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.
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