portugal.
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