Owners and Buyers are wondering how the real estate market will go in 2023 and whether it will be convenient to sell or buy.
2022 has come to an end, the turnover of the Italian real estate market this year has closed with an increase of 10%.
According to leading analysts, the war, inflation and difficulties in accessing credit will be an obstacle to the growth of the real estate market in the coming months.
Basically for 2023 there are two possible scenarios,
one of the inertial type with a reduction in sales but general price stability,
the second scenario instead foresees a decrease in sales and prices.
The Demand for Homes is growing,the Offer is decreasing
Purchase intentions also increase for 2023 but the number of houses available on the market decreases, the scarcity of properties for sale is mainly due to the good performance of sales in previous years but also to the wait-and-see attitude of the owners who may prefer to keep the property rather than monetize it and see the proceeds devalued due to inflation.
House prices in 2023 will not go down in Italy
If house prices are falling in the rest of the world, this decrease will hardly happen in Italy as well.
In Italy real estate market prices have grown less than in other European countries, this makes the Italian real estate market even more interesting for foreigners who see in Italy a good earning potential following a certain revaluation in the next few years.
The demand for houses is still quite strong and Italy seems to be moving against the trend of the decrease in prices recorded in other European countries, both new houses and houses already built are increasing in price, this means that the increases do not depend only on the devaluation and the increase in material prices.
For 2023, the national Italian Real Estate Organisation expects the sale of 670K homes
Studies and forecasts on what the Real Estate Market will be like in 2023 are already starting to circulate, Scenari Immobiliari predicts a further decline in sales for 2023, bringing next year's annual turnover to around 670,000 sales.
Remax forecasts an interesting 2023 for the Real Estate Market
For Dario Castiglia, CEO & Founder of RE/MAX Italia, 2023 will be a year of interesting opportunities for both sellers and buyers,
The real estate market will be slightly slower but with more favorable economic conditions for those who have liquidity. For foreigners, Italy is still a very convenient market. Forecasts say that 2023 will end with a slightly lower number of sales than 2022 but still higher than 2019.
The impact of the new Government on the Italian Real Estate Market
The center-right government should have a positive impact on the real estate market, the programs of the coalition parties have indicated the desire to continue to encourage the purchase of Abandoned Real Estate by Foreigners and in the declaration there is the will to reduce the burden of the IMU on tax payers.
The Boom of the Holiday Home Real Estate Market
In 2023 the positive trend of holiday home sales in Italian tourist areas will continue,
According to the National Tourist Real Estate Observatory (Fimaa-Confcommercio-Nomisma) in 2022 there was a 40% increase in the sale and purchase of second homes and in the next year this trend should continue accompanied by an increase in Real Estate values as well.
Sources: Corriere, Re/Max Italia, ConfCommercio, analised and translated by ConsultED.
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