The start of the 21st century has been a volatile time for the housing market in many parts of the world. In Italy, the first decade saw a steep rise in housing values, greater than 50 percent when adjusted for inflation. With the global financial meltdown in 2008, property prices began to fall. Then the Euro crisis that began in 2011 had an even more severe influence on the struggling Italian economy. Since 2008, housing prices in Italy have fallen 23 percent after inflation adjustment, according to figures provided by the European Central Bank.
