Insurance News Archive

Italian property 'performing better than UK'

The Italian property market is not likely to feel the effects of the credit crunch as severely as the UK markets, according to the Italian Federation of Estate Agents.

Around the world, the repercussions of last year's sub-prime credit market crash made lenders tighten their purse strings and be more reluctant to release credit.

Consequently some property markets have been hit with no growth or even contraction, though Mark Slaviero of the Homes in Italy property advice and support organisation says that the Mediterranean country will feel the pinch less than the UK.

He said: "What the Italian Federation of Estate Agents is suggesting this year is that the market will continue to slow, but it will be maybe around three per cent, so it's not like the UK where growth is flatlining at zero or even declining.

"In Italy, because it wasn't so high in the first place, it's slowing down, but there's still a growth in the market."

31 Jan 2008