Home Prices Rise While Berlusconi Loses Money

Wed, 03/16/2011 - 05:34

As most of Europe struggles with falling property values, homes in Italy have maintained their prices.

The Bank of Italy looked at housing prices in 13 major cities and discovered that the values had remained steady in 2010, and even increased in cities like Cagliari, Catania and Genoa.

Experts cite Italy’s favorable property laws as a reason for stability during uncertain economic times. Agents are optimistic about the prospects for Italian properties. The Bank of Italy reports that 61% of the agents they surveyed expect the housing market to get even better in the next two years.

While rising home prices are good news for Italy, prime minister Silvio Berlusconi is actually getting "poorer".

The television magnate’s fortune has shrunk from an estimated 9 billion dollars to 7.9 billion. This loss dropped Berlusconi down on the list of world’s richest people, from 79th place last year to his current 118th place.

Sounds like Berlusconi needs to consider taking a break from private distractions and start investing in Italian real estate if he wants to regain his top spot among the world’s richest.