Boom of Seconds and New Homes: What are the reasons?

So many new housing and “other” housinganyone trade from paperoni and generally the confirmation of the discovery the Italians’ desire for the “brick”.

to 2021 had been one years of shoots of the real estate market, we knew. Now the data is from Statistical report from the Notaryamong the most concrete available because they are not based on estimates or on inventory of sub-transactions, but faithfully reflect the situation by drawing on the notarial documents established during the year.

Here’s what’s coming out of it.

Almost a third of the market is for holiday / investment use

Last year they were 628,137 homes exchanged in Italy. In the midst of the pandemic, i 2020, the bar had stopped just over 510 thousand. So a remarkable leap. And already by going a little more down into details you will discover some surprises.

Only in total 56.05% of the transactionsabout 350 thousand, refers to the “first house” (ie it was purchased with a “first home” subsidy), while a very significant proportion (over 270 thousand homes) related to second houses, an increase of 26% compared to 2020.

This means that just over half of the market consisted of couples or families who settled for the first time, or at most they changed the main house, while much of the trade went to investment. And this is happening for two main reasons. The first is related to the economic situation.

Italians have low wages, but maintain an impressive private savings: according to Censis, 4.806 billion in bank deposits and other financial instruments.

Between crises, market volatility, bonds like Bots or BTPs that provide almost nothing, we have returned to chair on the brick and create housing income.

The second reason is related to new social scenario, where priorities and work habits have changed. A share of smart work and many families, perhaps composed of the self-employed or professionals who are not required to work, have realized that they can easily work remotely, even for extended periods.

Consequently is house by the sea or in the mountains it is no longer just the place for the August or December holidays, but a place to stay many months a year.

Jumping of new buildings: are the habits of the Italians changing?

Another interesting fact relates “new” houses compared to those already usedas the former has taken on an important role.

That first homes purchased by business there were just under 28,500 while the other dwellings of the same type over 52,000.

Overall, that means 14% of total trade was for new residential propertiesand 86% exchanges between individuals.

Both these data and the previous ones, which relate to the weight of holiday homes in total exchanges, are significantly different from those offered by numerous reports prepared by networks of real estate agents, which allocate lower shares to the two components.

Another interesting aspect, also related to post Covid scenariois it many families have decided to change their lives and maybe treat yourself, in the years to come, with cottage away from the chaossurrounded by green areas, made to measure.

Therefore, in 2021, almost 43,000 building plots were sold. In summary, the 2021 market has grown by more than 34% compared to 2020. An acceleration that has also contributed to the very affordable level of mortgage rates (which began to rise just between the end of 2021 and the beginning of 2022) and ample availability of tax breaks in connection with the restoration of buildings, renovations, youth bonuses.

What about the prices?

Two-speed pricing

Although the national averages have a limited value compared to the territorial cross-sections, the tables of values ​​compiled by Notariati provide numerous interesting insights.

In fact, of first used houses exchanged between families, the largest part of the market (136,144 pieces) consists of ashares not exceeding 100 thousand euros in value.

They are prices with that, in the city that Rome And Milano, you can at most aim for a study in the suburbs. Definitely not a home to start a family. But this proves its existence (not only in Italy, it is so everywhere). two-speed marketsfor if prices in the big capitals are now skyrocketing, most of the market that real estate agents will have to face is “played out” in the smaller towns and suburbs where there is much lower value at stake.

That the average price in Italy for the sale of first home between private individuals was of 115,000 euros (in 2019 it was around 110,000), while for new homesbought from a company, you go up between 210 thousand 230 thousand eurosup both in 2019 and in 2020.

On the way to the top of the fork, 4,630 homes worth more than a million euros were bought last year, of which more than half were other new homes.

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