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House Prices in Italy’s Tourist Spots Fall Amid Recession, Taxes

House prices in recession-hit Italy’s tourist resorts such as Capri fell more than in the biggest cities this year as investors grew concerned about the economic outlook and higher property taxes, a research institute said.

Prices of residential properties in 31 resorts across the country fell an average 4.4 percent in the 12 months through September, the Bologna-based institute Nomisma said in an e-mailed report today. That compares with a 3.4 percent decline in Italy’s 13 biggest cities, the report said.