ROVIGO – Il Polesine it’s the only one province of the Veneto to have closed 2023 with positive data in the progress of financing aimed at purchasing home. A signal of prices per square meter more convenient, rather than with greater spending capacity, in a context with a declining resident population and an average income lower than that of residents in the other provinces of the region. The analysis refers to the Banks and Financial Institutions report, updated and published by the Bank of Italy last March, thus elaborated by Kìron Partner, a credit brokerage company of the Tecnocasa Group.
THE NUMBERS
In the province of Rovigo, therefore, in the last quarter of 2023 the credit market saw mortgages disbursed for 31.7 million euros: the result is equal to an increase of 8.4% compared to the volume of mortgages that had been “taken out” between October and December 2022. In all the other provinces of Veneto the percentage change, comparing the same periods, is negative: Belluno by 38.7%, Verona by 18.4%, Padua by 10.1%, Treviso by less 8.9%, Vicenza minus 6.3% and Venice minus 5.8%.
Looking at the volumes of loans to purchase a home recorded in the whole of 2023, the annual variations are negative in all the Veneto provinces compared to the volumes of mortgages disbursed in 2022. Polesine, in percentage terms, shows the smallest contraction, however, with volumes of 114 million euros, corresponding to minus 11.1% in comparison with the mortgages “taken out” in 2022. Therefore, the real estate markets in the provinces of Belluno suffered the most (118.9 million euros the volume of mortgages in 2023, equal to minus 30.9%), Verona (774.8 million euros, minus 24.0%), Vicenza (601.6 million euros, with minus 23.4 percentage change), then Padua (827.3 million, minus 23.1%), Treviso (705.9 million, minus 22.0%), finally the province of Venice, where the 767.3 million for mortgages in 2023 correspond to minus 20.7%. compared to the volumes recorded in 2022.
Through the processing of data from the credit brokerage agencies Kìron and Epicas, Kìron Partner also analyzed the trend with respect to the average amount of mortgage disbursed. Thus, in the fourth quarter of 2023 in Veneto the mortgage recorded an average amount of 111,034 euros: the value is decreasing compared to what was recorded during the October-December period of the previous year, when the average amounted to 117,321 euros. Kìron Partner’s analysis also highlights that the Veneto borrower is financed, on average, around 3% less than those in Italy who take out a mortgage.
THE EVALUATION
The effects of the European Central Bank’s monetary policy continue to weigh on the economy. And a survey conducted by the ECB itself last January certifies, at a national level, an increase in the number of low-income families complaining of difficulty in meeting mortgage payments. This data, states Kìron Partner in the conclusions of the analyzes conducted on the mortgage market starting from the Bank of Italy report, “Banks and financial institutions”, «is mainly influenced by the growth in mortgage installments caused by the increase in interest rates. And it is reasonable to hypothesize a wave effect regarding the hardship of low-income families, which carries over from recent months and which creates less serenity for this sample.”
In the last period considered by the Kìron Partner survey, the rates on new loans for the purchase of homes recorded a modest reduction, standing at 4.31% last February, compared to 4.38% in January.
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