31 May, Il Sole 24 Ore
The Turin residential market is dynamic, at least for what concerns transactions. The economic situation is very similar to the one that closed 2017. “The demand still reports positive figures – confirms Yari Politi, Re/Max agent – with transactions increased by approximately 5% on the last 12 months, especially in areas such as Crocetta, Cit Turn and Pozzo Strada, that are performing very well”. Demand is also good in Mirafiori, Barriera Milano, Lucento, Vanchiglia. Meanwhile, prices haven’t changed. Even though there was some slight increase for prime properties in the city centre, the remainder of the stock continues to be transacted at prices substantially unchanged from 2017.
Hence, requests are increasing, especially for three-bedroom apartments comprised between 230-350 thousand euro, or for smaller properties below 90 Sq m for 70-120 thousand euro. These latter types are also a good investment solution that has become quite popular lately, thanks to prices in the city at their lowest. While the traditional idea of renting long-term is declining in favour of buying, investors can find opportunities in the niche of short-term rentals targeting tourists. Mortgages also offer interesting solutions. According to Facile.it, the average requested amount in the last six months has been 130,045 euro, while the average amount loaned has been 128,975 euro. The average value of the property bought is 206,650 euro. To higher numbers of views of a property correspond quicker negotiations: after having reached the lowest point in 2015 with more than eight months, now the average is 7.7 months. Finally, the discount granted is set at 15%.
Source: Il Sole 24 Ore
Translator: Cristina Ambrosi