(ANSA) - Italian families, which were willing to buy a flat in the city, had to spend their earnings for nine years in 2004, while in 1995 the average cost of a flat was equal to seven annual salaries, according to Italian cooperative association Legacoop.
The cost of a 110 sq m flat located near the city centre tripled to average 375,000 euro ($448,650) in 2004 from 123,000 ($147,157) on average in 1985. The average annual earnings of a middle-class couple rose to 40,000 euro ($47,856) in 2004 from 22,000 euro ($26,321) in 1985.
In the towns with less than 80,000 inhabitants, the cost of a flat was equal to 4.3 annual salaries of the two spouses in 2004, three in 1995 and 1.6 in 1985. For 1998 to 2004, sales of residential properties totalled 7.0 million, while real estate prices surged 65 pct in the large cities and 51 pct on a national level. Housing rents increased by 49 pct for 1998 to 2004.
