Data from the independent Italian Banking Federation are unforgiving: the south is “choking” due to the interest rates that banks charge on mortgages
Our country has never fully addressed the so-called “The Southern Question”. For several decades, the gap between North and South has been clear, tangible and, above all, very influential in shaping Italy’s overall economic picture. Today another unprecedented piece of information emerges: despite the clear economic disparities that harm the South, In the South mortgages are more expensive. Below is a ranking of the worst-off cities.
As is known, a mortgage is a contract in which one party delivers money to the other party and the latter pledges to pay when due with the interest stated upon signing. Mortgages are generally obtained to buy and sell goods and services, even if the typical type of mortgage is for the purchase of real estate. This is exactly what we will discuss today.
Well, the data that comes to us today gives us A somewhat disturbing picture of Italian geography Noting the burden of mortgage on families. Especially in a period characterized by a great deal of uncertainty and even economic difficulties, such as the one we are witnessing now. With accelerating inflation eroding the purchasing power of Italians.
Cities where mortgages are more expensive
In this context, the south is the worst off (as is always the case). That is why it is surprising to know that the highest mortgage rates in Italy are recorded in the south. The data is reliable because it comes directly from Italian Autonomous Banking Federation, This places all areas of the South among the places with the highest mortgage costs.
particularly, Catanzaro, the regional capital of Calabria, is the city where mortgages for purchasing a home are the most expensive. Just to give an example and comparison, for a €150,000 loan for 25 years, you pay a monthly installment of €1,000, well 200 euros more Compared to the 800 euros you pay in Bologna.
Obviously, the wealth of the two cities is not comparable. But if you also look at other big Italian cities, the comparison is harsh: A Milan Monthly installment 841 euros a Rome With a value of 821 euros, a Naples With a value of 980 euros, a Turin 859 euros and in Florence 906 euros.
Thus the banks “choke” the South. In fact, the highest interest rate in Italy is in another region in the south, Molise, at 6.25. Calabria comes in second place with 6.23%. While the aforementioned Bologna region of Emilia-Romagna records an interest rate applied to real estate loans at 4.03%, which is the lowest in Italy.
As we mentioned, all southern regions record the highest interest rates. According to data from the independent Italian Banking Federation, two other southern regions have interest rates higher than 6%: Sicily (6.14%) and Campania (6.02%). But the North did very well: Piedmont (4.68%), Valle d’Aosta (4.55%), Friuli Venezia Giulia (4.50%), Lombardy (4.48%), Lazio (4.24%) Ed Emilia Romagna (4.03%). It is true that Italy has never addressed the question of the south.
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