House prices down 1.8% in 2013

European survey says Italy poised to recover

House prices down 1.8% in 2013

Milan, September 11 - House prices in Italy will decline an average of 1.8% this year but things look a bit better for 2014, according to a European survey released Wednesday. While Italy's housing market is "weak" at the moment, it shows signs of recording a slight price increase of about 0.2% next year, said the European Outlook 2014. The Italian government's decision to abolish the IMU property tax, even though it is to be replaced, should give a bit of a boost to markets, the study said. The survey found that the seven-year average, from 2007-2013, saw the Italian residential real estate market drop by 22%. That was still better than the decline recorded in other European countries that endured real-estate bubbles in that same period, such as Spain, reporting a 48% drop and England, 44%.

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