Real estate market in Verona, more transactions and shorter selling times

05 November, Verona Sera

“In the first half of 2017, according to what emerges from the analysis by Gabetti research department, the growth of the residential market continues. According to the data from the Revenue Office, 1,540 transactions in the residential market took place in the first half of 2017, +3.8% compared to the same period in 2016. On average, according to Gabetti and Grimaldi, the selling times in the first half of 2017 have reduced, setting around 5 months. Also, the discounts during the closing of negotiations have reduced, setting on an average of 6-8%, while prices remained stable, which a certain variability based on the value for money of the specific property.”

“In the first half of 2017, we registered a general increase of transactions compared to 2016, especially concerning the price range below 350k €, in a context in which supply is also increasing” – commented Alberto Passuello from Gabetti Verona Centro agency – “On the other hand, sales are more stable for the high-end price range of the market. Amongst the most valued zones, there is the pedestrian centre, Borgo Trento and Valdonega; here the most requested types are the 90-110 Sq m three-rooms flats, for an average budget that goes from 220 to 350k €. The presence of green areas in communal tenures as well as external spaces like balconies or terraces and a parking space is very appreciated. Moving towards the suburbs, detached houses with garden are the favourite, possibly in quiet and not busy streets, with an average budget of indicatively 150-250k € in the Valpolicella and Torricelle neighbourhoods. The average selling times are reducing, averaging 6 months for the above 350k € price and 3 to 5 months for lower prices, as well as the discounts during the closing of negotiations. There is a shortage of supply for that high-end market, seeking solutions that can meet the energy saving, services and home automation requirements, such as laundry, wellness, leisure centre, and other services for childhood.

By looking at the different areas, in the centre of Verona, the demand is mainly for the pedestrian area, Porta Nuova, San Zeno, Duomo and Teatro Romano. Here there is a high demand for medium-sized three-rooms apartments as well as for high-end solutions, such as penthouses or high floors apartments in historical luxury buildings. In these cases, the demanded dimensions don’t exceed 150-200 Sq m.

In the old town, prices for the prestigious properties in excellent conditions reach 5,600 €/Sq m, while for the same type of properties in good conditions prices are around 4,400 €/Sq m. Average old properties in good conditions have quotations around 3,200 €/Sq m. In this segment, despite the presence of buyers, negotiations are more complex due to the gap between buyers and sellers on property value.

For what concerns the other zones of the centre, Porta Nuova has prices for the old in good conditions around 2,800 €/Sq m, while for luxury mansions the price is around 3,100 €/Sq m. In Porta Palio, prices are at 2,100 €/Sq m for the old medium-sized properties in good conditions, while the luxury properties are stable at 2,900 €/Sq m. In Teatro Romano, prices are 2,000 €/Sq m for old properties in good conditions, while luxury properties are around 2,800 €/Sq m. In San Zeno, prices are below 1,150 €/Sq m for old medium-sized solutions in good conditions and 1,800 €/Sq m for luxury solutions, which can reach 2,500 €/Sq m for a refurbished property. Veronetta is around 1,600-1,900 €/Sq m for old medium-sized and luxury solutions.

Leaving the centre, in Borgo Venezia, prices are stable at 950 €/Sq m for old medium-sized properties in good conditions, while the luxury is set on an average of 1,400 €/Sq m. Concerning Borgo Trento, prices are 2,100 €/Sq m for old medium-sized properties in good conditions and 2,800 €/Sq m for old luxury houses. In Valdonega, prices are 2,500 €/Sq m for old medium-sized houses in good conditions, while more contained prices are registered in Avesa. In the suburban area of Golosine, quotations are around 1,000 €/Sq m for old properties in good conditions, while Borgo Roma registers stable quotations between 800 and 1,300 €/Sq m. The suburb of Borgo Milano – Stadio – Navigatori presents quotations around 650-750 €/Sq m for old low-cost properties in good conditions. Medium-sized solutions are around 1,300 €/Sq m in Borgo Milano, 1,225 €/Sq m in Navigatori and 1,100 €/Sq m in Stadio.

Source: Verona Sera

Translator: Cristina Ambrosi

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