Growing interest in green real estate
The year 2024 sees an increasing focus on properties with high energy classes and sustainable building practices. Buyers are increasingly looking for environmentally friendly materials and remote control technologies such as ‘smart homes’. This trend is fuelled by increased environmental awareness and government incentives for the energy upgrading of buildings. In addition, homes with high energy certifications tend to hold their value better over time, making them a safer investment.
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Evolution of regulations on short-term rentals
Recent regulatory updates concern the installation of security devices in short or tourist rentals. This is a crucial aspect of ensuring the safety of tenants and could be a useful topic for property owners offering short-term rentals. The new regulations include the obligation to install smoke and carbon monoxide detectors, as well as security systems for building access. These measures not only improve safety, but can also increase the confidence of guests, making properties more attractive.
Recovery of the luxury property market
Despite the general economic difficulties, the luxury property market continues to grow. Investors show continued interest in high-value properties, both for buying and selling and for long-term rentals. This segment of the market is supported by stable demand from international buyers and a limited supply of luxury properties. Cities such as Milan, Rome and Florence are seeing particular growth in this sector, with an increase in transactions of prestige properties.
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New for mortgages
In 2024, there are several relevant novelties for home buyers:
- No more subsidies for the under-36s: The first home bonus for the under-36s is no longer valid. However, the government has extended the state guarantee on mortgages up to 80 per cent for those with an ISEE of less than EUR 40,000 per year.
- Facilities for large families: Families with at least three children can access mortgages with guarantees of up to 90 per cent, depending on the number of children and ISEE.
- Social securitisation: A pilot project that aims to make debts sustainable by supporting families and businesses struggling with mortgage payments. This allows owners of foreclosed houses to continue living in them by paying a fair rent.
Our tips for obtaining a soft loan…
- First of all, it is essential to be informed about the facilities currently available, e.g. those mentioned above.
- Improve your credit profile. A good credit score can increase your chances of obtaining a soft loan. We recommend that you pay your bills on time and reduce your existing debts to improve your credit profile.
- Compare Offers. Don’t stop at the first offer you receive. Compare offers from different banks and credit institutions to find the most advantageous conditions.
- Consider Green Mortgages. Some banks offer favourable conditions for loans for the purchase of energy-efficient real estate. These mortgages may have lower interest rates and more favourable conditions.
- Request a Professional Consultation to help you navigate the various options available, choose the most suitable mortgage for your needs, and prepare the necessary documentation: identity documents, tax returns, and information about the property you intend to purchase. Complete and accurate documentation can speed up the mortgage approval process.
- Take advantage of local concessions. Some regions or municipalities offer additional concessions for the purchase of a first home or for the renovation of buildings. Enquire at local offices to find out if there are specific incentives in your area.
- Consider Variable Rate Mortgages. If you expect to be able to repay your mortgage in a relatively short time, a variable rate mortgage may offer you lower interest rates initially than a fixed rate mortgage.
By following these tips, you have a better chance of obtaining a soft loan and saving on financing costs. For more information or a personal consultation, please contact us. We are here to make your real estate dreams come true!
