The Italian Housing Market Survey has been released for the first quarter of 2024.
According to the Italian Housing Market Survey of a sample of real estate agents conducted between 27 March and 29 April 2024, assessments pointing to price stability continued to prevail strongly in the first quarter of the year. The share of respondents who reported price increases rose slightly, although they were still a minority.
Residential demand remained weak, although signs of improvement have emerged: indications of a reduction in the number of potential buyers in the reference quarter were fewer than in the previous round of the survey, but still more than those of an increase.
Supply also remained low, with new listings falling for the majority of agents. Respondents reported a reduction in the number of transactions both on the previous quarter and year on year. However, the average discount on asking prices and the time on market held close to their lowest levels since the survey began.
The difficulties for buyers to secure a mortgage loan eased and the share of mortgage-financed transactions returned to growth. The sharp upward trend in rents, on the back of both declining supply and rising demand, was confirmed.
The expected impact of the new European Energy Performance of Buildings Directive appeared to be smaller than in the previous period, although forecasts of a decline in prices for houses with lower energy ratings remained strong. Estate agents' pessimism subsided again, for both the short- and the medium-term outlook.
