Italian property market sees 17.8% third quarter growth

According to the quarterly report published by the Italian Revenue Agency’s real estate market monitor, the Italian property market saw average 17.8% growth in the third quarter of 2016.

This growth was once again driven by the Northern Italian regions with +22.3%, followed by Central and Southern Italy with +15.2% and +10% respectively.

The third quarter of 2016 also saw higher growth in municipalities that are not provincial capitals (+17.9%) compared to those that are (+16.4%). The ranking of large cities is led by Genoa with +25%, followed by Milan (+23.9%), Bologna (+21.5%), Turin (+20.4%) and Florence (+13.3%).

In some market segments, sales contracts have been experiencing double- digit growth since the beginning of the year: the tertiary sector reported +31.1% in the period July-September, more than double that of the previous quarter; the commercial real estate segment rose from +12.9% to +23.3%; the residential segment increased by 17.4%; and the production segment expanded by 24.5%.