Introduction
The Italian residential mortgage market has grown significantly over the last few years driven by strong house price growth and falling interest rates. What are the current issues facing this market? How are housing policies affecting its performance?
Scope of this report
Covers the residential mortgage market
Provides market sizing data in terms of gross advances and balances outstanding
Provides competitor market share for the top five players in terms of balances outstanding;
Looks at housing policies and issues in the market
Research and analysis highlights
The Italian population is ageing. The typical Italian homebuyer is in the 35-54 age range, whereas renters are more commonly younger and cannot afford homeownership. This ageing population is influencing a shift towards owner-occupation over renting.
House prices in Italy have been increasing markedly over recent years following a long period of recession in the 1990s when house prices fell amid economic gloom. Between 2000 and 2004, house prices rose by between six and 11 per cent each year.
Specialist mortgage lenders have had notable success lending via the intermediary channel in Italy. While most have a limited branch presence, the vast proportion of their business is conducted via intermediaries and partners.
Key reasons to read this report
Learn how the Italian residential mortgage market has developed over the last five years
Understand the recent developments in the market in terms of regulation, competition and product innovations
Find out It's opinion on the future performance of the Italian residential mortgage market over the next five years and its future prospects
Table of Contents
ABOUT
2
OVERVIEW
11
Market Size
11
Future Growth Indicators
11
Key issues
12
Key market players
13
Product innovation
13
CHAPTER 1 INTRODUCTION
14
What is this report about?
14
Scope of the report
14
Structure of report
14
CHAPTER 2 MARKET CONTEXT
15
Country overview
15
Economy
17
GDP
17
Inflation
21
Distribution of income
21
Distribution of liquid assets in Italy
22
Demographics
23
Population and demographic split
23
Unemployment
23
Housing market
24
Housing stock
24
House prices
26
Government housing policies
27
Market data
28
Mortgage interest rates
28
Market Size
29
Balances outstanding
29
Gross advances
32
Product lines
33
Market structure
34
Categories of banks
34
Limited liability banks
35
Co-operative banks
35
Savings Banks
36
Mortgage market structure
36
Market Structural Overview
36
Funding
36
Distribution
37
Regulatory environment
39
Industry regulators
39
Banca d'Italia
39
Industry associations
40
Associazione Bancaria Italiana (ABI)
40
Associazione fra le Casse di Risparmio Italiane (ACRI)
40
Banche Credito Cooperativo - BCC
41
Associazione Italiana del Credito al Consumo e Immobiliare - Assofin
41
Credit bureaux
41
EURISC - CRIF Credit Protection Bureau
41
Repossession and rules of law
42
Regulatory issues in the market
42
The birth of an integrated European mortgage market is still far off, yet lenders are concerned over potential developments
42
Italy is under prepared for the implementation of Basel II
43
National mortgage related regulations
44
Key issues
45
CHAPTER 3 COMPETITOR AND PRODUCT OVERVIEW
46
Top five mortgage lenders
46
Market share by balances outstanding
46
Profile of top five mortgage lenders
47
Unicredito
47
Capitalia
48
Capitalia looks to expand its business to cover the whole of Italy
48
Banca Monte Dei Paschi Group
49
Banca Intesa
50
Banca Intesa offers four key mortgage products
50
Related Reports :
Mortgages in France 2006
Mortgages in Germany 2006
Mortgages in the Benelux Region 2006
Western European Mortgages 2006
Mortgages in the Nordic Region 2006
UK Mortgage Intermediary Distribution 2006
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