The Italian Housing Market Survey has been released for the third quarter of 2019.
The survey looks at current trends and short-term expectations for the residential real estate market and is conducted by the Bank of Italy together with Tecnoborsa and Agenzia delle Entrate.
According to the Italian Housing Market Survey of 1,117 real estate agents carried out between 14 October and 18 November 2019, in the third quarter of 2019 the share of agents reporting a fall in house prices increased, as did the share of those expecting the reduction in house prices to continue into the autumn. The average discount on the initial asking prices rose. The gap between asking prices and offers continues to be the main reason for the cancellation of listings. Selling times increased, especially in non-urban areas.
The share of real estate agents that sold at least one property in the quarter July-September remained high. There are, however, signs of a slowdown in the market. The balance between the responses signalling an increase in new listings and those reporting a decrease declined further, indicating a reduction in the supply of property. On the demand side, the negative balance between responses indicating an increase in the number of potential buyers and a decrease in their number widened, and this occurred more markedly in non-urban areas.
Real estate agents' expectations regarding the situation in their own market in the current quarter improved only in urban areas. Conversely, the short-term outlook for the real estate market at national level worsened across the board, while remaining favourable over the two-year horizon.
