What is the situation in Italy in the spring and early summer of 2022 in the real estate market? Of course, big changes in the geopolitical sphere could not but affect the state of the real estate market in Italy and in particular Rome.
In May 2022, in Rome, there were 10% fewer transactions for the purchase and sale of residential real estate over the past 12 months compared to last year. The main reasons are uncertainty about the future, including the consequences of the pandemic and the increase in mortgage rates (from a record 1.5% to 2.5% and above).
The first trimester of 2022 shows a 3% reduction in the number of properties listed for sale in Italy. All this has affected a significant decrease in the flow of real estate on the market.
Maurizio Pezzetta, President of the Association of Real Estate Agents FIMAA, in his interview noted that the main reasons for slowing down real estate transactions are general uncertainty due to the pandemic that has not yet ended, a military conflict that does not yet give signals of its imminent end, an increase in mortgage rates (with record low 1.5% to 2.5% and above).
Those who previously planned to sell their property, but were in no hurry, have now decided to remove their listings, preferring to wait and see what changes will happen to the Italian property market in the future.
Despite all of the above, the real estate market in Rome is in high demand from both Italians and foreign buyers. In the most attractive areas of the city – the historical center, Parioli, Prati, Aventino, more requests are recorded than offers, especially in the elite segment.