"Real estate market and mortgage in Italy in the first half of2023."

In Verona, the latest data on real estate transactions in Verona were presented by notaries. The panorama of the real estate market and mortgage in Italy in the first half of2023 was disclosed by the National Notarial Council through a detailed analysis based on Notarial Statistical Information (DSN) published on the website https://dsn.notariato.it.

"As part of this study, nine major Italian cities were analyzed, including Rome, Milan, Naples, Bari, Bologna, Turin, Palermo, Verona, and Florence, in order to understand the dynamics of real estate transactions, mortgages, and mortgages with respect to residential homes."."

Real Estate Market Trends in2023

In the first half of2023, Italy noticed a significant decrease of8.7% in real estate transactions, from303,375 to277,052 deals compared to the same period in2022. This decline was gradual over several months, with a negative signal of2.7% in the first two-month period,4.8% in the first quarter, and12% in the second quarter. Transactions of primary housing between private individuals decreased by11%, while transactions of primary housing from companies fell by34.2%. On the other hand, the market for secondary homes between private individuals remained stable with a decrease of1.9%, while transactions of secondary homes from companies decreased by11.5%.

Trends in the mortgage market

Mortgage loans for purchasing housing decreased by 29.5% in the first six months of 2023 compared to the same period last year. This decline is particularly noticeable in the second quarter, with a reduction of 32.6%. This decrease in issued mortgage loans corresponds to a drop in sales transactions, indicating that rising interest rates have led people to use their own funds instead of seeking external financing. The average issued capital remained virtually unchanged at 170,597 euros in the first half of 2023.

The figures of Verona in the real estate market

In the context of the Italian real estate market, Verona experienced significant changes in the first half of 2023. Real estate transactions in Verona decreased by 3.7% compared to the same period in 2022. This decline is primarily due to a reduction in transactions involving new housing, with a 7.1% decrease in transactions between individuals and a 3.4% decrease in transactions with companies.

However, the market for secondary homes between individuals demonstrated resilience, showing a slight increase of 0.5%, while secondary homes purchased by companies saw a small decline of 1.9%. Alongside the decrease in buying and selling transactions, mortgage loans for purchasing homes in Verona dropped by 25.6% compared to the first six months of 2022. This reduction was noticeable throughout the half-year, with monthly declines ranging from -0.9% in January to a sharp -32.2% in June. This decrease in mortgage loans is also reflected in the reduced number of individuals taking out mortgages, which fell by 28.5%. This trend is particularly evident among younger age groups, with a reduction of 28% for those aged 18 to 35 and 32.2% for those aged 46 to 55. These data highlight the complex dynamics of the Verona real estate market in the first half of 2023. While buying and selling transactions show a downward trend, especially in the new housing category, the market for secondary homes between individuals exhibits some resilience. At the same time, the reduction in mortgage loans indicates a greater reluctance among people to take on financial commitments, possibly due to rising interest rates or economic uncertainty. However, there is a noticeable increase in surrogate transactions, suggesting that some individuals are seeking alternative solutions to meet their housing needs.