28 February 2008
The average time it takes to sell a property in Italy has increased by over two weeks, according to new research.
A study conducted by property agency Tecnocasa, shows that it now takes an average of 135 days to sell a home in Italy , up from 118 days six months ago.
The study examined trends in ten Italian cities and the surrounding metropolitan areas and found that Florence is the city where residential properties sold the fastest, moving within 106 days on average, while Verona was the slowest at 175 days.
In the south, it will take 161 days on average to sell a property, compared with 153 days in Bologna, 135 days in Milan and 119 days in Rome.
The research also found that time taken for a home to sell was considerably longer in the suburbs of the big Italian cities, making up in total a nationwide average of 142 days, which included 217 days outside Bologna, or 7.2 months. This delay has contributed towards falling property prices in Italy, says the agency.
Tecnocasa attributes the Italian property market slowdown to a rises in mortgage rates, and the increased time banks are taking to extend loans. The sub-prime crisis in the United States has also played a part, says the firm.
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