Italians continue to prove themselves to be savers even in the real estate market. Despite the progressive decline in interest rates making mortgages more accessible today than in previous years, more than half of residential sales take place without resorting to bank credit. Specifically, one house in two is purchased using exclusively own capital, a trend which, despite showing a slight reduction, remains structural in the national real estate panorama. According to a study by Tecnocasain the first half of 2025 51.4% of sales of homes was concluded without a mortgage. This is a decreasing percentage compared to the same period of the previous year, when it exceeded 55%, but which confirms the significant weight of cash purchases even in a phase of more favorable financial conditions.
More convenient mortgages, but cash remains central
The reduction in rates has certainly contributed to making the mortgage more attractive, especially for those buying their first home. Fabiana Megliola, head of the research office of the Tecnocasa group, explains that many Italians prefer not to completely immobilize their savings and maintain a greater liquidity available. The macroeconomic uncertainties, the unstable geopolitical context and the caution accumulated in recent years seem to push some of the buyers to a more cautious approacheven when the conditions of financing are favorable.
Six out of ten purchases for the main home
Among those who buy a house without resorting to credit, the main purpose remains housing. In 59% of cases, in fact, the equity capital is used for buy the main residence. Next, almost 30% of sales are linked to a real estate investment, while 11% concern the purchase of a holiday home.
These proportions have been substantially stable in recent years. Compared to the pre-pandemic period, between 2019 and the beginning of 2020, however, there was growth in both purchases for investment purposes and those linked to second homes. At the time, investment sales were around 27-28%, while holiday homes fluctuated between 9% and 10%. The stability of the most recent prices suggests that purchasing without a mortgage is a typical choice for those who have financial resources and also consider the property as a tool for asset diversification.
Three-room apartments top the list of preferences
Analyzing the real estate typesa clear preference emerges for three-room apartments, which represent 31% of purchases concluded without financing in the first part of 2025. Two-room apartments follow, with 23.3% of the choices, often linked to investment transactions, thanks to greater ease of rental and a lower entry price.
A significant weight, above 20%, is represented by independent or semi-independent solutions. In this case, these are mainly main homes, purchased by families with adequate financial resources to support the investment without mortgage support.
Who buys without a mortgage
From a demographic point of view, the most represented group among buyers who use their own capital is between 45 and 54 years oldwhich covers 24.8% of sales. The share of those under 34 is more limited, stopping at 17.3%, as is that of those over 65, equal to 16.6%. These are data that reflect a greater accumulation capacity in the central period of working life.
Families prevail. In the first half of 2025, 66% of mortgage-free sales were concluded by couples or families, while singles accounted for the remaining 34%. A distribution substantially in line with that observed a year earlier.
Interest from foreign buyers is growing
Another evolving element concerns the presence of foreign citizens among those who buy a house in cash. In the first half of 2025, 12.2% of buyers without financing does not have Italian citizenship, an increase compared to 11.1% in 2024 and 9.9% the previous year. A trend that, according to Tecnocasahighlights the renewed appeal of the Italian real estate market as an investment destination, especially in a European context characterized by higher prices and lower margins of return.
