Real-estate market down 9.2% in 2013, below 1985 levels

IMG class=hide alt=”Real-estate market down 9.2% in 2013, below 1985 levels” src=”http://www.mineralfossil.com/wp-content/uploads/2014/03/wpid-123cf0b2b36928ed00a55f69310b7a0b.jpg” (ANSA) – Rome, March 10 – The residential real-estate market in Italy plunged 9.2% in 2013 on the previous year, below levels recorded in 1985, according to data released on Monday by the real-estate observatory of the Italian revenue agency. PThe observatory said 403,000 sales were recorded last year and real-estate prices dropped 10.7% to 66.8 billion euros./PPOverall, sales in all categories of real property dropped 8.9% in 2013, down by almost 88,000 sales on 2012, which had registered a record 24.8% decrease./PPHowever, data showed that sales slightly picked up in the last quarter, which registered a less significant 7.5% drop./PPAmong different categories, residential property sales recorded a 9.2% decrease, commercial properties a 7.3% drop and industrial properties a 7.7% decrease./PPThe credit crunch in 2013, one of the worst years for businesses in Italy since the 2008 global financial crisis, led to a 7.7% drop in residential property bought with a mortgage./PPMortgages were worth 17.5 billion euros last year, down 10.6% from 2012./PPItaly’s longest postwar recession officially ended with flat growth in the third quarter of last year and a 0.1% rise in the last quarter but unemployment is still running at a record high and businesses and households are struggling to recover./P
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