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Florence: more expensive houses but the market is doing well

07 January, La Nazione

Transactions are increasing, and property prices are growing. According to Nomisma, 2019 will be a positive year. The outlook regarding the first semester is positive, with a positive trend of prices and transactions. Hence, this is a good moment to sell a property or to invest.

Arrigo Brandini, president of Florence Fimaa Confcommercio, commented: “The trust in real estate is back, as it’s seen as a way to get a return from savings”. The old town is crowded with tourist apartments. The demand has spread to Oltrarno, in the northern and southern part of Florence. “In the past few years, the neighbourhood of Novoli has been requalified, with a positive effect on transactions and prices”, stressed Brandini.

Generally, Nomisma reported that prices increased by 0.2% in the past year, and they’re expected to rise by 3.2%, setting at 5,300 transactions per year. It takes shorter to sell dated properties, having times reduced by almost one month. It generally takes 4 months in the city centre and about 6.5 months in the suburbs. The average discount on the initial offer (discounted at 12%) reduced by almost one percentage point. It’s set at 9-10% in the prime areas and 16% on the outskirts. Today, the most requested property types are three-bedroom apartments (31.4%), followed by two-bedroom apartments (29.5%) and one-bedroom apartments (17.3%).

The latest survey by Omi (the Revenue’s real estate observatory) dated June 2018 shows that property prices in Campo di Marte are between 2,450 and 3,000 euro/Sq m. Rates are lower in the area around Piazza Dalmazia and Via del Romito, set between 2,150 and 2,700 euro/Sq m, and in Isolotto, from 2,100 to 2,600 euro/Sq m. The old town reported the highest prices. According to the property type, prices go from 3,400 to 4,700 euro/Sq m. After all, mortgages are still convenient.

Source: La Nazione

Translator: Cristina Ambrosi

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