Italian real estate market to shrink by 10% in 2023 - News - Ansa.it.

The Italian real estate market expects a decline in 2023. The residential real estate sector ended the year with the sale of almost 710 thousand homes, which in total represents a decline of almost 10% compared to 2022. This was revealed in the real estate market surveillance report of the Revenue Agency, which notes that the Italian real estate market showed a negative rate in all quarters of 2023, but in the fourth quarter with the sale of a little over 200 thousand homes, the decline stopped at 3.3% (compared to a dramatic decline of more than 10% in the third quarter).

High interest rates are curbing demand for mortgages to the extent that the proportion of homes purchased using credit fell well below 40% (37%) in the fourth quarter of last year, for the first time since 2021. This emerged from the Revenue Agency's property market watchdog report.