Real Estate Transactions on the Rise in Italy

In the third quarter of 2023, there were a total of 210,088 notarial deeds of sale and other agreements related to transfer deeds for real estate units. This represents an increase of +8.0% compared to the previous quarter, as revealed by Istat. However, when comparing on an annual basis using raw data, there was a decrease of -4.9%.

The housing sector showed positive percentage changes in all geographical areas of the country except for the South (-0.5%). The economic sector grew throughout the national territory, with North-West showing the highest increase at +20.0%, followed by South and Islands (+3.3%), North-East (+2.6%), and Center (+0.2%).

Out of all agreements stipulated, 93.6% concerned transfers of ownership for residential use, 6.1% for economic use, and 0.3% for special use and timeshare. Compared to the third quarter of 2022, real estate transactions decreased by 6.0% in the housing sector but increased by 15.2% in the economic sector.

At a territorial level, both large and small centers in the housing sector experienced reduced sales compared to those in the economic sector which saw an increase in both centers across all areas except for small centers in the South which experienced a decline (-47%) while large centers recorded an increase (19%)

Notarial agreements for mortgages, loans and other obligations with real estate mortgage were also down by -74 % compared to same period last year while on seasonally adjusted data it was +74 % .