Buying property in Italy? Expect longer wait times

March 2nd, 2009 | by Ainsley |

The turbulence in the Italian property market – and indeed in the real estate sector across pretty much all of the world – has manifested itself in a number of different ways.

As well as the most obvious one – a downward pressure on prices – in Italy there has also been a slight but noticeable increase in the length of time taken to conclude property deals.

The large towns and cities remain the quickest places in which to buy and sell property in Italy.

However, the process now takes an average 19 weeks and 5 days, up from the 18 weeks and two days of a year ago.

The reason is simple really: with far more potential sellers than buyers, prospective investors recognised they hold the whip hand and can take their time to evaluate the numerous options available.

In other words, as we at www.homesandvillasabroad.com have been saying for some time now, Italy is currently a buyers’ market and there has scarcely been a better time to purchase.

Buying property in Italy’s provincial capitals takes slightly longer than in the larger cities — and currently stands at around 22 weeks and one day on average.

That is an increase from the 21 weeks and two days recorded this time last year, according to research by Italian real estate conglomerate Tecnocasa.

Property in Italy’s hinterlands takes even longer to purchase, a typical 24 weeks and one day, up from 23 weeks and five days in 2008.

Top of the list is Genoa in Liguria, where if you’re planning on buying a home you will typically need to set aside no fewer than 28 weeks.

In the area around Puglian capital Bari it takes 26 weeks and five days. Outside Turin the process drags on for 26 weeks and one day, while in Bologna things are on average just a day quicker.

Things proceed slightly more rapidly in the cities. Picturesque Verona currently heads the list – with a typical 24 weeks and six days to seal a house purchase in the centre of the city.

Next is Palermo in Sicily, where it takes 24 weeks and one day on average.

And if you’ve got your eye on a masseria or trulli in the heart of Bari, you will usually need to set aside 23 weeks and three days before you assume full ownership.

Enjoyed reading this article? Then look at our range of houses for sale in Italy?

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