Because house prices, sales and rents increase

Increase tradesincrease i house prices. And they also increase rental fees which are also destined to rise. This is the photograph taken by economic survey from the Bank of ItalyTecnoborsa and Revenue Agency on housing market in Italy In the IV quarter 2025.

In this period, the evaluations on home sales prices have further strengthened in much of national territory while i discount margins the asking prices remain extremely low sales times they are very short in historical comparison. The share of agencies that concluded at least one sale in the quarter increased, reaching high values. There request shows signs of recovery, particularly in metropolitan areas. L’real estate offer however, it continues to decline, with new sales assignments further decreasing.

Meanwhile i rental fees continue to grow, although at a slower pace than in the previous quarter and expectations for the start of 2026 still indicate increases. In short, in general the prospects on the national real estate market are improving.

Sales price dynamics

In detail, in fourth quarter of 2025 the balance between judgments of increase and decrease in home sales prices rose to 9 percentage points, an increase compared to the previous quarter and the same period of 2024. The balance is positive for almost all of the national territorywith higher values ​​in urban areas of the Center and in the non-urban ones of Northeast. In the South and Islands the overall balance is at almost zero levels, reflecting different dynamics between the urban areaswhere judgments of increase prevail, and non-urban ones, where the balance remains negative.

Negotiation margins and demand

I margins for negotiation remain contained: lo medium discount compared to the prices requested by sellers, it stood at 8 percent, remaining at values ​​close to the minimums of the historical series. However, territorial differences remain, with more limited deviations in Northeastwhere the discount is around 5 percent, and wider in South and Islandswhere it is approximately double.

I average sales timesequal to 5.5 months, remain at historically low levels. The share of agencies that have concluded at least one buying and selling in the reference period it increased further, reaching around 90 percent, a very high level also for the winter quarter. The growth affected the entire area in a substantially homogeneous manner national territory; trades continued to mainly concern pre-existing homes.

The negative balance of the change in prices has attenuated intermediated transactions both compared to the previous quarter and in comparison with the corresponding period of 2024. The negative balance between judgments of increase and decrease in potential buyers decreased further, reaching -5 percentage points (from -15 in the previous quarter and -9 points in the same period of 2024), signaling a gradual strengthening of demandmore marked in metropolitan areas.

Offer of properties and access to credit

From the side ofofferThe real estate agents continue to indicate one decline in sales assignments: the balance relating to tasks to be processed stood at -34 percentage points; the most negative values ​​are found in urban areas of the Center and in the non-urban ones of Northeastterritories which also recorded more sustained price dynamics in the quarter. The balance of new sales assignments and is equal to -30 points.

The terminations of sales assignments continue to be attributable above all to the difference between the prices asked by sellers and the offers made by the buyers, deemed insufficient. The conditions of access to credit have a limited impact on interruptions in sales assignments: the share of agencies reporting them among the main causes of assignment termination remained substantially stable (at 18 percent). The share of mortgage-backed purchases and the relationship between loan and value of the property (64 and 78 percent, respectively), despite recording a slight reduction compared to the previous quarter, are up high levels in historical comparison.

The rental market and short-term rentals

Meanwhile i rental fees continue to grow, although at a slower rate: the balance between the opinions of increase and decrease has reduced to 38 percentage points, from 41 in third quarter of 2025with a more marked decline in urban areaswith the exception of those of Northeast. According to the majority of agencies, the trend in rents continues to reflect above all the reduction in the supply of rental housingparticularly in Central Italyalso in relation to the diffusion of short rentals. Il discount margin on the requested fees remains very low, around 2 percent.

With reference to the expectations for the first quarter of 2026the indications of remain prevalent increase in feeswith a balance of 25 percentage points, 12 points lower than that recorded in the same quarter of the previous year. The relevance of short rentals is reported by a still large share of agencies, around 55 percent, with higher incidences in urban areas of the Center and of South and Islands. Among these agencies, more than eight in ten continue to indicate upward effects on rental fees lasting more than thirty days; however, the share of those who assess the impact as particularly significant is slightly down compared to the previous quarter. The repercussions on trades they manifest themselves predominantly in one reduction in the supply of properties intended for sale.