The Italian residential market is showing a marked shift: in the first half of 2026 more than half of transactions were closed without a mortgage, with a recorded share of 51.4%. This figure, although slightly lower than the previous period when the share exceeded 55%, underlines how available liquidity remains
a decisive factor for many buyers. Paying in cash can shorten timelines, reduce procedural friction and eliminate interest costs, giving purchasers an operational edge in fast-moving negotiations where speed and certainty often determine success.
Cash transactions in numbers and destinations
When we look at the purposes behind purchases made without financing, the largest portion—about 59%—is aimed at the primary residence, indicating that many families draw on savings to buy
the home where they will live. Roughly 30% of cash buys are investment-driven, while around 11% are for vacation homes. Buyers who can deploy ready funds frequently choose renovation projects to create value or homes ready to generate income immediately, using cash to act quickly on opportunities that require fast closing and low contingency.
Why buyers prefer to pay cash
Choosing to avoid a mortgage removes several layers of bureaucracy:
there is no bank underwriting, no valuation delays and fewer conditions that could derail a deal. Eliminating interest payments often translates into substantial long-term savings, and the ability to offer immediate payment strengthens the buyer’s negotiating position. For many, cash purchases are a strategic choice: they reduce transaction risk, permit flexible investment horizons and allow purchasers to structure acquisitions with a view to medium- and long-term returns rather than short-term financing constraints.
Bare ownership (nuda proprietà): what it is
Definition and basic mechanics
The concept termed nuda proprietà in Italian corresponds to bare ownership in English: the buyer obtains the title to the property but not the right to live in it until the usufruct ends. An usufructuary retains full enjoyment of the home for life or a set period, while the nudo proprietario acquires a discounted asset and future full ownership when the usufruct terminates. This arrangement is commonly used by older sellers who need immediate liquidity while wishing to remain in their home for the remainder of their life.
Who this solution appeals to
Data show a clear demographic split: buyers of nuda proprietà tend to be middle-aged—about 32.1% are aged 45–54—and 70% are families, often purchasing as a long-term investment or to secure housing for children in the future. Sellers are commonly older: roughly 66.3% of those selling bare ownership are over 64. For many sellers the main motive (around 64.8%) is to access funds without surrendering the right to live in the house, which can help cover medical bills, supplement pensions or assist heirs.
Financing alternatives, costs and fiscal points
The market now shows that buying nuda proprietà with a mortgage is increasingly rare: in 2026 only 17.6% of such transactions were financed, down from 23.7% in 2026, while 82.4% were paid in cash. Property sizes preferred by buyers include the trilocale (35.8%) and a notable rise in bilocali from 16% in 2026 to 23.9% in 2026. Buyers must also weigh ongoing costs: the nudo proprietario usually covers extraordinary maintenance, whereas the usufructuary pays IMU, ordinary maintenance and condominium fees. First-home tax benefits can apply to nuda proprietà purchases if the buyer holds residency in the municipality where the property is located.
Alternatives for older owners and practical advice
Besides selling bare ownership, older homeowners may consider a mutuo di liquidità or similar equity-release loan. Industry figures for the third quarter of 2026 show the market for these loans at approximately €298.7 million. Lenders often set age limits at the end of the repayment plan (typically between 76 and 80 years), and typical lending ranges are around 50% of the property value, with some lenders and specific purposes (like renovation) allowing up to 80% financing. Such loans usually carry rates lower than personal loans but higher than classic mortgages, so borrowers should compare total costs against the liquidity obtained via nuda proprietà.
In short, two linked trends are clear: a persistent preference for cash purchases across much of the market, and growing interest in nuda proprietà as a solution to unlock funds while preserving housing rights. Anyone considering these options should map out the long-term financial and legal consequences, clarify responsibility for maintenance and taxes, and, where appropriate, seek tailored advice to align the chosen path with family needs and retirement planning.