House prices in Italy stable at pre-crisis levels
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Unlike most countries in Europe, Italy did not experience sharp house price falls with the global financial crisis. After rising more than 70% from 1998 to 2008, the house price index has largely been unchanged since the crisis, falling 0.3% y-o-y to H1 2010 (the most recent data available), according to the Bank of Italy.
Stability of house prices was also reflected in figures from Nomisma, an independent economic think-tank. The average existing house price in 13 major cities was largely unchanged (-0.6%) in the first half of 2010 compared with the second half of 2009. The price of new houses was also relatively stable (-0.5%) over the same period.
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