Sales of real estate units and loans - Q3 and Q4 2025

The notary agreements regarding sales of real estate units and any other kind of exchange of properties and appurtenances in return for payment amounted to 220,404 in the third quarter of 2025 (+2.0% compared with the previous quarter – seasonally adjusted data – and +5.1% year-over-year – raw data) and to 282,274 in the fourth quarter (-1.5% compared with the previous quarter and -0.9 % year-over-year).

In the fourth quarter of 2025 the residential sector declined, compared with the previous quarter, in the North-East (-3.3%), South (-1.6%), North-West (-1.0%) and Islands (-0.7%), while increased in the Centre (+2.7%). The economic sector decreased in all geographical areas of the Country: North-East (-14.3%), Centre (-10.8%), North-West (-9.3%), Islands (-6.7%) and South (-3.1%)

93.8% of the notary agreements concerned transfers of residential properties (264,634), 5.9% affected transfers of properties for business purposes (16,522) and 0.4% estates for special uses and multi-owned properties (1,118).

Compared with the fourth quarter of 2024, real estate transactions recorded in the fourth quarter of 2025 decreased in the residential sector (-0.8%) and more in the economic sector (-2.3%). At a territorial level, the housing sector declined on an annual basis in the South (-6.4%), in the North-East (-1.9%) and in the Centre (-0.8%), while it increased in the North-West (+2.1%) and in the Islands (+1.5%). Real estate transactions in the economic sector decreased in all geographical areas of the Country: South (-7.6%), Islands (-6.8%), North-West (-4.0%), Centre (-1.0%), except for Noth-East (+5.3%). The contraction affected both large and small cities (respectively -0.2% and -1.3% in the housing sector; -3.3% and -1.6% in the economic sector).

The mortgage-secured loans amounted to 88,183 in the third quarter of 2025 (-0.2% compared with previous quarter – seasonally adjusted data – and +10.8% on an annual basis – raw data) and to 104,669 in the fourth quarter of 2025 (+1.4% compared with the previous quarter and +6.1% year-over-year). Compared with the previous quarter, the increase in the fourth quarter concerned the Centre (+5.9%), the South (+1.4%), the North-West (+1.3%), while the Islands and the North-East recorded a contraction (respectively -1.8 and -0.4%%). On an annual basis the growth affected the entire national territory: North-West (+8.9%), North-East (+5.4%), Islands (+5.3%), Centre (+4.2%), South (+3.4%), large and small cities (respectively +6.9% and +5.6%).

In the whole year 2025, the real estate market, with 986,940 transactions, increased compared with the year 2024 (+3.9% overall; +4.0 the housing sector and +1.5% the economic sector). The mortgage-secured loans, with 382,389 transactions, increased by 15.5%.