Real estate sales in Italy dropped 7% in 2023

Real estate sales drop 7% in 2023

Business News

According to Italian notary statistics released today, 1,030,507 real estate sales were registered in 2023. This is a fall of 7% on the previous year.

In Italy, 1,030,507 real estate sales were registered in 2023, down by 7% on the 1,108,081 properties sold the previous year, according to notary statistics released on Wednesday.

The average price of a property last year was €154,416, down from €158,074 in 2022 and €155,118 in 2021.

The average value of new mortgages granted last year fell by 26%, according to the statistics.

The report said high interest rates was a factor in this drop. Add to that cautious lending practices by Italian banks and fewer Italian residents will be able to purchase the larger family homes.

However, smaller properties, with much lower price tags, are not predicted to see significant price reductions.

The basic supply and demand equation has a considerable impact in shaping how house prices fluctuate. Major urban centres can expect to see continuing development. However, the growth rate may taper in outlying areas due to the enormous construction costs.

The ongoing Superbonus fiasco in parliament may have a negative effect on property renovation projects.

Leave a Reply