Italian families? Poorer and poorer, yet they want to hit real estate
The Idealista website has published an interesting comparative analysis of the wealth of families in different states. This is a very interesting set of data because it allows us to evaluate the results of European policies. Idealists tells us:
According to a report published by Istat, at the end of 2021 the net wealth of Italian families was 8.6 times their disposable income, measured gross of depreciation. The value is above those reported by Germany, the United Kingdom and the United States, but it is lower than that recorded by Canadian, French and Spanish households (for Spain, the latest data available is for 2020).
Here is the related graph
It seems clear that since 2012 the growth in the wealth of Italian households is no longer up to par with other countries and not even with Canada and the United States. 2012 is the year of Mario Monti and the IMU, the tax that severely hit the value of real estate leading to the weakening of household wealth.
Germany, the USA and Canada are seeing higher growth in household wealth. How come? Simply because they are countries where property values, one of the main elements of household wealth, has been growing. Maybe even excessive, but present. On the contrary, the taxation of real estate, wanted by the Monti government and never excessively correct, has reduced the value of real estate in Italy, all helped by a demographic trend that is certainly not positive.
Now the new European legislation on energy efficiency, which will impose considerable costs on property owners, risks giving a further blow to the value of properties and therefore to the wealth of families. In the end, the EU operation will only end with a worsening of the financial situation of our households. We will impoverish ourselves and all by the will of the EU.
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The article Italian families? Increasingly poor, yet they want to hit real estate comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/le-famiglie-italiane-sempre-piu-povere-eppure-vogliono-colpire-gli-immobili/ on Sat, 04 Feb 2023 11:10:07 +0000.