The disinvestment of the amount of savings accumulated during the lockdown also spilled over into the real estate market, resulting in a resumption of investment in residential construction after years of stalemate. According to the research The accumulation of savings from lockdown and their use: the role of the residential sector Legacoop-Prometeia, in the summer of 2020 they rose by 42% from 12.6 billion in the first quarter to over 18 billion in the third of last year. At the beginning of 2021 there was a 6.4% increase in the prices of new homes compared to the same period in 2015. According to the association, the growth of investments in the real estate market is set to last until the end of 2023.
Interest in larger houses
The renewed interest in residential properties – the research reads – reflects the shift in household preferences towards larger homes and / or with outdoor spaces and was strongly stimulated by the set of state incentives to invest in real estate assets, both through renovations (Superbonus 110% for energy efficiency interventions, valid until the end of 2022) and through the purchase of properties (Youth mortgage under 36). This renewed interest of households in the housing sector will contribute to the recovery of the economy and its consolidation after the severe pandemic crisis of 2020. This will be reflected in an increase of almost 1 percentage point in the share of residential investment as a percentage of GDP between 2019 and 2024.
The mobilization of savings
The report shows that in 2020, against a drop in consumption of 7.9% in the first quarter and 12.8% in the second, a large amount of immobilized savings (+ 57.3% in the first quarter, + 46.1% in the second) and the consequent disposal of part of these savings in the summer quarter (-21.6% compared to the previous quarter). After the shock of the pandemic – comments Mauro Lusetti, president of Legacoop – it is necessary to measure the damage that this terrible crisis has inflicted, but also the strengths on which to leverage to restart.