In the second quarter of 2024 The real estate market The Italian shows signs of recovery. The revenue agency’s data, translated into numbers, indicates an increase in sales and an increase in access to mortgages. At the same time we observe a Reduction in rental agreements.
Back to Buy: Market Recovery
The sale of the house was recorded. 1.2 percent increase Compared to the same period in 2023, about 186 thousand units were traded. Data recorded by the revenue agency in the reportReal Estate Market ObservatoryThis indicates a recovery compared to the results of the first quarter of 2024, which had decreased by 7.2%.
Growth in trade is common across all geographic regions of the country, but is particularly prominent in the northern and central regions. Smaller municipalities led the growth with growth of 1.6% compared to 0.2% in capital cities.
In this context, the role of mortgage becomes important. More than 40% of buyers used a mortgage loan to finance their home purchase. A figure that represents an increase compared to previous quarters and reflects the growing confidence of Italians in the real estate market. The average starting mortgage interest rate has dropped to 3.70%, making home buying more affordable for many families.
The total capital borrowed for the purchase of houses is almost reached. 9.6 billion eurosWith an increase of 0.5 billion compared to the same quarter last year. This situation is bolstered by demand for first homes, which account for about 71% of total purchases. An interesting aspect is that 6.4% of the homes purchased were newly constructed, indicating a slow recovery in the recent construction segment as well.
The increase in mortgage-financed purchases not only points to greater access to credit, but also reflects the stability of Italian families’ purchasing intentions. Despite inflation and economic uncertainty, the sector shows signs of revival. Buyers seem to be driven by the need to own their home rather than relying on the rental market, which has begun to present challenges. Criticism.
In the second quarter, the new lease took a hit A reduction of 2.7% This reduction affects both residences in municipalities with high housing stress and municipalities without housing stress. Despite the decrease in contracts, an increase of 2.6% was recorded in annual rents, with a total volume of more than 1.3 billion euros.
Difference Between Major Cities: Map
Analyzing major cities, significant differences emerge. TO RomaSales increased by +3,4%About 50% of buyers have taken out a mortgage loan. The share of first home buyers is particularly high, at around 83 percent. On the contrary, Milan A decrease was recorded. -7.3% in trade, which indicates a cooling of the market.
Opposite trends can also be seen in the rental market: a RomaNew rental contracts fell by -9.1%, with annual rents down by 2.5%. MilanHowever, rental contracts saw an increase of +2.7%, with annual rents up 9.5%.
The Italian real estate market is in a transition phase, with sales and mortgage applications picking up again. Something is changing, from the beginning confidence of Italians.
