ISTAT also records the decline in house prices in the third quarter of 2018. The decrease is 0.8% both in annual and quarterly terms. Data confirming that, in a general picture of recovery in the residential real estate market, there is a persistent weakness on the value side.
The tendential decline in house prices can only be attributed to existing house prices, which recorded a negative change of -1.3% (it was -0.8% in the previous quarter). New house prices, on the other hand, accelerate on a trend basis, going from + 1.2% in the second quarter of 2018 to + 1.4% in the third quarter.
These trends are manifested in a context of persistent growth in sales volumes (+ 6.7% increase the trend registered for the third quarter of 2018 by the Real Estate Market Observatory of the Revenue Agency for the residential sector).
The average of the values in 2018
Compared to the same period of 2017, in the first three quarters of 2018, house prices fell by 0.6%, with existing homes down by 1.0% and new ones up by 1.2%. Compared to the 2010 average, house prices fell 16.7% in the third quarter of 2018 due exclusively to existing homes, whose prices fell by 22.9%, while for new houses there was an increase of 0, 2%.
Commenting on the ISTAT data was the president of FIAIP Gian Battista Baccarini, according to whom “The increase in the volumes of the sales, does not take a picture of a real recovery in the real estate sector.The data certified today by ISTAT highlights the ‘state of crisis’ that lives in the real estate sector and the net retreat from 2010 to today of real estate values in Italy (-22.9%) “.
“The real estate sector represents almost a fifth of the GDP, Gian Battista Baccarini continues , and it is obvious that if the sector does not grow, the Italian economy can not even grow. The fact that the last Budget law has allowed the municipalities to raise the tax on Imu and Tasi, will cause a further departure from the market of Italian and foreign investors ”
“The increase in the number of trades is the signal that the Talians now consider the” home “a shelter asset, but buy only with heavy discounts.I appeal to the Government to take care of our sector, which I remember contributes about 20 % GDP. Without a revival of the real estate market, the growth data of the entire economy will remain the current ones. “