Italian home buyers are shrinking: 2023 Sales fall 10%, mortgages fall below 40%

In 2023, the residential real estate sector closed with nearly 710,000 homes bought and sold, marking an overall decline of nearly 10% from 2022. In large cities, the trends are also negative, although declining in the last quarter of the year.

In 2023, real estate sales in Italy fell by almost two numbers. Combining the data of the Tax Revenue Administration about four quarters, we can learn that last year in our country sold a little less than 710 thousand residential homes, a decrease of 9.5% compared to 2022. In the last quarter of the year, the decline in sales was very moderate (-3.3%) and this helped minimize the damage.

Among the big cities, Milan has leveled off with the national trend after a disastrous start to 2023, showing a 2.3% decline in the last quarter. The annualized decline amounted to 13.2%.

Important points:

• In 2023, the residential real estate sector closed with nearly 710,000 homes bought and sold, marking an overall decline of nearly 10% from 2022.
• In 2023, real estate sales in Italy fell by almost two numbers. Combining the data of the Tax Revenue Administration about four quarters, we can learn that last year in our country, a little less than 710 thousand residential houses were sold, which is a decrease of 9.5% compared to 2022.
• Among the big cities, Milan has leveled off with the national trend after a disastrous start to 2023, showing a 2.3% decline in the last quarter. The annual decline amounted to 13.2%.
• Rome fared slightly better, ending the year with a 14.3% decline in sales, while fourth quarter 2023 sales were down 10.9%.
• New dwellings identified by VAT purchase analysis accounted for 9% of the total.

March 8 - 1:28 p.m. © Reproduction rights reserved.