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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
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    File URL: https://www.bancaditalia.it/pubblicazioni/qef/2026-1013/QEF_1013_26.pdf
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    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

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