Italian Housing Market Survey. Short-term Outlook - 2025 Q4

Italian Housing Market Survey

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In the fourth quarter of 2025, assessments of house selling prices strengthened further across most of the country (Figure 1). The average discount on asking prices remains extremely small and the average time on market very short by historical standards (Figure 2). The share of real estate agents that sold at least one property over the quarter has increased to high levels.

Demand is showing signs of recovery, particularly in urban areas. Conversely, real estate supply has continued to decline, with new sale listings falling further. Credit standards are having a very limited impact on delistings.

Rents continue to rise, though at a slower pace than in the previous quarter. According to real estate agents, the share of short-term lets remains large in many cities and continues to play a significant part in rent growth, while the effect on selling prices is smaller. Expectations for early 2026 still point to rent increases. While the outlook for the domestic real estate market is improving, agents are more cautious when it comes to their respective markets and new sale listings.

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