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Property market: the three-room apartment wins in Bologna
24 October, Bologna Today
Prices are slightly rising (+1.1%), as shown by the survey by Tecnocasa. All the prices for each neighbourhood
Prices are slightly rising (+1.1%) in the city, as the survey by Tecnocasa shows. Prices are rising in the Indipendenza-Marconi area, especially for the three-bedroom apartments in good conditions, where large-sized properties are currently undergoing renovation works and they’re being subdivided, and the office no longer in use are being reconverted for residential purpose.
The positive trend in the gardens area of “Cavaticcio” continues, after the requalification in Via del Porto with more green spaces and public services.
The three-bedroom apartment wins in Bologna. Analysing the demand, we note an increasing concentration of requests for three-room apartments (50.4%). The potential buyers have a budget comprised between 120 and 169 thousand euro for 32.6% of cases, and between 170 and 249 thousand for the 28.1%.
Rents are also increasing, by 4.6% for two-room apartments and by 3.4% for three-room apartments. The demand continues to concentrate in the central areas and near university faculties.
The number of transactions in Bologna for the first semester of 2017 has been 2,787, equal to 0.5% less compared to last year (first semester of 2016), while the province closed with 3,353 properties sold (+3.6% compared to the first semester of 2016).
City centre
Prices are increasing by 5.3%. Prices are slightly increasing in the Indipendenza- Marconi area, especially for the three-room apartments in good conditions, where large-sized properties are currently undergoing renovation works and they’re being subdivided, and the offices no longer in use are being reconverted for residential purpose. The possibility of tax reliefs for whom buys a renovated property from a company has supported this trend. New properties are being sold at 3500-3800 euro per Sq m. People who buys in this area are looking for the first home as well as an investment to rent, especially to students. The demand for the first house is also focused on the three-room apartment. It’s difficult to sell apartments of big dimensions, around 130-150 Sq m needing renovation works. Investors are mostly from Southern Italy and, less frequently, from the coasts of Romagna and they’re looking for three- and four-room apartments: the rent for a single room is set around 250-300 euro per month.
The area that develops around Via Marconi registers nowadays average prices around 2,400 euro per Sq m for properties in good conditions, prices are similar in Via San Felice. New and renovated properties reach 3300 euro per Sq m. Prices go down around the train station and are set around 1800-2000 euro per Sq m. In this area, investors are the most frequent buyers. The most exclusive properties are located near the two towers, in Via Indipendenza, and in Via Ugo Bassi, reaching 4200 euro per Sq m if in excellent conditions, reduced to 2500-2600 euro per Sq m if in good state.
The positive trend in the “Cavaticcio” gardens area continues after the requalification in Via del Porto with more green spaces and public services: the building from the 60-70es are sold at 2000 euro per Sq m on average.
For what concerns rents, there is a strong demand from students (also international) focused almost entirely on already furnished apartments: a single room costs 250-300 euro per month, while a two-bedroom apartment costs 550-600 euro per month, and a three-bedroom apartment 650-750 euro per month. The use of the flat coupon is very frequent.
The demand for rent of garages is always high. To buy a single car space around the station area, the price is about 40-45 thousand euro, while near to the two towers prices rise to 60-65 thousand euro.
Mazzini
Prices are stable. The average times for sales are decreasing and they’re currently set between 60 and 90 days. In this part of the city, the demand comes especially from couple and families looking for the first house. Three- and four-rooms apartments are the most sought after, preferably not at the lower floors and high floors with no lift, while renovated apartments are very appreciated, even if very rare. There are also purchases for investment, thanks to the presence of the hospital Sant’Orsola and to the demand for apartments to rent by university students. Who buys to rent generally looks for three-room apartments for a value between 150 and 200 thousand euro monthly. The most frequent contract is the regulated rent with flat coupon. The neighbourhood has a heterogeneous offer including popular apartments from the 50s and the 70s, mainly concentrated in the area between Via Mazzini and Via Massarenti, with average prices around 1600-1700 euro per Sq m.
In the area between Via Mazzini and Via Murri, the real estate offer is very low since there are mostly prestigious properties including liberty-style villas, selling at an average price of 2000 euro per Sq m if in good conditions and at 3000 euro per Sq m if newly-built. We must add that in Via Mazzini there are currently constructions works to build three buildings with prices around 3500-3600 euro per Sq m. Constructions works are also to be found in the Fossolo area, in this case, it’s one building and prices are around 3300-2400 euro per Sq m.
San Donato and San Vitale
Prices are rising by 2%, while they’re stable in the areas of San Donato and San Donnino. This semester has shown a less dynamic trend of prices compared to the last months of 2016. In fact, some homeowners have tried to sell at slightly higher prices compared to the past, distancing from the actual purchasing power of the potential buyers. While the properties on sale on market prices are being sold in short time. Who buys to invest prefers the area of San Donnino since is far from the centre and hence more residential and green, they’re mostly parents of university students from Southern Italy and they favour the three-room apartment. The presence of the independent heating system is always important and in many cases, it becomes a necessary condition for the success of the negotiations.
In san Donato, the demand is high as it accommodates many services such as the university, the hospital Sant’Orsola, the Region headquarters, the Bologna expo, the Unipol headquarters, and the new directional centre of Guardia di Finanza (Italian finance police).
San Donnino, instead, sees the presence of families that often buy for better conditions and are looking for three- and four-room apartments. These neighbourhoods are undergoing many interventions, as for instance, the opening of the Guardia di Finanza station, the creation of a cyclable lane connecting the Pilastro area directly with the centre and the remodelling of the centre of San Donato.
Generally, the favourite areas are Via della Repubblica, Via della Torretta, and the San Donnino area, where is possible buying apartments for the 60s in good conditions at 1600-1700 euro per Sq m. On Via della Repubblica, there are apartments built in 2000 and 2005, some of them built on municipality agreement, with prices between 2300 and 2800 euro per Sq m.
The demand for apartments to rent is still doing well, it comes especially from students and workers from other towns. For a two-room apartment, the requested price is 530 euro monthly, while for a three-room apartment is around 580-600 euro, rents increase by 100-200 euro for properties close to the University and the train station. The most frequent type of contract is the regulated rent with flat coupon.
Massarenti-Spartaco
The Massarenti and Spartaco areas have been a dynamic market in the first part of 2017, registering purchases of families looking for the first home (or its replacement) as well as investors thanks to the presence of some university faculties and of the Sant’Orsola and Malpighi hospitals. Who buys to rent looks for three-room apartments for a total value of 100 and 170 thousand euro per Sq m to rent to students or employees of the hospitals. The rent for a single room is set around 250-300 euro monthly, while to rent a three-room apartment, the price is between 650 and 750 euro monthly. The demand of who is looking for the first house is slightly different, in this case, the favourite typologies are three- and four-room apartments (these latter are not many in the market), preferably with independent heating systems and external spaces such as terraces and balconies.
Car spaces: in this area of the city the sales are little. A single space of small dimensions can be bought for 20-22 thousand euro, while a larger single space (even if quite rare) can cost around 25-30 thousand euro.
An old apartment to renovate can be bought at a price below 2000 euro per Sq m, while for properties in good conditions price rise to 2500 euro per Sq m. There is then a more popular part of the neighbourhood that is less requested, it was raised between the 60s and the 80s and registered lower average prices below 2000 euro per Sq m
Bolognina and Corticella
Prices are slightly decreasing (-1,8%), while they’re stable in area between Bologna and Piazza Unità. Over the semester, the demand from families and investors has increased, in some cases, it involves using the properties as a B&B or as a holiday house. Who buys is mostly people already residing in Bologna buying two-room apartments, spending on average around 70 and 100 thousand euro.
There is also who is looking for the main house and it’s focused on three-room apartments with independent heating system and lift (if the apartment is on the higher floors). The Bolognina-Piazza Unità area is composed mainly of buildings built in the 50 and the 60s, whose price are comprised between 1000 and 1400 euro per Sq m. The favourite part, where prices are higher (about 2000 euro per Sq m) is the area around Via Matteotti, where there are buildings built in the 70s and historical buildings from the 20s and the 30s.
Following the completion of the works for the high-speed railway in Via Carracci, the area has undergone a requalification process and experienced an improvement of the viability, thanks to the remake of the streets and the creation of a cyclable lane. The demand for apartments is high but the offer is low. Who is looking for a house here are singles, families, and university students. The rent for a two-room apartment is 450-500 euro per month and that for three-room apartment is 500-600 euro monthly. The contracts are usually on regulated rent with flat coupon at 10%.
Saffi
Prices have increased by 1.9%. The market is particularly active in the Barca area. In fact, the requests and the sales are increasing thanks to a better access to credit and the decreased prices of the recent years. Purchases for investment are also remarkable after they had considerably decreased in the past years. Who buys to rent looks especially for two-and three-room apartments for a value comprised between 80 and 120 thousand euro. In this area of Bologna, the demand mainly comes from workers from the companies present in the area such as Ospedale Maggiore and Ducati. The rent for a two-room apartment is 450 euro monthly, while for a three-room apartment is 500-520 euro monthly. The contract can be regulated rent three years plus two with flat coupon. The price increase in the second semester of 2016 is linked to a more dynamic demand that concerns not only three-room apartments but also four-room apartments, a typology less requested in the last years. The Barca neighbourhood currently represents a good alternative to the areas nearby which are more centrally located and more expensive.
The favourite part of Barca develops around Terme Felsinee, with buildings from the 60 and 70s surrounded by green. A renovated property is sold for 2500-2600 euro per Sq m.
Near Croce di Casalecchio, we find Centro Primavera, an area surrounded by apartment blocks from the 70s of large dimensions that cost around 2300 euro per Sq m if in good conditions. The recent properties behind Via Barca have prices within 2800-2900 euro per Sqm. They’re five-storey buildings built not later than 2009 with attention to energy saving and using high-quality materials. The most popular part was built in the 60-70s with apartments blocks of the Ente Autnomo (Independent Organization) surrounded by green and featuring sports grounds. In the last ten years, many properties have been renovated and prices are around 1200 euro per Sq m for the cheapest ones and 1800 euro per Sq m for the renovated ones. The renovation and restructuring works are resuming for old properties. While new properties are sold at 2500 and 3000 euro per Sq m. The situation is different in Battidarno. The centre extends around Piazza Bonazzi, where apartments from the 70s are sold at 1600-1800 euro per Sq m if in good conditions and around 1400 euro per Sq m if needing some renovation works.
In Via Borghese, Via de Carolis, and Via Tintoretto, the most recent properties with independent heating systems have higher prices reaching 2200 euro per Sq m since they’re not easy to find. Terraced houses can be found in Via Borghese and Via De Carolis, where an apartment built in the 90s costs around 550-590 thousand euro.
The area of Parco della Certosa is very attractive, featuring green spaces and being well connected to the centre with pedestrian walks and cyclable lanes. Here, it’s possible to buy apartments built in the 50s in good conditions for 1600-1700 euro per Sq m, or built in the 90s in good conditions for a price around 2500 euro per Sq m. In the Battidarno area, and more precisely in Via Borghese, it’s possible to buy new class A apartments with 2500-2600 euro per Sq m. The same prices are registered for properties under construction from the recovery of an old artisanal building in Via Pallotti.
Towards Via Emilia, there is the Santa Viola area, characterised by old buildings from the early 20th century, but properties built in the 90s are also present. This latter can be bought for 2000 euro per Sq m if in good conditions. In Santa Viola, there are currently class A tower houses under construction (selling price 3000 euro per Sq m) and buildings featuring geothermal systems (selling price 2800 euro per Sq m).
Costa-Saragozza
Prices are substantially stable. A good number of requests and sales is for the first house as well as for investment. People looking for the main house focuses on the areas closer to the city centre with 3 or 4 bedrooms. Whereas who buys to rent prefers two-room apartments for a value between 100 and 120 thousand euro. The demand for apartments to rent comes mostly from newly-graduates, young couples, and workers from other towns. The rent for a two-room apartment is set around 500-550 euro monthly with the contract mostly regulated rent 3 years plus 2 with flat coupon.
One of the favourite areas for who is buying the first house is Funivia, built around the 60s near Parco Zanardi and that offers quite luxury properties, especially in Pedecollinare, where prices reach 2500-2600 euro per Sq m.
Prices are slightly lower for the properties facing directly on Via Andrea Costa in the area between the walls and the stadium, here the prices are set around 2400 and 2500 euro per Sq m. Continuing in Via Don Sturzo, prices reach 1700-1800 euro per Sq m for properties to renovate and 2000-2200 for those already remodelled. The area between Via Andrea Costa and Via Saragozza has buildings from the 30s with prices around 2800-3000 euro per Sq m. There are no new constructions in the area, but only renovated properties in Stadio Dell’Ara and nearby areas, thanks to the implementation of new commercial spaces and parking lots. The demand for a parking space is doing well but the offer is limited, the price for a single space is between 30 and 35 thousand euro on average.
Source: Bologna Today
Transaltor: Cristina Ambrosi