A week of purchases ends for the securities of the real estate sector, listed in Piazza Affari and, in Europe, with the attention of the investors on the central banks that move rates with effects on the sector. The ECB, as expected, has maintained the status quo, on the Board of Directors of Thursday, 11 September. Next week, however, the vault of the Federal Reserve will be from which the first cut of the rates of the year is expected, after the revision on the numbers at American work. Expectations also strengthened in the light of the data on production prices, unexpectedly falling and, from inflation on the rise above expectations. The market provides that the Fed will cut the rates of at least 25 base points.
ECB still confirms rates and Forward Guidance
The ECB board of directors decided to keep the three reference interest rates unchanged. Interest rates on deposits at the central bank, main refinancing operations and marginal refinancing operations will remain unchanged at 2.00%, 2.15%and 2.40%, respectively. Frankfurt also confirmed the Forward Guidance: the decisions will be a meeting by meeting and will be dependent on the data, without any commitment to follow a predetermined path. “Inflation is at the level we want,” said President Christine Lagarde, underlining that the prospects for prices remain “more uncertain than usual” due to the volatility of the commercial context. “The risks for economic growth have become more balanced,” he said, highlighting that “while recent commercial agreements have reduced uncertainty, a further worsening of commercial relations could further curb exports and drag investments and consumption”. The updated quarterly projections have shown that consumer prices will increase by 1.7% next year, closer to the objective compared to the previous 1.6% provision. But in 2027 they will increase by 1.9%, less than previously expected. GDP is expected to increase by 1.2% this year (revised up) and 1% in 2026 (revised downwards).
The trend of the sector on the stock exchange
The real estate sector on the Milanese square closed the eighth in the rise with the FTSE Italia Al All Share Real Estate index which brings home a climb of over 1%. The trend of the sector is also positive, at European level, with the Stoxx 600 Real Estate Index increasing by approximately 0.9%.
Real estate securities listed in Milan
Among the real estate companies listed in Piazza Affari, Brioschi is the best title with a rise of over 4 percentage points. Also well, inhabited uphill of 3.2%. Follow IGD (+1.3%) and Aedes (+1.5%). On the side of the falls, Gabetti and Restoration give about 1%.
Macroeconomic data
In the week to 5 September, mortgage questions in the United States rebound. The index that measures the volume of mortgage loan applications records an increase of 9.2%, after the -1.2% recorded the previous week. The index relating to refinancing requests increased by 12.2%, while that relating to the new questions grew by 6.6%. The Mortgage Bankers Associations (MBA) indicated that thirty -year mortgages rates dropped to 6.49% from the previous 6.64%.
Sector studies
The second quarter 2025 confirms the resumption of the purchase and sale of homes on the national territory. According to the analysis of living Co. – intermediation company and real estate services specialized in new buildings – on the basis of the data of the Observatory on the real estate market (OMI) of the Revenue Agency, from April to June 2025 the residential sales increased by +8.1% compared to the same period last year, with 201,344 exchanges.
The values of the sales grow in almost all the main metropolitan cities, except Naples which marked -0.3% and 2,146 transactions. Among other cities, the largest increases are recorded in Turin (+11.3% and 4,325 transactions) and Palermo (+10.0% and 1,899 transactions). Milan also positive (+6.6% and 6,491 transactions) Bologna (+6.1% and 1,596 transactions), Genoa (+5.6% and 2,466 transactions), Rome (+4.1% and 9,839 transactions) and Florence (+3.9% and 1,273 transactions).
What happens on the price front? According to the data processed by Libinare Co., in June 2025, compared to June 2024, they grew up at a national level of 2.2%, with Milan leading the ranking of the most expensive city with over 5 thousand euros per meter on average.
