News / Insights

In the fourth quarter of 2024, the Italian residential market saw significant growth: home sales rose by 7.6% compared to the same period in 2023, with an acceleration across all geographic areas, led by provincial capitals (+9.8%) and cities such as Rome and Milan (+10%). The only exception among major cities was Naples, which saw a 2% decline.

The increase in new home purchases (+46%) brought their share to 12.8% of the total market. 41.5% of sales were financed with a mortgage, with average rates declining (around 3.3%), and 71% of buyers taking advantage of the “first-time homebuyer” incentive. The most traded homes were those between 50 and 115 square meters (+8.7%).

The rental market saw a slight decline in volume (-0.3%), but an increase in total annual rent (+3.7%, for a total of approximately 1.7 billion euros). In Rome, new leases decreased (-7%), while in Milan they increased (+5.5%), along with rents (+6.9%). Short-term leases and student leases are growing in particular, while standard long-term leases are declining.

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As for non-residential real estate, the fourth quarter of 2024 showed significant growth, with a 28% increase in sales compared to the same period in 2023. This positive trend was driven mainly by retail spaces (+3.5%) and industrial properties (+1.1%), particularly in the Northwest and South. In contrast, the office sector saw a 2.3% year-over-year contraction, with sharper declines in regional capitals (-9.3%) and a near-25% plunge in the eight major cities. In particular, Rome and Milan, which represent the most significant markets, recorded declines of 43.6% and 22%, respectively.

The industrial real estate market, however, bucked the trend, showing resilience, with particularly strong performance in Turin, Treviso, and Padua, where the increase in transactions exceeded 25%.

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