News / Insights

In its “Housing Market Survey,” the Bank of Italy reported data for the fourth quarter of 2024.

The survey, conducted by the Bank of Italy, Tecnoborsa, and the Italian Revenue Agency, found that the number of agencies that completed at least one sale during the period in question reached 88.9%, the highest level since the series began.

Despite a prevalence of assessments indicating stability, housing prices are reported to be rising, with 17.3% of operators indicating an increase compared to the previous period. Demand is supported by improved access to credit, with the difficulty of obtaining a mortgage—which stands at 19%—down from 20% in the previous quarter. This factor has contributed to an increase in transactions, although the balance between agencies reporting an increase and those reporting a decrease remains negative, though it has improved significantly compared to the previous quarter (-12 percentage points).

Sales are primarily concentrated on “resale” homes, with over 80% of transactions in this category. Fifty-six percent of these homes fall into lower energy efficiency classes, particularly in Central and Southern Italy, while in urban areas the percentage of homes with higher energy efficiency ratings is greater. The supply of properties remains weak, with a significant reduction in listings. On the demand side, only 42% of agencies expect rental rates to rise in the current quarter, marking a 4% increase compared to the previous period. This trend is primarily linked to the limited availability of properties and the growing tendency, especially in Central and Southern Italy, to use homes for short-term rentals."

The short-term rental market has had a significant impact, with 80% of operators believing that this phenomenon has reduced the supply of rental housing, also affecting sales. In fact, while short-term rentals reduce the supply of homes for sale, they also stimulate demand for the purchase of new properties to be used for this purpose.

The outlook for the future is positive, with an increase in the percentage of operators expecting prices to rise in the coming months, while the share of those forecasting a decline is decreasing. Expectations regarding market trends for 2025 are therefore optimistic, supported by improved access to credit and increasingly dynamic demand.