In recent months, there has been a progressive slowdown in the growth of deductions related to the Superbonus. The report published by Enea on August 31, 2024 provides clear and updated data on the progress of investments and completed works, highlighting a progressive halt compared to the pace of previous years.
The growth of deduction costs, which in the past proceeded at a rapid pace, has slowed significantly, leaving room for important reflections on the future of the Superbonus and the impact of changes to deduction rates.
What is really slowing down the adoption of the Superbonus? And how will it affect the future of construction in Italy?
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The cost of the Superbonus: almost 123 billion euros
According to the report released by Enea, as of August 31, 2024, the overall cost of deductions related to the Superbonus has reached almost 123 billion euros, precisely 122.99 billion. This value represents the deductions accrued for works already completed and demonstrates how the initial push of the Superbonus is progressively slowing down.
In fact, compared to the end of July, deductions have grown by only 57 million euros, a figure that signals a significant reduction in the rate of growth compared to previous months.
THE’lowering of tax rates has led to a slowdown in requests for deductions, especially if we compare the data for August with those for July, a month in which deductions had increased by 141 million euros compared to June. The rate of growth has therefore halved, suggesting a possible market stabilization.
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The impact of the reduction of Superbonus rates
The slowdown in the growth of deductions can be closely linked to the lowering of the Superbonus rates. Initially set at 110%, this rate has strongly pushed investments, with a growth rate that reached 3 billion euros per month.
However, with the introduction of lower rates, first at 90% and then at 70%, investments slowed down.
On the one hand, the approaching deadlines to access the higher rates led to a boom in investments, with many citizens and businesses trying to make the most of the tax benefit. On the other hand, once these deadlines expired, investments dropped dramatically, going from a growth of 400 million euros per month to just 57 million euros in August 2024.
This decline has had clear effects on the dynamics of the Superbonus, with a reduction in requests and completed works, marking a possible change of direction compared to the initial enthusiasm that had characterized the tax incentive.
See the ENEA report
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The progress of the Superbonus works
In addition to the slowdown in the growth of deductions, the progress of Superbonus works also shows signs of deceleration. As of August 31, 2024, the works completed represent 96.1% of the total, marking a minimal increase compared to the 95.8% recorded at the end of July.
In one month, therefore, only 0.3% of the works were completed, highlighting a rather slow progression.
The analysis by building type shows that condominiums have recorded the greatest, albeit limited, growth, going from 94.6% of work completed at the end of July to 95% at the end of August. Instead, for single-family buildings, work has gone from 98.3% to 98.4%, an increase of only 0.1 percentage points. The situation is similar for functionally independent real estate units, which have gone from 98.2% to 98.3%.
These data indicate a general slowdown in project progress, reflecting the impact of rate changes and the exhaustion of the incentive effect of higher deductions.
