What will Italy’s housing market look like in 2022?
As the new year begins, now is the perfect time to evaluate the market and weigh up the pros and cons in order to make the best decision for your life.
Will house prices in Italy drop in 2022?
Property prices in Italy are still very competitive compared to the European housing market trend.
According to the EU’s statistical service Eurostat, since 2010 prices of houses for sale in Italy have decreased by 12%, in contrast with the rest of the European Union where on the average they increased by 39% compared to the third quarter of 2021.
But if we take a closer look at the last four months of 2021, we can see that the average price of property purchased for housing or for investment increased by 4.2% in Italy as well as Spain in contrast with a 9.2% in the EU compared to the same period of 2020. Only in Cyprus they are rising even more slowly (+2.2%) than Italy and Spain.
Mortgages, interest rates & other fiscal benefits in Italy
It is still very convenient to take out a mortgage in Italy to buy a house as rates are expected to remain at current levels or increase slightly throughout 2022.
Also, for young people under 36 who’d like to buy their first residence banks are adapting their offerings – bonus prima casa – also for this year thanks to the government’s Sostegni-Bis Decree (Legislative Decree no. 73/2021). So check with your consultant if you are entitled to get this kind of loan.
Last but not least, do not forget massive incentives on house improvements like the so-called Superbonus 110%. It has been prolonged also for the entire 2022 and it allows you to renovate your property covering all costs of energy efficiency and structural seismic improvements. So, seek the help of a professional like an architect, engineer or geometra and check if you can take advantage of this benefit for your Italian property.
Hurry up, conditions are perfect to buy your dream home in Italy.
If you are still uncertain about where to invest in Italian properties, find out more about our recommended places for 2022.
