The market for real estate auctions in Italy
In 2016, around 530,000 properties were sold in the free market, and besides these, just under 270,000 were auctioned. However, the latter have been exhausted (awarded or debtor has extinguished the debt) only 32,000. But why do buyers do not trust in them?
The Nomisma document drawn up in collaboration with Astasy “Evidence of Non Performing Loans” cites
With the exhaustion of the expansive push that has been in Italy until 2008, the number of real estate executions has progressively increased due to the deteriorating economic situation, the overwhelming volume of construction and the massive use of credit.
The model that provided mortgages up to 120% of house value (to pay the notary, furniture, taxes, etc.) inevitably went into crisis after 2008, when the collapse of the buying power of many of the families involved Has led to the gradual default of its credit standing.
So in recent years, real estate auctions have begun to multiply.
We now see the number of real estate auctions in Italy in recent years. 2017 is in brackets because it’s a projection because we’re only in July.
Over 70% of the real estate units are due to the residential category and consist of apartments, villas and cottages, in most cases combined with garages and wineries. The general distribution of the property can be seen in this pie chart.
In the category “other” are included real estate units of different nature and difficult location. For example, castles, monasteries (unconsecrated), amusement parks, discos, camps, barracks, dairies, mills and libraries.
Over 91% of real estate executions are made up of the so-called SMALL TICKETs, ie loans granted on goods worthy of a value not exceeding 250,000 Euros.
To overcome the difficulties of the Italian system to find the data in a certain and unambiguous way, Nomisma has made use of the collaboration of ASTASY, “Auction System – Italy”, which has been involved in the collection, insertion, analysis, statistical control and verification of origin some data. So it is for them that we have the data that I am presenting to you today.
If you are interested in purchasing homes for auction, follow my blog in the “Buy Auction House” section, where you will find all the information, links Buy houses in Italy with auctions
If I can be useful with any information, do not hesitate to contact me at the address firstname.lastname@example.org
Alice – www.ortalloggi.com