The year 2023: problems in the Italian real estate market.

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The Italian real estate market is experiencing a slowdown that was widely predicted by analysts after several experts noted that 2021 was filled with phenomenal data, "inflated" by transactions that did not occur during the lockdown. This was followed by 2022, which brought the consequences of the Covid pandemic to the country, first with inflation and then with the crisis caused by the Russian-Ukrainian war.

From January 2022 to March 2023, it is impossible not to notice the decline in purchasing power, which has particularly affected young people due to the rise in interest rates. The increase of 187% has led many to postpone their decision to buy a home. Those who made this choice preferred renting, which in large cities is experiencing a surge in short-term rental properties.

Decrease in purchases

The consequences of the inflationary trend that began in 2021 and escalated in 2022 manifested primarily through a decrease in purchases, which fell by 8% during the first quarter of 2023. It is important to note that the amount of loans issued decreased by about 30%, which is also characteristic of the slowdown in the real estate market in Italy. Overall, the percentage of real estate sales made using mortgage loans decreased by 19.5% in the first quarter of this year. Let's compare this to 2022. In January of last year, 51.9% of residential properties in Italy were purchased using a mortgage. By June 2023, this percentage had dropped to 41.8%. In cases where buying a home cannot be postponed, more and more people are opting for alternative payment methods, mainly due to the instability of interest rates.

Price structure

Now about prices. According to most participants in the real estate market, prices in the first half of this year were quite stable.

When looking at specific cases, one can notice situations where prices continue to rise. One such example isMilan, where in June the average cost per square meter was 5,271 euros.

Under Madonna's influence, a national trend of declining purchases can be observed. In the first quarter of 2023, purchases decreased by 22.9% compared to the same period last year (an even more negative figure was recorded in Bologna, where the decline was nearly 24%). Against the backdrop of stable prices and decreasing purchases, the time taken to sell properties has also decreased from 6.1 to 5.5 months. According to real estate experts, this statistic indicates a decrease in demand for home purchases, as well as increased competition among real estate agencies (in the first quarter of 2023, the share of agencies that sold at least one house dropped by three percentage points). Many of these agencies report growing difficulties for clients in obtaining mortgage loans.

In such a situation, specialization can be helpful. For example, consulting a specialized broker to choose the right bank for obtaining a mortgage can make a difference. Naturally, it is also important to carefully select the property. In this case, websites like Immobiliovunque.it can be useful. Unlike general platforms such as social media, this portal only features listings published by verified real estate agencies, highlighting the important professional role in the real estate sector.