The fall in prices slows down and the number of transactions is growing. Banks support customers, but not all of them. Foreigners acquire both expensive and very cheap estates. Here is a brief overview of the real estate market in Italy.
Compared to 2008 the average price per square meter decreased by 20-30% and nowadays, according to the Italian portal Idealista, it is €1970. The prices change according to the city you live in. In the southern regions there are many offers for €1000-2000 per sqm, and in the north, they are for upwards of €3,000 per sqm. Luxurious resorts cost €10 000 per sqm.
Trends 2016-2017 (2018)
- Buyers from different countries (Germany, UK, France, USA) are interested in Italian real estate and many others;
- In the last year, realtors recorded an increase in the number of requests from Europeans, but lower demands from Russians and Ukrainians. The main reason is the growth of the Euro compared to ruble and the hryvnia, which reduced the financial capabilities of buyers;
- Russian demand in Italy market is divided into two streams. First, the country is popular with buyers of real estate worth from €500 000. They usually choose objects in the sea resorts in Liguria and Tuscany, apartments in the historical centers of major cities.
- During the years of the crisis, Italy opened up to clients with medium and low (up to €100,000) budgets. They often choose Calabria resorts, where best combination of price and quality is affordable;
- Most buyers are looking for apartments and not villas because they are cheaper and easier to maintain. The most popular request is an apartment of about 60 sq.m. within walking distance from the sea. Prices for such offers start from €400-500.
The Italian real estate market, as well as the country’s economy, is recovering. According to analysts of Nomisma, in 2016 the average increase in housing prices by 0.5%, and in 2017 – by 1.7% is expected. At the same time, the market conditions will continue to be dictated by buyers, especially those who do not need a loan. During the negotiations, they will be able to count on discounts – both in the budget and in the elite classes.