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The performance of the Italian housing market and its effects on the financial system


  • Fabio Panetta

    () (Banca d'Italia)

  • Michele Leonardo Bianchi

    () (Banca d'Italia)

  • Marcello Bofondi

    () (Banca d'Italia)

  • Fabrizio Borselli

    () (Banca d'Italia)

  • Guido Bulligan

    () (Banca d'Italia)

  • Alessandro Buoncompagni

    () (Banca d'Italia)

  • Mari Cappabianca

    () (Banca d'Italia)

  • Luisa Carpinelli

    () (Banca d'Italia)

  • Agostino Chiabrera

    () (Banca d'Italia)

  • Francesco Columba

    () (Banca d'Italia)

  • Guido de Blasio

    () (Banca d'Italia)

  • Alessio d�Ignazio

    () (Banca d'Italia)

  • Cristina Fabrizi

    () (Banca d'Italia)

  • Carlo Gola

    () (Banca d'Italia)

  • Roberto Sabbatini

    () (Banca d'Italia)

  • Federico Maria Signoretti

    () (Banca d'Italia)

  • Francesco Zollino

    () (Banca d'Italia)


Developments in the real-estate sector are of crucial importance for the business cycle and financial stability. This study analyses developments in the Italian housing market on the basis of both real and financial variables. Following the sharp contraction of the market during the financial crisis and the more general fall in economic activity, a few signals suggests that the recession in the housing market is easing somewhat. However, the degree of uncertainty remains considerable. In recent months the ratio between the flow of bad debts to total outstanding loans to households and construction firms has reached the highest levels since the beginning of the decade. The paper also investigates three issues of a more structural nature. First, it examines the performance and the regulatory framework of real-estate investment funds in Italy. Second, it analyses the main characteristics of the taxation of residential housing, with reference to ownership, rentals and transactions. Finally, the paper estimates the impact on residential house prices of the growing demand for housing services by immigrants.

Suggested Citation

  • Fabio Panetta & Michele Leonardo Bianchi & Marcello Bofondi & Fabrizio Borselli & Guido Bulligan & Alessandro Buoncompagni & Mari Cappabianca & Luisa Carpinelli & Agostino Chiabrera & Francesco Columb, 2009. "The performance of the Italian housing market and its effects on the financial system," Questioni di Economia e Finanza (Occasional Papers) 59, Bank of Italy, Economic Research and International Relations Area.
  • Handle: RePEc:bdi:opques:qef_59_09

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    References listed on IDEAS

    1. Antonio Bassanetti & Martina Cecioni & Andrea Nobili & Giordano Zevi, 2011. "Le principali recessioni italiane: un confronto retrospettivo," Rivista di Politica Economica, SIPI Spa, issue 3, pages 281-318, JULY-SEPT.
    2. Severin Borenstein & Joseph Farrell, 1998. "Inside the Pin-Factory: Empirical Studies Augmented by Manager Interviews," NBER Books, National Bureau of Economic Research, Inc, number bore98-1, January.
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    Cited by:

    1. Francesca Modena & Concetta Rondinelli, 2011. "Leaving home and housing prices. The experience of Italian youth emancipation," Temi di discussione (Economic working papers) 818, Bank of Italy, Economic Research and International Relations Area.

    More about this item


    housing market cycle; transactions; rentals; residential house prices; mortgages; real-estate investment funds; taxation of residential housing;

    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • H2 - Public Economics - - Taxation, Subsidies, and Revenue
    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
    • R2 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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