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Rome real estate market
The current state of the Rome real estate market continues on a downward trend, as it comes from a distant market bubble, attributable in part to a speculation linked to the introduction of the euro in 2001. Although this overvalued Rome real estate market did not crash, but it has seen a substantial yet steady slowdown. Real estate in Italy is a traditional safe haven, thus the double dip recession, led people to invest in property, avoiding a sudden crash like we saw in the U.S. I would say that we could have seen now a bottom in the real estate market, because latest economic data suggest a stronger than expected Italian economical recovery. This combined with an unexpected jubilee could have a positive impact on the real estate in the city as investors see the opportunity to buy and subsequently rent to large influx of tourism, estimated 25 millions of people circa. I would also consider, that the market could be further sustained at the end of the jubilee, as at the beginning of 2017 we will know if Rome will be chosen to host the Olympics in 2024, which is a typical stimulus for the real estate market.
The most expensive area in the Rome real estate market is the Spanish Steps and surrounding areas which cost 13000 € per sq.m. for refurbished properties. The least expensive area of Rome are on the market at 3500 € per sq.m. However, here I will quote only the areas with an interesting yield, therefore easily rentable properties for touristic purposes, as Testaccio, som
e areas of Trastevere, and Borgo Pio, which can be bought in price range of 5000 € to 7000 € per sq.m. If the investor is interested in a purchase for private use, outside the center of Rome, and close to international schools, I would suggest the once prestigious neighborhood of Olgiata, that has some very interesting prices for its villas with original features immersed in a beautiful private park, with golf course and horse riding facilities.
Here are some average prices of different district of Rome: Historical Center 8170 € sq.m., Aventino/ San Saba 6674 € sq.m., Parioli/Pinciano 6261 sq.m., Trastevere Testaccio 6104 sq.m. €, San Lorenzo/Esquilino/Termini 4328 € sq.m., Prati/Borgo Pio/San Pietro 5732 € sq.m.
Estate agent Keylet recommend buying apartments in key areas, within a maximum distance to the Historical Center of 2/3 km, possibly in a building at least from the ‘Umbertino’ period (beginning of 1900), sleeping up to six people, as there is a lack of large apartments in the touristic rental market. Last but not least, a representative from Emporium Buildings suggest for the new buyers to pay a special attention to make property as charming as possible, as the market competitiveness, rewards mainly apartments that are stylish, yet affordable.
Using also as many rental channels as possible is fundamental. Prices listed can differ if the buyer has a prompt payment solution (in Italy real estate transaction are often completed in several months). Thank you for reading my insight on the Rome real estate market.
