The residential real estate market in Italy is slowing down. In the first three months of the year, it fell by -7.2% compared to the same period last year, with 154,770 sales. Naples is among the cities where the decline is most noticeable: Milan leads the ranking (-13.2% and 5,141 transactions), followed by Turin (-10.2% and 3,193 transactions), Rome (-6.9% and 7,703 transactions), Genoa (-6.7% and 1,898 transactions), Florence (-5.9% and 1,137 transactions), Palermo (-5.7% and 1,508 transactions), Naples (-4.4% and 1,868 transactions) and Bologna (-1.8% and 1,241 transactions).
Furthermore, if we consider only the new homes sold in large cities (1,624 in total), the share does not reach 7% of total sales, with a drop in transactions of -23% compared to the same period in 2023. In Naples in particular, the share of new homes is only 1.9%.
The analysis is by Abitare Co., a real estate brokerage and services company specializing in new construction.
The main reasons for the slowdown include the lack of supply of new and energy-efficient homes, uncertainty about the prospects of their economic situation and the decline in purchasing power, the negative sign of investments in the residential sector (-35% in Q1 2024) and the withdrawal from the market of properties renovated with the Superbonus due to the higher taxation due to any capital gains.
