05 October, Corriere Torino
“This year, we’ll reach 14 thousand transactions. For a city of 800 thousand people, 12% of which are foreigners, this is a success”. 2018 will report the highest number of residential transactions (they were 13 thousand in 2017 and 12 thousand in 2016), according to Gianni Pautasso from the Tecnocasa Turin branch. The network of real estate agencies has been operating since 1986 as a real estate broker, and it has recently published a new report on the Turin property market.
The results are satisfying, although they’re far from the numbers reported by Milan. Nevertheless, thanks to the requalification projects and the reorganisation of the metro system, prices keep dropping, facilitating transactions. Pautasso comments that “it has never happened before. We currently have low prices and low interests on mortgages: buying a house is convenient. A mortgage at a 2% fixed rate with a duration of 25 years is a bargain. Everybody wants to buy an apartment”,
What are the best areas? Those around Politecnico, where the university students drive the demand. These are Cenisia, Cit Turin, Crocetta and the city centre. People buy a property to rent to students. Nizza-Millefonti is also very appreciated, as the works on the metro line between Piazza Bengasi and Via Millefonti have restarted, plus the new headquarters of the Region of Piedmont and a park (Parco della Salute) are currently under construction. Pautasso says: “prices are set at approximately one thousand euro/Sq m”. In Spina 3, where gentrification has taken over due to the Dora park, prices are slightly higher, starting from 1,500 euro/Sq m. Whereas in the city centre, rentals are driven by tourists. In the first part of 2018, Tecnocasa reported an increase in the demand from investors, generally privates looking for studios and one-bedroom apartments to rent.
Moreover, some B&B owners have turned their business into a traditional rental, due to the harsh competition and the high maintenance costs. People who buy to rent generally spend between 50 and 200 thousand euro. The demand mostly comes from professionals moving to the city for work.
Prices are steady in the area around Via Lagrange, Via Roma, Via della Rocca and Piazza Bodoni. Here, the demand is equally distributed between people buying the first home and investors. Investors generally opt for studios and one-bedroom apartments with a budget between 50 and 250 thousand euro. An increasing number of investors prefer buying already rented properties to minimise the insolvency risk. People are also buying to start a B&B or a holiday house.
Source: Corriere Torino
Translator: Cristina Ambrosi