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Author: Martina Meneghetti
Date Created: Jul 1, 2009 - 6:36:26 AM
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The real estate market is one of the most important
sectors in the economy of a country. Unfortunately in the last months it has
been one of the most affected sectors by the economic crisis; let’s see now how
is the situation in Veneto, a region always considered among the most
flourishing and productive.
In March already, the Ance (National associations of
building workers) annual report on 2008 and forecast of 2009, has registered a
reduction of investments at about -4,5% and also in 2009 the investments will
have a strong decrease. This pronounced slowdown in the region, however, it is
also explained because for more than a decade the construction sector in Veneto
has increased more than the rest of Italy. The crisis is now clearly visible, numbers and reports
confirm it. The elements that move the balance in negative, in addition to the
economic downturn started already last years and that involves all economic
sectors, are the strict credit policy and the numerous delays or even the stop
of payments by the local authorities.
In every province in Veneto, from Padua to Belluno,
there is a significant infrastructure deficit, particularly with regard to the
medium and small works that could already be set in motion, also because we
must consider that the need of residential buildings remains high, mainly due
to the significant population growth in recent years.
One of the most difficult areas is that of
non-residential public buildings that in 2008 shows a 10% decline over the
previous year. In strong decrease there is also the private non-residential
sector (-6,7%) and the new housing (-4,7%). The only sector that in 2008 still
shows a positive sign is that of investments for the extraordinary maintenance
and recovery of existing housing (+1,3%). As for real estate selling in all
provinces, the date are not favourable; in the first six months of last year
the number of resulting sales decreased by 18,6% in comparison with the first
half of 2007. The decrease is most marked in non-headplace of province
municipalities (19,2%) compared with a decrease of 16,% in the headplaces of
province of Veneto.
The latest report Nomisma records after 10 years of
uninterrupted growth, the first negative signs on residential property prices.
However, this does not mean that investors are turning their back to real
estate market. Prices of apartment in Padua have fallen of -1,2%, in Venice of
-4,2%, in Mestre -3,9% compared with the second half of 2007, these data
indicate therefore that prices in general are not decreasing so much in
relation to the rest of Europe.
The crisis has also affected the banking sector, which
has immediately enacted more restrictive policies, between January and
September 2008. In Veneto there was a decrease of 17,8% of funding to
non-residential sector. Loans granted to households have registered in this
region a decline by 3,6%, but only in the third quarter the reduction was of
20,2%.
To overcome the economic and financial crisis, all
observers, domestic and international, reaffirm the anti-cyclical role that the
infrastructural investments can play, for their power to sustain income and
employment.
The key factors to revitalize the sector have been
identified in technological innovation, especially issues related to energy
issue, development of infrastructure, this is essential both because it gives
job opportunities to the construction companies and because each infrastructure
forms the basis for a further socio-economic development of the area, and in
the policies for the house promoted by the Veneto region to face the housing
problem for large sectors of the population.
This article was written by Michele De Capitani
with support from punto
immobiliare for any information, please visit appartamenti monolocali or for insurance visit vendita capannoni .
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