The House Price Index (HPI) measures the evolution of market prices of all residential properties that are purchased by households (flats, detached houses, terraced houses, etc.), both new and existing, independently if bought for own-occupancy or as an investment.
According to preliminary estimates, in the fourth quarter of 2021 the HPI (see Italian IPAB) increased by 0.1% compared with the previous quarter and by 4.0% compared with the same quarter of the previous year (it was +4.1% in the third quarter).
The increase on annual basis of HPI was due both to the prices of new dwellings, which grew by 5.3%, speeding-up from the previous quarter (it was +4.0%) and to the prices of existing dwellings which increased by 3.9%, slightly slowing down from the third quarter (it was +4.1%).
The increase of HPI occured in a context of a still clear growth in sales volumes (it was +15.9% the annual rate of change registered for the residential sector in the fourth quarter of 2021 by the Observatory of Real Estate Market belonging to Tax Office, from +21.9% of the previuos quarter).
The increase on quarterly basis in the HPI was only due to the prices of new dwellings (+1.1%), while prices of existing dwellings remained stable.
On average, in 2021, house prices increased by 2.5% for the contribution of both prices of new dwellings (+3.8%) and of those of existing ones (which account for more than 80% on the aggregate index), which increased by 2.3%.
In the fourth quarter 2021, the trend growth in house prices on annual basis was confirmed in all geographical areas. The increase was particularly wide for the Northern and Central areas (+4.4 in the North-West, +4.7% in the North-East and +5.0% in the Center) and smaller in the South and Islands (+1.3%).
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