The housing market is holding up to the impact of inflation, rising rates and economic uncertainty related to the war in Ukraine. To say so is the director of the Gabetti Group Marco Speretta in a press release that takes stock of the sales of residential properties in Italy in the first half of 2022.
House: sales on the rise despite inflation and war
"Tradings have not betrayed the expectations of the operators and for the moment they have withstood the impact, also thanks to some drivers that have pushed the sector". In particular, significant increases have been recorded in the first 8 large Italian cities, starting from the numbers released by the Revenue Agency on 15 September on the sale and purchase of residences in the second quarter of 2022. Milano is at the top of the standings, followed by Palermo, Bologna and Rome.
“The current economic situation – reads the report by Gabetti Property Solutions – is increasingly characterized by the increase in inflation which has reached 8%, by the rise in interest rates by the ECB, by the rise in energy prices and by a general contraction of the global economy, but it has not impacted on intentions of those who want to buy or sell a house”.
Source: Gabetti Property Solutions press release
Overall, underlines Gabetti, in the first half of the year there was an increase in transactions both in capital cities and large cities (+10,4%) and in non-capital cities (+7,7%), "where the interests of both institutional and private investors.
The ranking of sales in the top eight Italian cities
Gabetti's report presents the trend in the eight main Italian cities by comparing the entire first semester and the single second quarter of 2022. Here are the results city by city.
- In Milan, over the entire first semester, sales grew by 17,5%, but in the second quarter alone the city saw growth of only +3,8%.
- Palermo recorded +11,9% in the first half and +8,8% in the second quarter.
- Bologna confirms itself as "a dynamic city with a very lively demand for sales" with similar increases both in the first semester (+11,5%) and in the second quarter (+11,8%).
- Genoa is dynamic, albeit with lower rates: +5,2% in the first half and +6,5% in the second quarter.
- “Excellent performance” for Rome, with +9% in the first half and an acceleration of +11,1% in the second quarter.
- In Naples, increases of +6,1% in the first half and +3,4% in the second quarter
- In Turin, increases of +6,6% in the first half and +4,9% in the second quarter.
- In Florence, increases of +5,8% in the first half and +2,4% in the second quarter.
