As for Italy, I can say that the real estate sector was precious from the 1960s to 2007 ... In the last 15 years this sector has been a disaster. I also noticed that many try to jump into this sector with very low professional skills, and this only worsens the situation.
Italy has a demographic issue that has to be crushing much of the country. I would think some of the major cities are okay but a lot of rural areas have to be suffering.
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