21 February, Milano Finanza
The data disclosed by Istat on the national real estate market reported mixed results. In the third quarter of 2018, the notary deeds and other deeds concerning property transactions were 175,102, indicating a 0.8% reduction from the previous quarter (-0.2% for residential properties, -10.9% for commercial properties). On a yearly basis, however, the real estate sales had increased in total by 1.6%. The growth mainly concerned the residential segment (+3.9%), while the commercial segment reported a 27.1% decrease.
As Istat explains, in the third quarter of 2018 the trend of the seasonally adjusted index for sales registered a slight decrease, after having expanded for six quarters in a row. Central Italy is the only exception, as in the area the positive trend continues. The seasonally adjusted index for mortgages, loans and other obligations related to mortgage loans continued growing, reaching the same values as reported in 2010 in the centre of the country.
The residential market registered a positive trend in the Centre (+0.9%), the North-East (+0.8%) and the Islands (+0.6%); while the trend was negative in the North-West (-1.2%) and the South (-1.1%). For what concerns the commercial segment, the North-West and the North-East sharply reduced (respectively -21.8% and -11.6%), the decrease was more moderate in the Islands (-6.1%), the South (-3.4%), while the trend was positive in the Centre (+2.3%).
In comparison with the third quarter of 2017, the growth of the residential segment in the period between July and September concerned all the macro-regions: the North-East (+7.3%), the Islands (+5.0%), the Centre (+4.7%), the North-West (+2.1%), the South (+1.9%) for towns of all dimensions (metropolitan cities +3.3%, small towns +4.5%). Similarly, the negative trend of commercial properties concerned all the regions and towns of all dimensions: the North-East (-41.1%), the North-West (-26.6%), the Centre (-22.1%), the Islands (-17.1%), the South (-13.7%), metropolitan cities (-21.5%) and small towns (-30.5%).
94.4% of the deals concerned transfers of ownership of residential and auxiliary properties (165,379), 51.1% regarded commercial properties (8,946) and 0.4% special use properties and timeshares (777). The notary deeds concerning mortgages, loans and other obligations related to mortgage loans (98,209) grew by 1.5% from the previous quarter and by 7.0% yearly. The growth of the notary deeds was homogeneous throughout the country.
Source: Milano Finanza
Translator: Cristina Ambrosi