RISING SALES, PRICES STILL June '
"The Italian property market has left behind the severe crisis of the last seven years, but the rise will be slow and not without its pitfalls." It is the scenery that track Nomisma Observatory on the real estate market presented today November 25 in Milan in collaboration with Intesa Sanpaolo Private Banking. Pending the official data of the Revenue for the third quarter that will be released next week, the institute estimated Bolognese residential sales up 6% at year end. And prices still down 2.5% on an annual basis, but that should stop the descent in 2016. They remain the most marked declines in prices (and prospects lifts) on the front offices (-3.4%) and stores (-2.6%).
According Nomimsa, "reinforce the signs of improvement in the housing market, which were outlined in the second part of 2014, thanks to a macroeconomic framework certainly more favorable, even if it is not dynamic striking." Sttolineato is how the changed economic conditions have made emerge a question that has never died down but still need support: about 75% of Italian families seeking home may in fact purchasing only through financial support from the banks. Macroeconomic conditions "certainly favorable" are not in fact 'sufficient to power a path of ascent assisted. " With the share of transactions without recourse to credit it has dropped in 2015 to below 45%.
The response of the banking system to soaring demands was not missing. The increase in disbursements for the institute in Bologna is striking result, "albeit much lower than the figures published by expert institutions in the year." More specifically, "the capital provided to households for mortgages in the first six months of 2015, gross of portability initiatives, was $ 17.3 billion, an increase of 53 percentage points over the first half of 2014 and 34 on previous semester. For the second half of the year forecasts amounted to 21 billion euro. " With unprogresivo consolidation in the coming years.
Nomisma but also emphasizes that there are still some unknowns related mainly to persistent critical situations related to the weight of impaired loans. But also to the risk of 'massive divestment initiatives of real estate assets as collateral for loans heavily devalued once again accentuate the downward pressure of prices. "
"Looking at the 13 cities monitored - communicates Nomisma - growth in activity levels was uniform and common to both residences and buildings used for production. The increased rigidity of prices during the crisis is reflected nell'andamento anticipatory quantities compared to values, with a delay of seconds, which tends to widen over time. " In residential, "the offer continues to grow in semicentri and suburbs while remaining stable in prime areas and centers."
Even the rental market is confirmed fairly uniform in a comparison of urban areas and is "Interestingly, in the areas of quality and centers the demand for buying homes that are not met by the properties on the market looks set to renting, in Pending an improvement of accessibility, as well as quality. "
The average gross yield annual rental of housing stood at 5.1% in line with that of the offices (5%). It confirms high -7.3% per annum - the average yield detected by Nomisma for the stores.
On the corporate front, "exposure to the banking system suggests that the recovery can not be said to be fully established, although the numbers seem robust. By operators prevails judgment stable than the quantities placed on the market during the year, while demand was still declining, although there have been signs of settling. The offer is stable with the exception of the city centers where instead is growing. " Finally, Nomisma shows that in the twenty-first century were the tools of investment to Italian food and give strength to the growth of the sector; when the Institute of Bologna does not see conditions to identify "who can take over the baton from operators opportunistic foreign and continuing the expansion phase underway
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