MILANO – The rate hike effect continues to be felt on the real estate market. According to data released byState and relating to the third quarter of 2022, le trades they decreased by 1% compared to the previous year ei mortgages recorded a more robust drop of 7.4%, a sign that Italians, faced with the increase in the cost of money, have reduced their recourse to this form of financing.
In detail, underlines Istat, “the notarial agreements for mortgages, loans and other bonds with the constitution of real estate mortgages are 95,945”, with a 5.5% decrease compared to the previous quarter. “The decline – notes the institute – is homogeneous throughout the territory, on both a cyclical basis (South -10%, Islands -8.3%, Center -6.6%, North-East -4.2%, North -west -3.4%), both yearly (Centre -8.7%, North-east -8.2%, South -7.4%, North-west -6.6%, Islands -4.4% , metropolitan cities -8.2% and small towns -6.8%)”.
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Again in the third quarter of 2022, there were 220,995 notarial agreements for the sale and other agreements relating to transfer deeds for consideration for real estate units. with a decrease of 2.7% compared to the previous month. Compared to the third quarter of 2021, real estate transactions decreased by 1.1% in the housing sector, while they grew by 1.1% in the economy.
“The drop in sales observed in the third quarter of 2022 does not absorb the increase in the first half, so the first nine months of 2022 still mark a recovery of 5.2% compared to the same period of 2021”, comments Istat. The annual growth (also marked by the recovery followed by the end of the pandemic emergency) “concerns the housing (+5.2%) and the economy (+6.0%). In the housing, the increase is driven from the Islands (+12.1%), from the South (+7.8%) and from the Center (+7.6%), while in the economy from the Center (+10.5%), from the South (+9, 0%) and from the North-West (+7.3%)”.
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In comparison with the economic situation, the housing sector shows negative percentage changes in all geographical areas of the country: South -7.0%, Islands -3.7%, Center -2.9%, North-East -2.5% and North- west -0.6%. The economic sector is decreasing in the Islands (-5.7%) and in the South (-5.2%), while it is growing in the North-West (+2.2%), in the Center (+1.7% ) and in the North-East (+1.4%).
