OMI: Moderate Growth in Residential Real Estate Transactions in Q2 2024 (+1.2%)
In the second quarter of 2024, a slight recovery in residential real estate transactions was recorded, with an increase of 1.2% compared to the same period last year. According to data from the Real Estate Market Observatory (OMI) of the Italian Revenue Agency, approximately 186,000 homes were sold, over 2,000 more than in 2023.
Widespread growth, but with regional differences
The increase in transactions affected all areas of Italy, with more significant growth in the northern and central regions. Non-capital municipalities drove the recovery, with a +1.6% variation, while the growth in capital cities was more modest (+0.2%).
New constructions vs. existing homes
The demand for new constructions saw a significant decline, with a 15% reduction compared to 2023. Conversely, existing homes experienced a 2.5% increase.
First-time home purchases and mortgages
Approximately 71% of residential transactions in the second quarter of 2024 were for first-time home purchases, up 7% compared to the same period last year. Moreover, 41% of the transactions were financed through mortgages, with a slight drop in interest rates (-28 basis points compared to the previous quarter). The total capital financed amounted to around 9.6 billion euros, 0.5 billion more than in 2023.
Major cities: mixed performance
At the national level, the eight main Italian cities showed a slightly negative trend in real estate transactions, with variations differing from city to city. Genoa and Rome saw increases of over 3%, while Milan and Florence recorded significant declines, exceeding 7%. The declines were more moderate in Bologna.
