These last few years have undoubtedly been complex for what is one of the driving sectors for the Italian economy: the Real Estate Market.
After the black swan of Covid, a real shock for the world mentioned above which literally paralyzed the market, a golden year of recovery has arrived such as 2021 and, subsequently, another 12 positive months with 2022.
2022 recorded, throughout the national territory, around 770 trades.
How have mortgage interest rates changed in recent years?
If COVID has painfully hit the real estate market, it has however given oxygen to new buyers thanks to significantly lower interest rates than in previous years, as can be seen from the IRS chart of recent years.
Rates that were low throughout 2021, allowing the market to flourish again, to then rise again in 2022 also due to the events in Ukraine and the increases by the ECB.
What to expect for 2023?
According to real estate experts, the prospects are for a cooling of the uptrend probably precisely because of the rise in interest rates.
Despite this, the data they should be kept positive especially in the large cities of northern Italy in anticipation of the major events of the coming years. Among those at the center of investors' interest is Milan, where preparations are underway for the 2026 Winter Olympics, a leading international event which, as is well known, also involves the ski resort of Cortina d'Ampezzo.
How is the real estate situation in southern Italy
When it comes to expectations for the real estate sector in 2023, the situation is different in southern Italy, with signs of difficulty as regards the exit from the crisis, not only in small municipalities but also in centers with a greater number of inhabitants.
In Naples the market is stationary, even if in recent years it has been able to sustain itself thanks to a notable tourist development which has created a very strong B&B real estate market.
Against this, property prices have continued to fall from 2015 to today with relative constancy.
The rental situation is different, with a clear increase compared to 2017 with a +27% cost per square metre, in a trend that shows no signs of decreasing.
The upward trend in the real estate market will slow down in 2023
The uncertain situation from an economic point of view will undoubtedly contribute to the cooling of the positivist trend. In fact, let us not forget that, on 15 December 2022, the ECB decreed a rate hike, a decision which entailed disadvantages above all for holders of adjustable-rate mortgages.
Be careful, though: the forecasts, although less optimistic than those with which 2022 began, are certainly not gloomy and crisis-like. Interest rates have indeed risen, but remain within 2014 levels and are strongly influenced by the situation in Ukraine which, inevitably, will not remain in the same state as it is today indefinitely.
How to approach the real estate world in 2023: should you buy or wait?
What are the advantages and disadvantages that those who want to have to expect buy a property in 2023?
The year that has just opened represents, according to numerous experts in the field real estate market, a potentially very profitable moment for those approaching the real estate market with good liquidity available or for those who have access to credit.
Obviously, this last aspect could prove more difficult due to the rate hike and the repercussions on employment of expensive energy and raw materials.
Real estate investment trends
It will be essential to find out about trends. Among the most relevant is undoubtedly the focus on spacious properties, increasingly in demand since the health emergency ended. Not to be forgotten is the fact that, with the emergence of the problem of expensive energy, which is increasingly thinking about household budgets, more and more buyers are asking sustainable housing units.
Smartworking
Furthermore, given thesmartworking explosion started with the health emergency and consolidated becoming a reality impossible to ignore, to the point that it has changed the economic geography of many large cities in Italy and beyond, those who buy a house try, as far as possible, to focus on properties capable of guaranteeing effective wiring and good daily livability. The goal, of course, is that of a connection without criticality to work better and a relaxing environment in which to concentrate.
What to evaluate as a buyer
On the end user side, the first thing to remember is that, given the increase in interest rate prices and the increasingly complex practical needs to consider when looking for a home, it is essential to call upon a good dose of patience and, above all, intelligence.
To help, then, quality sources in the search for the property to buy.
Portals and property comparators: can they be trusted?
There are many comparators on the market through which this is possible filter real estate ads and start looking for the property, an operation that can last many months.
What many don't know is that in many comparators there is no verification nor a control of the operators who publish the ads, which can also be fraudulent.
For this it is good practice make use of comparators who only place ads from verified agencies, an example can be the portal PropertiesEverywhere which only publishes real estate listings of homes for sale drawn up and published, precisely, only by agencies certified in advance.
