Market Focus: Genoa, Italy
Genoa is the capital city of Liguria, one of the smallest regions of Italy, located in the north of the country. It is a narrow strip of land, approximately 270 kilometres long and 50 kilometres wide, that faces the Tirreno Sea. Genoa lies in the innermost part of the gulf to which it gives its name. In terms of population, the metropolitan city of Genoa ranks sixth in Italy, with more than 600,000 inhabitants in the inner city, rising to more than 850,000 in the urban area.
Genoa is the most dominant city in Liguria and forms the southern corner of the “industrial triangle” alongside Turin and Milan. The economy is now mainly oriented toward the service sector (insurance, finance and transport) associated with port activities. Indeed, Genoa is the leading Italian port in terms of passenger traffic.
Real estate overview
The Italian economy retreated into recession in Q2 2014, albeit a moderate one, as GDP contracted by 0.2 percent quarter-on