According to the Italian Housing Market Survey of 1,458 real estate agents conducted between 3 April and 4 May 2023, in the first quarter of the year more than 60 per cent of agents continued to report stable house prices, while the balance between expectations of an increase and those of decrease returned to slightly positive levels. The share of agents that sold at least one property declined, although it remains at high levels. The average discount on asking prices turned downwards again and is now at very low values. The average time on market also fell, reaching a new historical low since the start of the survey. By contrast, current and expected rents are reported to have risen sharply. Expectations of changes in selling prices for the second quarter remain predominantly pessimistic. Demand conditions appear to be worsening overall, driven by a deterioration in assessments relating to the number of potential buyers. The outlook for the real estate market remains unfavourable, albeit slightly less so, also over a two-year horizon. Almost one in three agents report that buyers are encountering difficulties obtaining mortgages, the highest share since 2015. According to the vast majority of agents, the expected trend in consumer price inflation over the next twelve months, while more subdued than in the previous survey, will continue to negatively affect housing demand.
