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Florence, real estate is booming thanks to Russians and Chinese

22 June, La Nazione

An ever-changing city, as proved by projects covering a 450 thousand Sq m total surface. There are investments planned for Florence from now to 2023 for a total of 1.17 billion euro, placing the capital of Tuscany at the third place after Milan and Rome concerning the number of projects and the amounts of investments, capable of attracting international investors, both institutional and private. The figures come from the Tuscany real estate report by Scenari Immobiliari in collaboration with Casa.it presented in the Confindustria offices in Florence.

Fifteen of the 19 real estate projects concerning Tuscany are in Florence: the former tobacco factory, the renovation of the exhibition centre in Fortezza del Basso, the new stadium in the former Fiat area in Viale Belfiore, the Grand Hotel Majestic and the old military bakery in Via Mariti. Many of these projects are funded by international companies which are increasingly interested in Florence, also when it comes to buying a second house. Germans, British, Russians, Americans, but also Indians and Chinese are buying houses not only along the coast but also villas and farmhouses around Florence. Many are purchasing a home for themselves, and this is a growing trend. In 2018 there have been 6 thousand transactions, increasing by 13.3% compared from last years, with a revenue of 1.5 billion euro. Prices are gradually growing, and they’re expected to reach the 2010 levels by 2020. In the past few years, prices have risen mainly in Novoli, Via Baracca and Ponte di Mezzo by 6.3%, Santo Spirito and Lungarno Guicciardini registered a +4.8%. Santa Croce reported a 4.7% growth, with average prices exceeding 5,100 euro/Sq m in April. The properties in the Curie area have also increased in value, registering a +3.9% and an average price of 4,453 euro/Sq m, while Ricorboli and Gavinana have grown by 3.1% and prices are around 3,700 euro/Sq m.

If we consider the last ten years, the old town is the area that has grown the most: Santo Spirito and Lungarno Guicciardini (+23.8%), Santa Croce (+16.5%), Piazza del Duomo and Piazza Signoria (+14.3%), Santa Maria Novella (+12.8%).

Luca Rossetto, Casa.it Ceo, comments: “Florence is a very active market: transactions are growing, times for selling are reducing, and prices are rising, especially in the old town, having gone from 4% to 7% in the first months of 2018”.

According to the president of Scenari Immobiliari, Mario Breglia, the most popular homes in Florence are “functional, energy-efficient (class A or at least B), with a lot of light, even better if featuring a balcony and ideally a nice view”. People moving to a new house prefers a central location, while they rarely move to the suburbs.

Source: La Nazione

Translator: Cristina Ambrosi

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