(Finance) – Despite the collapse of the real estate market and the general slowdown in mortgages, the convenience of green mortgages remains higha particular category of mortgages granted is for the purchase of new homes with high energy performance or to finance with a mortgage renovations aimed at improving the energy class, in line with those prescribed by the “Green homes” directive.
The directive in question, approved by the European Parliament last March, had caused a lot of discussion due to the stringent deadlines imposed on the efficiency of buildings, as it provided for the transition of all residential properties to class E by 1 January 2030 and in class D by 2033 to reach zero emissions by 2050. But the last meeting of the EU Council loosened the rules a bitpredicting new ones intermediate objectives of energy savings to 2030 and 2035 and the postponement of the stop gas boilers by 2040 instead of 2035.
A important concession for Italy, where it is estimated that the priority buildings are 5 million out of 10 million of properties in energy class E, F or G, which would imply requiring 15 million Italian families to spend at least 20 thousand euros, for a investment total of more than 300 billion euros. An expense that could be lightened by tax incentives and financed with a green mortgage, much more convenient than traditional mortgages.
From the findings of MutuiOnline.it we can deduce the convenience of green mortgages compared to traditional mortgages. If we take into consideration a fixed rate, which currently represents 96% of requests, and we simulate a 200,000 euro, thirty-year mortgage requested by a forty-year-old resident in Milan, the best traditional mortgage offer sees a TAN of 3.80% , installment 932 euros and APR 3.98%. If you look, for the same parameters, at a green mortgage, the installment is 35 euros less per month (897 euros), as it is sensibly the lower the TAN (3.49%) and the APR (3.63%): the difference on total interest is approximately 12,500 euros.
The Observatory also states that, due to the increase in rates over the last year, a increase in the share of requests of green mortgages with duration exceeding thirty yearswhich went from 1.3% of the mix in 2022 to 9.6% in 2023. The average amounts requested, equal to 173,136 euros, remained almost stable compared to 2022 and remain approximately 30% higher than those of mortgages traditional (around 135 thousand).
Despite their convenience, the Green mortgage disbursements are not taking off due to the slowdown in the real estate market on MutuiOnline.it in 2023 they established less than 6% of the mixrecording a contraction compared to 8.6% in 2022 against a decline in the number of transactions of new homes by 32.7% year on year, significantly higher than the 10.3% decline in existing property transactions reported by the Revenue Agency.