Mortgage prices continue to rise. Prices are rising almost everywhere, except in some unsuspected areas
In the first quarter 2023 house prices in Italy they have grown beyond all dire predictions. But there are some cities (very few) where still worth buying a house and apply for a mortgage. In all other places, for now, it’s best to leave it alone.
It has been repeated like a mantra for months: mortgage rates have reached extreme levels. But the further it goes, the worse it gets. As a result, prices also rise. That’s why in Italy fewer and fewer houses are being bought. The data speak for themselves: in the first quarter of this year, the index of house prices for sale increased by 0.2% compared to the previous quarter. Growth is instead 1.8% compared to the same period of 2022.
The national average cost is very high: the fee is 1,847 euros per square metre. And obviously to arrive at certain averages it means that in some cities the prices are really unthinkable from every point of view.
Mortgages, stings throughout Italy: this is the only free zone
Mortgage rates are rising and the purchasing power of Italians inevitably falls. Especially for those who have to go through bank noIt’s not as simple as getting the loan once: the guarantees required are always many and few can now afford to provide them. So often the mortgage can also be refused, making it impossible for those who do not have a large amount of cash to buy a house.
Also for this reason, the drop in sales appears, as expected, to be more marked in cities where mortgages are normally more frequently requested. That is, in the south of the country and in the most popular areas of large urban areas. On a quarterly basis prices have risen above all in Sardinia. Oristano (+7%) is the province where the increase is more sensitive. Followed by Gorizia (+6.3%) and Nuoro (+5.3%). In fourth place is instead Monza (+4.9%). Followed by Naples (+3.6%), Bologna (+2.2%), Turin (+1.5%) Venice (+1.4%), Catania (+1.1%), Milan (+0 .5%) and Palermo (+0.3%).
But then there are also slightly declining percentages. This is the case of Rome (-0.1%) and Florence (-1.2%), but above all of Cuneo and Enna (-3.9%), Pavia (-3.5%), Foggia (-3, 4%), Ragusa (-3.1%) and L’Aquila (-3%). Anyone who wants to buy a house in Italy must therefore deal with quite a disheartening situation. Looking at the real estate price ranking, the most expensive city is always Milanocon 4,989 euros per square metre.
In second place there is Bozen (4,518 euros per square metre). Then the third is Venezia (4,438 euros per square metre). Fourth Florence (3,923 euros per square metre). Bologna has an average of 3,398 euros, Rome 3,009 euros and Trento 3,001 euros. The cheaper cities, those under 1,000 euros, are few. So where to buy a house at an affordable price? The purchase, at the moment, is only worthwhile in Biella (707 euros per square metre), Caltanissetta (733 euros) and Ragusa (771 euros). For the rest, better to wait for more favorable times.
