PARTNERSHIP Italy - UK

PARTNERSHIP | Winter 2019 22 Italian and British Real Estate Market in 2019: an overview Investment opportunities despite Brexit I taly has always had a powerful charm; the appeal of the wonderful climate, unique history and culture, not to mention the fabulous cuisine and wines, have made Italy a holiday destination of choice for vast numbers of tourists. But even the biggest Italophiles often shop around for years before committing to buying a home, while more strategic real estate investors sometimes avoid the country altogether, especially since the global financial crisis. At the end of 2018, the Italian housing market saw a slightly less negative balance sheet than the year before, with prices falling by 3.7%, compared to 4% in 2017. However, 2019 looks set to show a contrasting trend in the market, characterised by devaluations in the cities of the central and southern provinces where demand is slow, and the revival of large cities in the centre-north, with a knock-on effect on prices. If there are no shocks, then we should still see a moderate growth in transactions (between 580 and 600 thousand units), while prices will tend to stabilise in an increasing number of areas. In the last seven years many European countries have not only come out of the real estate crisis, but they have also registered an improvement in house prices. In Italy, while volumes of sales have increased, prices are still blocked. The market varies from region to region. We find a recovery in many big cities, while the rest of the peninsula is still struggling. All that, however, is giving us a precise signal: Italy is once again becoming a smart