MILAN – Another decline in sales, while the price dynamics stabilizes.
This is the picture drawn by Istat on housing in Italy, updated to the January-March period of the current year.
In the first quarter of 2024 the index of housing prices (IPAB) purchased by families, for housing or investment purposes, decreased by 0.1% compared to the previous quarter and increased by 1.7% compared to the same period of 2023 (it was +1.8% in the fourth quarter of 2023 ), the Institute notes in its preliminary estimate.
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The trend increase is mainly attributable to the prices of new houses, at +5.4% (decelerating from +8.8% in the previous quarter). “Growth on an annual basis has essentially stabilized”, explains Istat, “interrupting the slowdown phase that began in the second half of 2022”.
If you look instead at the number of sales, “in the first quarter of 2024 there is still a reduction across the country”.
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Price trends, it is explained, occur in a context of decline in trading volumes (-7.2% trend decrease recorded in the first quarter of 2024 by the Revenue Agency’s Real Estate Market Observatory for the residential sector, after -3.3% in the previous quarter).
According to Istat, the slight decline in the number of units compared to the previous quarter (-0.1%) is instead solely attributable to the prices of new homes which decreased by 1.7%, while those of existing homes recorded a slight growth (+0. 2%).
The acquired IPAB rate of change for 2024 is equal to +0.3%, the synthesis of an increase of 2.1% for new homes and a reduction of 0.2% for existing homes.
