In 2020, the residential market proved to the sector most resilient to the impact of the health emergency, closing with a 7.7% decline in transactions compared to 2019, for a total of 557,926 transactions (Agenzia delle Entrate data). An inevitable decline, following the lockdown of March-April 2020, with a clear recovery during the second half of the year.
In particular, 117,047 transactions were recorded in the first quarter and 116,174 in the second quarter, respectively -15.6% and -27.3% against the corresponding quarters in 2019. While the first part of the year was significantly impacted by the lockdown in March and April, the second half of the year recorded positive changes, with a total of 141,324 transactions in Q3 and 183,381 in Q4, respectively +3% and +8.8% in terms of annual growth rate.
According to surveys by the agencies of the Gabetti, Professionecasa and Grimaldi networks, a change in prices of around -2% was recorded in the major cities in 2020 compared to 2019. Sales times were stable at an average of 4.5 months, as were discounts granted upon closing of negotiations, at 12%.
With regard to mortgages to purchase a home, the favourable rates sustained demand, leading to a total disbursement to households during the first nine months of the year of €35 billion, +4.2% against the same period of 2019 (Bank of Italy data).