IDEAS home Printed from https://ideas.repec.org/p/bdi/opques/qef_1013_26.html

From bricks to green bricks: evidence from the Italian green mortgage market in 2022-2024

Author

Listed:
  • Valeria Lionetti

    (Bank of Italy)

  • Valentina Michelangeli

    (Bank of Italy)

  • Ludovico Ridi

    (Bank of Italy)

Abstract

This paper analyses the development of the green mortgage market in Italy between 2022 and 2024. Drawing on bank survey data and granular information on mortgage offers, it documents the rapid expansion of green mortgage lending. The evidence indicates that an increasing number of banks have entered this market, progressively integrating green mortgages into their lending activity and monitoring the relevant risks. While green mortgages still represent a small share of the overall mortgage market, the trend shows that they are gaining momentum and are well-positioned for further expansion. The paper also finds that green mortgages are offered at more favourable conditions: the estimated interest rate discount compared with non-green mortgages is economically and statistically significant. Overall, the findings provide new evidence that green mortgage lending in Italy is in the early stages, though its growth is accelerating.

Suggested Citation

  • Valeria Lionetti & Valentina Michelangeli & Ludovico Ridi, 2026. "From bricks to green bricks: evidence from the Italian green mortgage market in 2022-2024," Questioni di Economia e Finanza (Occasional Papers) 1013, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:opques:qef_1013_26
    as

    Download full text from publisher

    File URL: https://www.bancaditalia.it/pubblicazioni/qef/2026-1013/QEF_1013_26.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Luigi Abate & Valeria Lionetti & Valentina Michelangeli, 2024. "Is the Italian green mortgage market ready to take off?," Questioni di Economia e Finanza (Occasional Papers) 868, Bank of Italy, Economic Research and International Relations Area.
    2. Michele Loberto & Alessandro Mistretta & Matteo Spuri, 2023. "The capitalization of energy labels into house prices. Evidence from Italy," Questioni di Economia e Finanza (Occasional Papers) 818, Bank of Italy, Economic Research and International Relations Area.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Forni, Lorenzo & Fortuna, Filippo & Giarda, Elena & Giovanardi, Francesco & Panarello, Demetrio, 2025. "The ‘Green buildings’ directive: A quantification of its costs and benefits in two Italian regions," Journal of Housing Economics, Elsevier, vol. 68(C).
    2. Francesco Braggiotti & Nicola Chiarini & Giulio Dondi & Luciano Lavecchia & Valeria Lionetti & Juri Marcucci & Riccardo Russo, 2024. "Predicting buildings' EPC in Italy: a machine learning based-approach," Questioni di Economia e Finanza (Occasional Papers) 850, Bank of Italy, Economic Research and International Relations Area.
    3. Amaral, Francisco & Soufflet, Morgane & Zdrzalek, Jonas & Zetzmann, Steffen, 2024. "Green signals: Energy efficiency and German housing markets," Kiel Policy Briefs 180, Kiel Institute for the World Economy.
    4. Luigi Abate & Valeria Lionetti & Valentina Michelangeli, 2024. "Is the Italian green mortgage market ready to take off?," Questioni di Economia e Finanza (Occasional Papers) 868, Bank of Italy, Economic Research and International Relations Area.
    5. Cristina Angelico & Valeria Lionetti & Ludovico Ridi, 2025. "Greening the present to decarbonise the future: an analysis of Italian banks' decarbonisation strategies," Questioni di Economia e Finanza (Occasional Papers) 939, Bank of Italy, Economic Research and International Relations Area.
    6. Ezio Micelli & Giulia Giliberto & Eleonora Righetto & Greta Tafuri, 2024. "Urban Disparities in Energy Performance Premium Prices: Towards an Unjust Transition?," Land, MDPI, vol. 13(2), pages 1-21, February.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    JEL classification:

    • C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bdi:opques:qef_1013_26. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/bdigvit.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.