Housing: the market is growing in major cities. Mortgages are being driven by the under-35s

The mortgage sector is also showing signs of a strong recovery. In almost all major cities, there has been an increase in both the number of loans and the capital disbursed, with significant growth in mid-to-high-end mortgages and subrogation transactions. This trend highlights greater dynamism in the credit market and a gradual recovery in household spending power.

In 2025, the area of Milan, Monza and Brianza recorded an overall increase of 5.63% in residential property sales, rising from 57,798 to 61,054.
The property market is being strongly driven by transactions between private individuals: in fact, there were 29,798 sales of primary residences between private individuals, an increase of +9.74% compared to 2024, accompanied by a rise of +4.26% in sales of second homes between private individuals (21,592). The resilience of second homes in private transactions highlights how the Milan metropolitan area and the Brianza region remain highly attractive for both residential needs and investment purposes.
The new-build sector – i.e. purchases directly from developers – is, however, showing signs of distress: first homes from developers recorded a decline of -9.08% (2,473), whilst second homes from developers remained largely stable with a slight decrease of -0.33%. Young people remain the driving force behind the residential market: in 2025, 36.98% of buyers of properties eligible for first-home tax relief belong to the 18–35 age group, followed by 28.10% in the 36–45 age group.

The mortgage sector is experiencing significant growth, well exceeding the volumes of the previous year. In 2025, there was an increase of +17.20% (44,784 mortgages in total), with an even more marked surge in the total capital disbursed, reaching €15.2 billion. This growth is reflected in an average loan value rising to €339,898 (+19.84 per cent). This figure clearly indicates that people are focusing on higher-value properties or that lending conditions have become more favourable in supporting significant purchases. A sign of active debt management comes from subrogations, which grew by +8.77%, demonstrating that a proportion of borrowers have actively sought to optimise their contractual terms.

Finally, the number of individuals who took out a loan increased by 18.20% (61,387 in total). Those under 35 remain the dominant group, accounting for 43.32% of all borrowers and showing a rise of +19.26%. However, the most significant percentage increase is seen in the 56–65 age group (+23.79%), suggesting a return to borrowing even among those with a more established financial position.

In 2025, Turin recorded an overall increase in property sales of 8.88%, rising from 31,699 to 34,513 units. The Turin property market is being driven decisively by transactions between private individuals: in fact, there were 18,506 sales of first homes between private individuals, an increase of +12.15% compared to 2024. The private second-home segment is also showing dynamism, with 13,018 transactions and growth of +6.25 per cent.
In contrast, the new-build sector appears more static. First homes sold by developers recorded a slight decline of -1.73% (740), whilst second homes sold by developers recorded modest growth of +2.55% (2,249). Young people are the real driving force behind the market: 35.57% of buyers who took advantage of first-home subsidies are aged between 18 and 35.
The mortgage sector in Turin showed strong vitality in 2025. There was a 20.04% increase in the number of mortgage deeds (18,858 in total) compared to 2024. The total capital disbursed also grew significantly, reaching €2.7 billion (+17.48%). The average loan value stands at €145,551 (-2.13%), suggesting that the increase in volumes is driven by a broader pool of borrowers. Refinancing increased by +9.85% (903), indicating that Turin households are seeking to optimise their borrowing costs.

In 2025, the property market in Verona recorded an overall increase of 1.82% in sales. First-time home purchases between private individuals grew by +3.15%, consolidating their position as the main segment of the market. First homes purchased by businesses, however, saw a sharp decline (-34.42%), whilst second homes purchased by businesses grew by +12.60%, confirming the city’s appeal for property investment. Verona also remains a particularly dynamic city for young people: over 34% of buyers benefiting from first-home schemes are aged between 18 and 35.
Mortgage loans in 2025 grew by 18.09%, with a total of 7,298 deeds compared to 6,180 in 2024. Mortgage refinancing rose by +17.8%, a sign of greater focus on optimising financing terms.

In 2025 Bologna recorded an overall increase in property sales of +6.42%, rising from 15,316 to 16,299. The market is driven by transactions between private individuals: first homes between private individuals grew by +13.71%, rising from 8,247 to 9,378, whilst second homes between private individuals increased by +2.31%, from 5,141 to 5,260. The new-build sector is down: first homes sold by developers fell by 13.50%, from 689 to 596, and second homes sold by developers by 14.04%, from 1,239 to 1,065. Young people remain a key demographic: 37.16% of first-time buyers are aged between 18 and 35.
Mortgages rose by +18.61%, from 9,880 to 11,719, whilst mortgage loans increased by +20.22%, from 9,151 to 11,001, with the capital disbursed exceeding €2 billion.

In 2025 Florence recorded modest but positive growth in property sales (+1.16%, rising from 11,770 to 11,906). Sales of first homes between private individuals rose by +3.74%, rising from 6,302 to 6,538, whilst sales of second homes between private individuals recorded a slight decline (-4.97%, from 4,310 to 4,096).
The new-build market continues to show mixed trends: first homes sold by developers fell by -17.03%, from 323 to 268, whilst second homes sold by developers rose by +20.24%, from 835 to 1,004. Those under 35 account for 34.61% of buyers benefiting from first-home subsidies.
In 2025, the mortgage sector grew by +17.91%, rising from 7,437 to 8,769, with capital disbursed amounting to over €1.68 billion. Mortgage transfers will grow by +23.98%, rising from 392 to 486, whilst those under 35 will account for 38.42% of borrowers, rising from 3,186 to 4,061 (+27.46%).

In 2025 Rome recorded an overall increase in property sales of +7.80%, rising from 53,333 to 57,495. The market is being driven by sales between private individuals: first homes between private individuals grew by +9.69%, rising from 32,921 to 36,112, whilst second homes between private individuals increased by +8.07%, from 13,366 to 14,445.
First homes purchased by businesses, on the other hand, fell by 10.70%, from 3,214 to 2,870, whilst second homes purchased by businesses rose by 6.16%, from 3,832 to 4,068. Young people continue to account for a significant share of the market: 33.67% of buyers benefiting from first-home subsidies are aged between 18 and 35.
The mortgage market shows a marked recovery: in 2025, mortgage deeds increased by +17.28%, rising from 31,116 to 36,494, and the capital disbursed exceeded €7.6 billion. Mortgage refinancing will grow by +20.75%, rising from 1,475 to 1,781, whilst those under 35 account for 36.64% of mortgage borrowers, rising from 12,371 to 15,425 individuals (+24.69%).

In 2025 Naples recorded an overall increase in property sales of +6.93%, rising from 17,978 to 19,223. This growth was driven by transactions between private individuals: sales of primary residences between private individuals rose by +12.75%, rising from 8,960 to 10,102, whilst sales of second homes between private individuals grew by +5.36%, rising from 7,108 to 7,489. The new-build sector, however, continues to struggle: first homes sold by developers recorded a fall of -22.52%, dropping from 444 to 344, whilst second homes sold by developers fell by -12.14%, from 1,466 to 1,288. Over 39% of first-time homebuyers are aged between 18 and 35. In 2025, the mortgage sector returns to growth with an increase of +21.38%, rising from 8,046 to 9,766, and a +33.38% rise in capital disbursed, reaching €1.6 billion. Those under 35 represent the largest group among mortgage borrowers with 4,883 individuals, whilst the total number of borrowers grew by +14.75%, reaching 11,999 individuals.

In 2025 Palermo recorded one of the strongest performances among Italy’s major cities, with an overall increase in property sales of +25.91%, rising from 9,753 to 12,280. First homes between private individuals grew by +33.58%, rising from 5,152 to 6,882, whilst second homes between private individuals increased by +15.19%, reaching 4,618. The corporate sector also saw strong growth: first homes purchased by companies rose by +30.37%, reaching 249 sales, whilst second homes purchased by companies grew by +32.42%, reaching 531. Those under 35 account for 38.70% of buyers benefiting from first-home subsidies. Overall, subsidised first-home sales rose from 7,726 to 9,458.
The mortgage market also showed strong growth: +43.57% in the number of mortgages, rising from 3,785 to 5,434, and +39.24% in the capital disbursed, reaching €753,907,155. Mortgage subrogations increased by +24.06%, rising from 133 to 165, whilst those under 35 accounted for 39.41% of mortgage borrowers, with 2,968 individuals. Overall, the number of borrowers rose from approximately 5,348 to 7,532 (+40.84 per cent).

In 2025 Bari recorded an overall increase in property sales of +3.53%, rising from 18,338 to 18,986. The market is driven by transactions between private individuals: first-time home purchases between private individuals rose by +15.18%, reaching 10,745 sales, whilst second homes between private individuals increased by +9.90%, reaching 6,426. Meanwhile, the sharp decline in the new-build sector continues: first homes sold by developers plummeted by -55.48%, falling from 1,669 to 743, whilst second homes sold by developers decreased by -28.20%, standing at 1,072. Those under 35 account for 39.27% of buyers benefiting from first-home subsidies.
In 2025, mortgages rose by +15.15%, from 9,233 to 10,632, and by +20.10% in terms of capital disbursed, reaching €1.7 billion. Mortgage transfers will rise by +13.05%, from 452 to 511, whilst those under 35 remain the largest group among borrowers, with 6,431 individuals (+10.65 per cent). Overall, the number of mortgage borrowers increased by +13.97%, reaching 15,223 individuals.