The shocking truth about Italian real estate. The number of Italian people forced to sell their property because of the debts to be paid is in steady rise. Let’s go through this in the article below.
High taxes on properties and the need for cash money are the major causes forcing an always higher number of Italians to sell their properties at a lower price. Following the data from a Tecnocasa’s research (the number one resource in Italy to buy and sell properties), the number of persons who have sold their property during the last year is higher by 10%. This data suggest us that owners are willing to lower prices of their property, in fact we have now a gap of 40% even 50% respect of the prices before the crisis, in 2008 for example.
The data also show us that more than 3 over 4 persons bought their primary property, 16.2% a property for investment and only 6,6% a property for the holidays. Looking from the vendor’s side we can see that the majority sell to enhance their living quality, following those who need to have cash back and then those who would like to change area or city.