80% of Italian families own properties.
This is what emerged during the presentation of the second edition of the Real Estate Valuation Code, organized by Tecnoborsa.
'As emerged from the recent Tecnoborsa survey on Italian families from 1999 to today - said the president of Tecnoborsa, Aldo De Marco - it appears that, in the last 3 years, 26.4% of Italian families have carried out one or more real estate transactions between the purchase, sale or even rental of a home. This means that, in the last three years, the real estate market has affected five million families in various ways.
The Tecnoborsa survey also found that only a third of families had recourse to a specialist for the valuation of a property: families whose age range varied from 25 to 45 years used an valuer. In particular, in the case of the purchase of a property, 29.1% of families turned to a specialist for a property valuation, while for the sale the percentage rose to 37.3%. Among those who made use of the specialist, the lion's share was played by the real estate agencies, which were used by 50% of the families who carried out an evaluation.
'These data - explained De Marco - therefore confirm how in Italy the importance of the evaluation of a professional for real estate transactions is underestimated by private individuals, a fundamental role to guarantee to all players in the real estate market a correct application of those unique, shared and easily applicable methodologies that the Code proposes in order to spread a new culture for the transparency and development of the Italian real estate market that is in step with the most advanced international models'.
The Real Estate Valuation Code, in fact, underlined the president of Tecnoborsa, was born from the need to provide the Italian real estate market with a working tool that would constitute a scientifically and economically effective point of reference for everyone also shared by international operators and make an important contribution to the integration of the Italian real estate economy with that of other European Union countries.
The two major innovations in this second edition of the Code are the Evaluator's Code of Ethics and the appraisal scheme. The Code identifies and defines the main terminologies and conventions to be adopted and lists the definitions in use in Italy. The definitions revolve around three cores, referring to the methods of measuring the consistency of properties, the different meanings of value and the estimation procedures.
source: Real Estate Observatory
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