Home sales in decline: the 2023 report of the real estate observatory


Emma Potter

What the Real Estate Report analyzes

The OMI Annual Residential Report is divided into various chapters covering different areas of the real estate market.

Chapters include: the trades, analyzing the volumes, the dimensions of the homes, the exchange value and the sales of bare ownership; the mortgage loans, with details on the main characteristics of mortgages, the number of homes purchased with a mortgage, the capital disbursed and interest rates; the subjects in the sales, examining the profile of buyers and sellers; the regional data and main cities, with a focus on changes in sales in the municipalities; the locations, analyzing the rental housing market; and finally, theaffordability indexa measure used to evaluate the economic accessibility of Italian families to purchase a home.

Decline in the residential market in 2023

In 2023, the residential market experienced a drop of almost 76 thousand transactions compared to 2022 bringing the total number of sales to approximately 709 thousand homes sold. The decline was more pronounced in the central quarters of the year, slowing towards the end.

There reduction in sales hit Central and Northern Italy the most, while the South and the Islands saw less marked declines. The capital cities have suffered more significant contractions than the municipalities of the province.

The average surface area of ​​homes sold drops

The average surface area of ​​homes sold is dropped slightly to around 106 m2slightly decreasing compared to 2022 (-0.7 m2).

In the non-capital municipalitiesthe homes I am larger on average (almost 110 m2) compared to those in the capital municipalities (about 97.7 m2). The The most popular homes are those with a surface area between 50 and 85 m2which represent 31% of transactions.

All size sizes suffered a decline in sales, with a decline (-11%) for medium-large homes (over 85 m2). The only one positive exception concerns small homes (up to 50 m2) in the capital cities of the major islands, with a growth of 5.7%.

Average turnover per real estate unit

The average turnover per real estate unit in Italy is approximately 156,600 euroswith significant variations between different regions.

Central Italy has the highest values ​​(around 184 thousand euros per accommodation), while in the South and on the Islands the values ​​are lower (under 114 thousand euros).

The overall turnover of the Italian real estate market is dropped to around 111 billion eurosa 10% decline compared to 2022. Lombardy recorded the highest turnover, with 28.4 billionwhile large cities contributed approximately 27.7 billion, down 9.5% compared to 2022.