Tecnocasa: the real estate market slows down – Sardinia Reporter

Tecnocasa: the real estate market is slowing down

According to the analyzes of the Tecnocasa Research Office – he declares Fabiana Megliola, head of the Tecnocasa group research office – the real estate market in the second half of 2023 is marked by stability, greater reflection and caution in purchases, but also optimistic expectations regarding the expected drop in interest rates. Investors continue to focus on real estate and the percentages are increasing: data relating to sales managed by the Tecnocasa Group agencies highlight an increase in the percentage of buyers for investment: it increases from 18.2% in the second half of the year 2022 to 19.5% over the same period of 2023. We find, in certain situations and although still marginally, greater caution on the part of investors who wish to practice short-term rental.

Trading volumes

Data published by the Revenue Agency, relating to real estate sales in 2023, record 709,591 transactions with a drop of 9.7% compared to the previous year.

After the brilliant result of 2022, expectations of a reduction in trading volumes are therefore confirmed, which remain at interesting figures and still give us a dynamic market.


Property prices are stable in the second half of 2023, particularly in large cities which recorded an increase of +0.1%, with certain areas going against the trend: Bari (-2.0%), Genoa ( -0.6%) and Palermo.
(-0.4%), Bologna (-0.1%). Milan achieved +0.1%, Rome recorded stable values.

Even in the hinterland of the metropolises, growth was 0.1%, with Milan recording the most significant increase (+2.2%) followed by Verona (+0.9%).

+0.1% increase in prices in the provincial capitals with different dynamics between the north, center and south of Italy: in the first reality there is an increase in values ​​of 0.8%, while in central and southern Italy the values ​​are down by 0.4% and 0.6% respectively.

Prices for new buildings are increasing at the same rate as the previous half-year: (+0.6%), in the hinterland of large cities the increase is 1.2%, in provincial capitals 0.7% . Only 6.6% of sales made through Tecnocasa Group agencies concerned class A and B properties.

City IIsem2023
BARI -2.0
GENOA -0.6
ROME 0.0
Source: Tecnocasa Group Research Office

Sales hours

Sales deadlines, in January 2024, are around 108 days in large cities compared to 104 days a year ago. The city with the shortest delays is Bologna (68 days), followed by Milan (72 days), but in both cases there is a deterioration compared to a year ago. Delays have decreased slightly in Turin, Naples and Palermo. The latter is confirmed as the city with the longest sales times (132 days).

Sales times in the hinterlands of major cities remained virtually unchanged at 137 days, compared to 138 days a year ago. Similar situation in the provincial capitals where sales times are 131 days compared to 130 days a year ago.

Average Discount

The average discount applied in the second half of 2023 was 8.3%, up compared to the second half of last year which gave it -7.9%.

Demand, spending availability and supply

The analysis of demand highlights, once again, a greater concentration of requests for three-room apartments (40%), followed by two-room apartments (25.3%). The latter achieved a slight increase in the percentage (+0.2%), a trend compatible with the increase in the percentage of investors.

Spending availability prevails in the spending range up to €250,000. Demand is increasingly moving towards types in good condition, which do not require major renovation; In fact, the fear of costly work and long completion times remains.

In the second part of 2023, the network still highlights a lack of housing supply although, in some cities, there seem to be the first changes with a greater propensity of sellers to sell the property. The three-room apartment is the most common type on the market, representing 35.3% of the supply.

Rental market

The rental market continues its course: rents are also increasing in this second part of 2023 due to strong rental demand and low supply: +4.2% for studios, +3.6% for two rooms and +3, 4% for the three pieces. Florence is the city that achieved the most significant increase in rents (+7.3%, +6.6%, +7.3%), followed by Rome (5.4%, 4.3%, 5. 3%).

Milan confirms itself as the city with the highest monthly rents: €800 for a studio, €1,100 for a two-room apartment and €1,480 for a three-room apartment. Rental periods have increased to 35 days.

Sociodemographic analysis

The socio-demographic analysis highlights that 73.5% of sales concern the main residence and 19.5% the investment. This latter percentage is an increase compared to a year ago, when it was 18.2%. The number of buyers over 45 is increasing. The most marketed type is the three-room apartment (33.4%).

The percentage of tenants for study purposes is increasing, from 11.2% to 12.8% and temporary rental contracts record a jump from 28.6% to 32.7%. The latter are increasingly practiced by owners who prefer them to long-term contracts.


Forecasts for 2024 suggest a further contraction in volumes, which could fall to 680 thousand and prices which would oscillate between 0% and + 2%. A cautious and attentive attitude among families will prevail, despite the expected improvement in the credit market and continued interest from investors.

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