Realpoint Italy

15 Apr 2009

Property prices in Italy could fall further this year, increasing opportunities for foreign investor bargains, it has been suggested.

A report from the economic intelligence group Nomisma shows that residential housing volumes fell by more than 15 per cent last year, while the number of sales using mortgages slumped by nearly 27 per cent, according to Propertywire.com.

Despite this, the think tank's research shows that Italians still see property investment as a safe bet and predict demand could return next year.

According to Propertywire.com, the report stated: "The relaxation of the strict credit by banks could provide additional liquidity to re-start interest in the real estate market for families, investors and large operators."

The foreign currency exchange rate for Italy is currently £1.00 to 1.1177 euros, while the International Monetary Fund predicts the country will see economic contraction of 2.1 per cent this year.

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