Construction sector 2023: a threat to the Italian real estate market

In 2023, the Italian real estate market experienced a crisis. In the residential real estate sector, almost 710 thousand dwellings were sold, a decrease of almost 10% compared to 2022. This is evidenced by data from the Real Estate Market Monitoring conducted by the Agency for Taxes and Levies, which notes that the housing market in Italy showed a negative trend in all quarters of 2023, but in the fourth quarter, where a little over 200 thousand dwellings were sold, the decline stopped at 3.3% (compared to a sharp decline of more than 10% in the third quarter).

The news also notes that it is almost impossible to get a mortgage amid peak interest rates.