Being able to understand what the real estate scenarios may be in the new year and with constantly changing dynamics, is not always an easy task. To do this, however, there are several fixed parameters for each individual country. In the case of Italy, the forecasts on the real estate market were formulated during the 30th Forum of Real Estate Scenarios, “The Future is Now”, which took place last September 2022.
The focus elaborated during the forum also offered an overview of the European real estate market, detailing the changes taking place and the reason for the consequent variations in real estate values.
What to expect from the Italian real estate market
Reports such as those of “The future is Now” provide potential investors with a complete analysis of the costs of apartments, Italian villas for sale or other types of buildings not only in Italy, but also in Europe.
According to the surveys presented during the forum, the forecasts for the Italian real estate market, although decreasing, are confirmed positive also for 2023. The + 6.5% and the approximately 148 billion euros of expenditure expected allow to place Italy in 2nd place among the top 5 real estate markets throughout Europe.
With regard to residential real estate, Italy closed 2022 with a -5.3% in trade with a total of 710 thousand transactions carried out between purchases and disposals. Figure revised downwards again for 2023, the year in which about 670 thousand real estate transactions are expected for a further – 6% for the “Bel Paese”.
What is happening in Europe
According to the estimates made and the data received, the entire European market is growing sharply compared to the pandemic period that has strongly influenced the last few years, also at the real estate level. Between June 2021 and June 2022, the survey period carried out, the total volume of investments in Europe reached the record figure of 387.3 billion euros, + 35% than in the period 2020-2021.
According to statistics provided by Scenari Immobiliari, the solidity of the real estate markets in the main European countries taken into consideration for their significant turnover – namely Germany, France, Spain, Italy, and the United Kingdom – is confirmed.
At the same time, the future economic scenario remains uncertain, expected to decline and decidedly unstable also because of the conflicts that are affecting Central Europe, of the massive increase in the cost of raw materials and inflation that is sweeping this region of the world.
As far as the European residential sector is concerned, house prices in the 5 most industrialized countries taken into consideration should report a + 6.5% compared to the previous annual average.
Vivek is a published author of Meidilight and a cofounder of Zestful Outreach Agency. He is passionate about helping webmaster to rank their keywords through good-quality website backlinks. In his spare time, he loves to swim and cycle. You can find him on Twitter and Linkedin.