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Prices for luxury houses in Rome are going down

02 August, Il Tempo

Even though luxury will never suffer from recessions, as there will always be someone that can afford it, the luxury property market in Rome is struggling if compared to two strong cities such as Milan and Florence. For the third year in a row, in fact, prices have decreased: -1.4% in the second quarter of 2017 in comparison with the first quarter, according to the numbers provided by Tecnocasa. In Milan, prices have increased by 2.7%, in Florence by 5.8%. They’re both cities with a steady growth and where the demand focuses right on those properties that only a few can afford to buy. As a result, in the prime areas of Milan, Brera above all, prices for a two-bedroom apartment in a historic building with a 150 Sq surface and ideally with a terrace start from 7-8,000 euro/Sq m for properties in good conditions, while prices for new construction are around 10-12,000 euro/Sq m. In Florence, the old buildings near Duomo, Piazza della Repubblica and Piazza della Signoria can amount to 10 thousand Sq m for an elegant penthouse also featuring a lift.

What about Rome? The demand for luxury properties focuses on big apartments (over 200 Sq m), on top floors, with a terrace and ideally a panoramic view, located in prime areas. The best areas where to find properties with such characteristics are Piazza del Popolo, Via del Babuino and Piazza di Spagna. For properties of slightly lower quality, it’s possible to close the deal at more contained prices. In Piazza del Popolo and Via del Babuino, the average prices are 8-9,000 euro/Sq m, while on the top floors near Piazza di Spagna can reach 15 thousand Sq m. In the other central areas, prices drop to 5-6,000 euro/Sq m; while properties in Via Veneto, Fontana di Trevi and Piazza Navona average 7-8,000 euro/Sq m. Around Pantheon and the Jewish Ghetto, prices don’t exceed 8,000 euro/Sq m for properties to renovate and 10,000 euro/Sq m for properties in good conditions. Prices, however, have decreased in the last three-four years by a couple of thousand euro/Sq m, and selling times have got longer.

Source: Il Tempo

Translator: Cristina Ambrosi