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Property market in Palermo: +7.9% for 2017 transactions

16 April, Economia Sicilia

The city Palermo confirmed in 2017 the positive trend of its residential market, as shown by the Gabetti report. According to the analysis, the decrease of prices (-2.2% in the first quarter, -0.4% in the second) has given an impulse to the market. According to the Revenue Agency figures, transactions were 5,109 in 2017, +7.9% compared to 2016. Another very positive result that contributed to the dynamic market is given by the selling times that were set at 4.7 months on average in 2017. In the second part of 2017, the discounts granted were around 14% with variations depending on the specific qualities of each property. The old town has registered on average 2,000 euro/Sq m for renovated high-end properties, while cheaper properties in good conditions are set between 1,150 and 1,600 euro/Sqm. The highest prices have been reported in the old town: for the most exclusive houses, the price is around 2,400 euro/Sq m. These properties may deviate a lot from the average prices given here.

Always in the old town, the area of Kalsa has registered for prime properties in good conditions prices around 1,650 euro/Sq m and 1,300 euro/Sq m for old properties in good conditions. In Ballaro’ – Albergheria, prices are around 1,200 euro/Sq m for a property in good conditions. The offer is also good for what concerns cheaper solutions, with prices around 800-1,000 euro/Sq m for properties in good conditions. The city centre maintains its appeal with medium- and high-range prices. The highest prices were registered in the Politeama area, where a prime renovated property is valued around 1,800 euro/Sq m. Prices are slightly lower in the Liberta’ – Croci and Terrasanta – Cusmano areas, where prime properties in good conditions are set around 2,050 euro/Sq m for the former and 1,750-2,000 euro/Sq m for the latter. The areas of Liberta’ – Villabianca, Don Bosco, Matteotti, Magnolie, Stadio and Strasburgo are also attractive, with prices ranging from 1,750 and 2,000 euro/Sq m. Paterno’ – Palagonia and Leonardo da Vinci – Campolo have similar prices, around 1,800 euro/Sq m for medium-range properties in good conditions and up to 2,000-2,100 euro/Sq m for properties in excellent conditions. Prices are lower in Duca della Verdura, Michelangelo – Uditore and Leonardo da Vinci Alta. Concerning rentals, prices are set around 1,500 euro/Sq m for medium-range properties in good conditions. In the Noce – Parisio and Zisa areas, prices are around 1,200 euro/Sq m for the same type of properties.

Similar prices have been reported in the areas of Calatafimi – Indipendenza, Calatafimi Bassa – Villatasca, Universita’, Civico, Montegrappa – Civico, Policlinico – Oreto Vecchia and Villa a Mare – Foro Italico – Villa Giulia – Orto Botanico. Here, an old property in good conditions is valued between 1,000 and 1,400 euro/Sq m. Prices decrease towards the southern coastal area. In Messina Marine – Bandita, Messina Marine – Romagnolo, Brancaccio, Stazione – Corso dei Mille, Oreto Nuova and Falsomiele, prices for old properties in good conditions are set around 900-1,200 euro/Sq m. Prices are slightly higher in the northern coastal area. In Arenella, prime properties are valued between 1,2- and 1,700 euro/Sq m. The areas of Porto, Borgo Vecchio, Fiera – Cantieri and Montepellegrino have similar prices: between 1,200 and 1,500 euro/Sq m for an old property in good conditions. The northern coastal area is particularly attractive for what concerns high-end properties. Mondello – Viale Venere have the highest prices, with 2,600 euro/Sq m for exclusive houses in good conditions, while prices in the Mondello – Valdesi area are set around 2,400 euro/Sq m. Capo Gallo follows with prices between 1,850 and 2,200 euro/Sq m according to the property type. Partanna – Mondello, Tommaso Natale and Sferracavallo – Barcarello have similar prices, between 1,500 and 1,750 euro/Sq m for a prime property in good conditions.

Source: Economia Sicilia

Translator: Cristina Ambrosi

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