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ECB Property Price Statistics

ECB Property Price Statistics

Old Oct 2nd 2012, 9:23 pm
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Default ECB Property Price Statistics

Given that the year 2007 seems to be generally accepted as the peak of the world economic cycle its not too surprising that the European Central Bank has rebased a number of their statistics from there. They record a number of series on house price data and comparing like with like is not always easy. Also, they give little account of their data inputs. So take with a pinch of.....

Their numbers for "new and existing dwellings in good and poor condition", or if not available, for either "new" or "existing" dwellings. Price change is from 2007.

France +12.0%
Germany +7.1%
Portugal +6.0%
Italy +3.0%
Greece -13.7%
Spain -23.7%
Ireland - 48.2%

I guess I'm a little sceptical of some of the numbers. For example, Portugal looks odd to me. I can see the resilience of the property markets in Milan and Rome holding up the Italian numbers but I'm still surprised by the net gain.
Anyway, I've nothing whatsoever to do with selling property, but I do like to question things.

Oh! And for the UK (according to the Nationwide BS) -10.8%
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Old Oct 3rd 2012, 4:20 am
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Default Re: ECB Property Price Statistics

Originally Posted by Capo Boi
Given that the year 2007 seems to be generally accepted as the peak of the world economic cycle its not too surprising that the European Central Bank has rebased a number of their statistics from there. They record a number of series on house price data and comparing like with like is not always easy. Also, they give little account of their data inputs. So take with a pinch of.....

Their numbers for "new and existing dwellings in good and poor condition", or if not available, for either "new" or "existing" dwellings. Price change is from 2007.

France +12.0%
Germany +7.1%
Portugal +6.0%
Italy +3.0%
Greece -13.7%
Spain -23.7%
Ireland - 48.2%

I guess I'm a little sceptical of some of the numbers. For example, Portugal looks odd to me. I can see the resilience of the property markets in Milan and Rome holding up the Italian numbers but I'm still surprised by the net gain.
Anyway, I've nothing whatsoever to do with selling property, but I do like to question things.

Oh! And for the UK (according to the Nationwide BS) -10.8%
I noticed this the other day for Italy. Some of the comments are interesting too, especially on why prices haven't fallen more, or don't seem to have fallen more - http://www.ilsole24ore.com/art/notiz...?uuid=AbCuCVkG
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Old Oct 3rd 2012, 6:46 am
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Default Re: ECB Property Price Statistics

Two things regarding selling/buying I have noticed where I live.

Our friends just sold their house complete with land with olive trees to a cash buyer. It is likely that people who have money( accumulated by tax evasion most likely), are investing into property in their kids names so that GF can not find it.

Secondly, the new built apartments are sold so that you can rent it for 8 years( contract 4+4 with 1,000 deposit), and the amount paid in rent is deducted from the sale price.
However, they sell an apartment of 70m2 for 230.000 euro, which comes ridiculously expensive at 3.285 euro per m2.
So, it seems that rather than reduce the prices, they are trying to find buyers who can not get a mortgage in a different way.
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Old Oct 3rd 2012, 3:29 pm
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Default Re: ECB Property Price Statistics

Figures released last week showed sales in Italy down overall by 19%, prices down by 2.7% and mortgages down by 50% over the last year...
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Old Oct 11th 2012, 5:40 pm
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Default Re: ECB Property Price Statistics

Property prices may only have fallen by 3% in Italy but the price of average rent per square meter seems to be collapsing. I had a look at the trovit website and they give figures of 30% falls over the last few months even in Milan. This may be the right time to sign a 4x4 contract for something really nice (i.e. city centre with sea views in front and uninterrupted country behind).
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Old Oct 11th 2012, 6:35 pm
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Default Re: ECB Property Price Statistics

Originally Posted by nicktonight
Property prices may only have fallen by 3% in Italy but the price of average rent per square meter seems to be collapsing. I had a look at the trovit website and they give figures of 30% falls over the last few months even in Milan. This may be the right time to sign a 4x4 contract for something really nice (i.e. city centre with sea views in front and uninterrupted country behind).
So, if property prices are falling, why did our insurance value go up today. Don't answer.

Rents are going down here too though not by 30% - I'd say. We are looking for a small place. Don't think I'll find a sea view.
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Old Oct 12th 2012, 11:36 am
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Default Re: ECB Property Price Statistics

Are those stats available for different parts of Italy. We're in Rome and prices here don't seem to have really dropped but apparently there is a TON of negotiability now. I wonder about rents too.
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Old Oct 12th 2012, 12:00 pm
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Default Re: ECB Property Price Statistics

Originally Posted by nicktonight
Property prices may only have fallen by 3% in Italy but the price of average rent per square meter seems to be collapsing. I had a look at the trovit website and they give figures of 30% falls over the last few months even in Milan. This may be the right time to sign a 4x4 contract for something really nice (i.e. city centre with sea views in front and uninterrupted country behind).
That surprises me - with the lack of mortgages more and more people are turning to renting, and there seems to be more demand than supply at the moment, which should act counter to a drop in rents. I think it will vary hugely from place to place.
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Old Oct 12th 2012, 5:30 pm
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Default Re: ECB Property Price Statistics

'Are those stats available for different parts of Italy. We're in Rome and prices here don't seem to have really dropped but apparently there is a TON of negotiability now. I wonder about rents too'.

The stats are only for Italy as a whole. I've never been able to find any statistics giving a breakdown by region. I did read somewhere once that property transactions in Italy (buying and selling - not price) are a seventh of the UK rate.
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Old Oct 12th 2012, 6:11 pm
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Default Re: ECB Property Price Statistics

The statistics came from the http://case.trovit.it website on the RHS of each page and are backed up my own (tiny) experience here in SR. My girlfriend has a beautiful appartment on Ortigia island which she has rented out for years at about 900 € a month. At the moment she can't find anyone at €650 and potential tenants are making absurd demands - yesterday for instance they wanted the rent to include 4 hours a week wages for a cleaner! .We were in Milan last week and quite a few agents told us that prices had become open to a lot more negociation.
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Old Oct 12th 2012, 6:16 pm
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Default Re: ECB Property Price Statistics

Here are trovit casa statistics for Rome where is seems the drop in prices (if any) is a lot smaller
http://case.trovit.it/143894/prezzo-affitto-casa-roma
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Old Oct 22nd 2012, 1:34 pm
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Default Re: ECB Property Price Statistics

http://www.corriere.it/economia/corr...2a76be41.shtml
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