Today, the Bank of Italy publish its second report this year on the economy of Tuscany. The data on the first half of this year confirm that the real estate sector was quite strongly affected by the difficult economic environment: the number of real estate transactions, though already on a historically low level, declined by another 13 percent, and the prices for residential property saw another considerable reduction (-6 percent).
Yet, in a second report of the Bank of Italy, the monthly "Economy in brief", indicators for the third quarter 2013 show early signs of a turnaround of the economic situation: both new orders in the inustry as well as household confidence have shown considerable increases in the past 3-6 months.
Rolf T. Boeni
21 November 2013