Generally there has been an overall fall in the total number of property transactions, more marked in the central areas ( - 14.4%) than in the North (-12.7%) or in the South (-12.3%). Within this overall picture, main cities and towns are beginning to show an improvement, whereas the rural district are still largely depressed (on average - 13.9%). Milano and Bologna are actually showing signs of improvement, whereas the worst performers are Torino, Roma, Firenze and Genova.

On average Italian residential property prices have shown a slight fall in the first quarter of 2009. The average price for residential accommodation was down to Euro 1,578 per square meter in Italy with a loss of - 0.5% over the last 12 months. It is the first time since 2004 that the average price of Italian properties has actually fallen.

The price of commercial properties shows the greatest overall fall, with an annual reduction of 24%.

This however should be viewed in the longer term. Between the first quarter of 2004 and the first quarter of 2009 Italian residential property prices have increased on average by 29.1 %.