Sharp decline in 2023 for the Italian real estate market.
The residential sector closed the year with almost 710 thousand homes sold, with an overall reduction of almost 10% compared to 2022.
This is what emerges from the Real Estate Market Observatory of the Revenue Agency which underlines that the housing market in Italy showed negative trend rates in all quarters of 2023, but in the fourth, with just over 200 thousand homes sold , the decline stopped at 3.3% (against the drastic reduction of over 10% in the third quarter).
The high rates slow down the demand for mortgages to the point that in the fourth quarter of last year the share of homes purchased using a loan fell well below 40% (to 37%), for the first time since 2021. This is what emerges from the Revenue Agency's real estate market observatory.
Between October and December, we read in the document, "the data referring to the share of home purchases by natural persons financed by mortgages registered on the property sold, for the first time, since 2021, recorded a marked decrease below 40%. The average interest rate, established upon signing the mortgage deed, reaches 4.51%, increasing again after the slight decrease recorded in the previous quarter. The debt capital, again referring to the amount contracted by natural persons to purchase homes, amounts to approximately 9.3 billion euros, approximately 2.3 billion euros less than the equivalent quarter of 2022".
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