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

Valeria Lionetti (), Valentina Michelangeli () and Ludovico Ridi ()
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Valeria Lionetti: Bank of Italy
Valentina Michelangeli: Bank of Italy
Ludovico Ridi: Bank of Italy

No 1013, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

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.

Keywords: banking; sustainable finance; green mortgages; pricing (search for similar items in EconPapers)
JEL-codes: C50 D58 G51 (search for similar items in EconPapers)
Date: 2026-06
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Persistent link: https://EconPapers.repec.org/RePEc:bdi:opques:qef_1013_26

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