The real estate market in 2023

The real estate market in 2023 has started well: the growth trend in 2022 is confirmed.

House prices per square metre have increased across Italy in 2022, starting an upward trend that is expected to continue in the first six months of 2023, according to the annual forecast report of Maiora Solutions, an innovative start-up specialising in the development of artificial intelligence tools and advanced data analysis for companies in different sectors, which analysed more than 600,000 sales offers in Italy's 30 largest cities between January and December 2022. Growth figures which include the rental market whose prices in 2022 showed a positive sign almost everywhere in the main cities of the Apennine Peninsula, but with notable exceptions such as Rome and Milan.

The property market in 2023: forecasts

The survey of property prices in the first months of 2023 was based on an analysis of the change in prices per square metre in 30 Italian cities during 2022, between January and December. The report also looked for possible correlations between price changes over the year, geographical location and the size of the cities based on population.

The survey analysed more than 600,000 advertisements for all types of housing for sale: studio, one-bedroom, two-bedroom, three-bedroom and four-bedroom apartments. The results indicate a projected increase in sales prices for 2023 for a large number of Italian cities analysed, including Milan and Rome, which closed 2022 with an average increase of +4%. Particularly interesting is the case of Turin, which, after years of decline in the residential market, closed last year with +8% and which is expected to confirm its growth in 2023. Excellent performance were also in Bolzano (+15%), Compobasso (+12%), Reggio Emilia (+12%), Bari, Potenza and Reggio Calabria (+6%): cities expected to confirm the positive trend. The two Italian cities in the most trouble are Venice, whose bricks and mortar costs fell by -18% in 2022 and show no signs of recovery, and Catanzaro, which also closed 2022 with +2%, but whose forecasts suffest a negative mark, at least in the first months of 2023.

(www.quifinanza.it, 19.3.2023)