Mortgages, down by 7.4% in the third quarter of 2022. Istat: uniform decline throughout Italy

The data released by the Institute of Statistics reveal how Italians, faced with the increase in the cost of money, have reduced their use of this form of financing

The rate hike effect continues to be felt on the real estate market. According to data released by Istat and relating to the third quarter of 2022, sales fell by 1% compared to the previous year and mortgages recorded a more robust drop of 7.4%, a sign that Italians faced with the increase of the cost of money have reduced the use of this form of financing.

The 2021-2022 comparison

Also in the third quarter of 2022, there were 220,995 notarial agreements for the sale and other agreements relating to transfer deeds for consideration for real estate units, down by 2.7% compared to the previous month. Compared to the third quarter of 2021, real estate transactions decreased by 1.1% in the housing sector, while they grew by 1.1% in the economy.

The data

The decrease is homogeneous throughout the territory, both on a cyclical basis (South -10.0%, Islands -8.3%, Center -6.6%, North-East -4.2%, North-West -3, 4%), and yearly (Centre -8.7%, North-East -8.2%, South -7.4%, North-West -6.6%, Islands -4.4%, metropolitan cities -8 ,2% and small centers -6,8%)”.

“The drop in sales observed in the third quarter of 2022 does not absorb the increase in the first half, so the first nine months of 2022 still mark a recovery of 5.2% compared to the same period of 2021”, comments Istat. The annual growth (also marked by the recovery followed by the end of the pandemic emergency) “concerns the housing (+5.2%) and the economy (+6.0%). In the housing, the increase is driven from the Islands (+12.1%), from the South (+7.8%) and from the Center (+7.6%), while in the economy from the Center (+10.5%), from the South (+9, 0%) and from the North-West (+7.3%)”.