What has just ended was one Weak week for the real estate sector on the stock exchangein the absence of relevant macroeconomic ideas and waiting for the start of the quarterly season next week starting from the United States. The probability implicit in the monetary market rates relating to the future moves of the main central banks are not varied; In particular, no changes to the referment rate (which has an impact on the real estate market) are expected nor for the European Central Bank or for the US Federal Reserve in July.
The trend of the sector on the stock exchange
The real estate sector has experienced a negative European level week, with the index Stoxx 600 Real Estate which fell by 1.8%, sub-performing the trend of the Stoxx Europe 600 (+1.1%).
A better performance was scored by Italy, where the index FTSE ITALY All Share Real Estate He showed a flat trend on a weekly basis, in line with that of the FTSE MIB index, which closed the week with a marginal rise (+0.3%).
Real estate securities listed in Milan
Among the real estate companies listed in Piazza Affari, there was a positive week for Next Re (+3.7%), Brioschi (+2.1%) and live in (+2%). Little moved IGD. Negative Aedes (-1%), restoration (-1.8%) and Gabetti (-2.5%).
Macroeconomic data
On the macroeconomic front, theIstat communicated that in the first quarter 2025, on the basis of Building permitsthere was a strong conjunctural both of the number of homes (-10.2%), and of the useful habitable surface (-7.2%), net of seasonal factors. Even non-residential construction records a significant decline (-11.4%) compared to the previous quarter. In the first quarter of the year, the estimate of the number of houses of the new residential buildings, net of seasonality, is equal to 11,958 units; The useful habitable area is about 1.06 million square meters, while the non -residential one stands little above 2.25 million square meters.
Sector studies
During the week interesting data arrived fromObservatory on the 2025 real estate market created by Nomisma And which analyzed the real estate performances of the 13 main Italian markets: Bari, Bologna, Cagliari, Catania, Florence, Genoa, Milan, Naples, Padua, Palermo, Rome, Turin and Venice. After a 2023 of slowdown, 2024 marked the beginning of a slow recovery, confirmed in the early months of 2025 by an increase in sales (+11.5% tendential in the first quarter of 2025), mainly pulled by purchases with a mortgage (+32.7% tendential), thanks to the reduction of interest rates. However, the real growth potential for sale has been reduced by the prudence of the banks in granting credit. The prices of homes record semi -annual variations between 0.8% and 1.3% and tendency, just over 1.1% and 1.4%. While half -yearly rates are subject to seasonality, with the first semester that tend to grow slightly more than the seconds, the annual ones are gradually reduced in the last 3 years by passing from +2.0% of 2023 to +1.4% in 2025, in the case of homes in good condition while, for those in excellent condition, it goes from +2.7% attempt by 2022 to +1.1% of 2025.
A report of theIdealista Studies Office Instead, he pointed out that the gross profitability of the purchase of a house to be allocated to the lease has increased in the second quarter of 2025, attesting to 9.8%, compared to the 9.3% recorded at the end of the spring of 2024. According to the study carried out by Idealista, a leader portal in technological development in Italy – the profitability obtained is more than double compared to that of the returns offered by the government bonds at 10 years (3.6%). According to the study, which connects the sales and rental prices of the different real estate types to calculate gross profitability, commercial premises are confirmed by the more profitable real estate investment. Buying a shop in Italy to rent it offers gross profitability of 12.4%, increasing compared to 12% of twelve months ago. The offices offer a return of 12% (against 9.9% of a year ago), while in the case of garages, profitability stands at 8.2%, increasing compared to 7.6% in June 2024.
