The real estate market confirms its growth momentum with constantly accelerating dynamics.
This is what emerges from the CRIF – MutuiSupermarket Compass, showing that, from data from the Revenue Agency, in the second quarter of 2021 there was an increase in the number of residential sales of 73.4% compared to the same period of 2020.
To support the new desire for home there are several factors: a constantly improving economic climate, facilitations on rates and mortgage costs for the youngest also thanks to the Consap guarantees on mortgages, tax concessions for the renovation and energy redevelopment of homes and, lastly, price conditions on mortgages and real estate at very attractive levels.
With regard to loan disbursements, the data of Bank of Italy recorded new flows up by 39.8% in the second quarter.
The lower increase in flows of new mortgages in the second quarter compared to the growth in the number of sales over the same period is a consequence of the recomposition of the demand for mortgages currently in place: the flows of new subrogation mortgages are progressively reducing with a significant impact on the total volume of new mortgages disbursed in the quarter.
The Under 36 segment is one of the main drivers supporting the demand for home purchase mortgages.
In the third quarter of 2021 the in fact, the group of applicants under the age of 36 continues to increase its weight, going so far as to explain 35% of the total requests on the online channel to be compared with values of around 23% recorded in the course of the year 2020.
On the other hand, looking at the sole purpose of the first home purchase mortgage, the group of Under 36 applicants arrives in September to explain almost 50% of the requests collected on the online channel for this purpose.
the government actions in support of youth mortgages – observes Crif – they are progressively showing their effectiveness by relaunching the interest in home purchases by this important segment.
The demand for home purchase mortgages also enjoys a particularly favorable situation in terms of the conditions applied: the average of the best bank offer spreads in the second and third quarters of 2021 – for a loan request for an amount of 140,000 euros, lasting 20 years, property value 220,000 euros – remains close to the minimum levels ever: 0.9% for variable rate mortgages and 0.2% for fixed rate mortgages, which today collect about 94% of total preferences on the online channel.
The survey also shows that the prices per square meter of properties offered as collateral recorded an increase during the third quarter of 2021, expressing a technical rebound compared to the past.
This dynamic is undoubtedly fueled by strong and continuous growth in demand over the current year, growth which at the moment could consolidate over the next few quarters.
In the third quarter of 2021, the price / sqm therefore recorded an increase of + 2.6% for used properties and + 1.7% for new properties compared to the same quarter of the previous year. In particular, the consolidation of the dynamics for used properties after a prolonged phase of weakness should be noted.
The interest in this type of property could be traced back to the opportunities offered by the Superbonus 110% and by the other building bonuses in force.
Analyzing the trend of prices at the territorial level, the only area that does not register an increase in quarterly prices year on year is the Center, with -1.6% of the price / sqm in the third quarter of 2021.
The other areas all show a recovery in prices per square meter: the North-West with + 3.7%, the North-East with + 1.1% and, finally, the South and Islands with +0.4 %.
“The unexpected momentum we had observed on the residential transactions market in the second half of 2020 was also seen in the first part of 2021 – says Stefano Magnolfi, Executive Director of Cif Real Estate Services – in fact, both the cities of province, driven by the propensity for decentralization brought about by the health emergency, but now the big cities are also dynamically restarting, first of all Milan, which is back among the most interesting destinations for investments, residential and otherwise, locally and internationally ” .
“The favorable moment of the economic situation, which engages in a climate of great confidence for the reference macro context, is also corroborated by the huge resources allocated by the PNRR which provides over 15 billion euros for energy efficiency and building renovation“.
“The ever more concrete possibility that building concessions are extended and extended to other real estate sectors (such as hotels) – he continues – is imparting even more dynamism in the path of redevelopment of the Italian real estate assets”.
“The repeated announcement of the reform and the rationalization of cadastral income – he concludes – it could on the other hand represent an adverse factor to the virtuous development that has recently taken place, but, if well governed, this initiative could represent an opportunity for fiscal equalization and modernization of our tax system to bring Italy closer to the more mature and equitable real estate markets “.