The search for larger spaces, outdoor areas, a better quality of life, new construction solutions, mortgage concessions for the under 36s, and the implementation of urban regeneration policies that are now an integral and effective part of urban plans, are determining very specific real estate dynamics affecting both metropolises and smaller realities. Focusing on metropolises, we have tried to understand whether there are any emerging neighbourhoods in some of them, or in any case particularly worthy of attention by buyers of both main homes and houses for investment.
Milan
Milan is currently the city for which it is easiest to point to an emerging district: the numerous interventions underway in the Lombard capital and its urban transformation have long since catalysed the interest of potential buyers, including investors. Among the areas that have been rediscovered in recent months is the one south of the city around Ripamonti street, also known as the Vigentino district. In a peripheral location, it has had a revival following the broader project of the redevelopment of the Scalo di Porta Romana with the relative anticipation for the ‘Olympic Village’ and, above all, with the ‘Symbiosis’ project and the Fondazione Prada. The proximity to Bocconi University has also made the area attractive for those wishing to buy either as a first home or as an investment. Young couples, people returning from out of town and investors buying large sizes to split up or small sizes to put to income represent the target that animates the area.
A used solution in good condition has a sales value of about 4,000 €/sqm, while a newly built solution has a value of about 5,000 to 6,000 €/sqm.
Turin
In Turin, the low prices of some suburban districts bring dynamism to the city’s property market. These neighbourhoods include Madonna di Campagna, on which many young people are focusing given the possibility of buying at average prices around 1,700 €/sqm. Those interested in recently built solutions are looking with interest at ‘Area 12’ and ‘Juventus Stadium’, where there are homes from the 1980s. There are also more popular properties at 400-500 €/sq m, often purchased by investors who are setting up the flat as an income (300 €/month for a two-room flat and 400 €/month for a three-room flat). Interest is also growing in ongoing works, including the burying of the Turin-Ceres railway link, which will benefit commuters living outside Turin who work in the city because it will connect the northern part of the city with the centre and Caselle airport. Another significant work concerns the cycle network, which, as it expands, reaches north Turin, including the districts of Barriera di Milano, Madonna di Campagna and Falchera. Cit Turin also shows a good trend: it is one of the neighbourhoods that has received the most change in recent years thanks to the redevelopment of the Porta Susa station, the arrival of three metro stops, and the construction of the Cittadella Giudiziaria and the ‘San Paolo’ skyscraper. This neighbourhood mainly offers large sizes, over 100 square metres, for which there is a lot of demand in light of the post-pandemic demands. Large sizes are sought after by families who also like the neighbourhood for its quality of life and services.
Recently, buyers from Milan have been choosing Turin to live in thanks to the lower prices. There are numerous Art Nouveau properties, often designed by architects, characterised by frescoes, bow windows, parquet in their original state, and cathedral windows, which can fetch up to 4,000 €/sqm. Average prices for stately types in good condition are between 2,500 and 2,800 €/sqm. Buyers prefer flats with double exposure, on high floors in buildings with a lift.
Verso corso Racconigi i valori sono più contenuti, 1.800-2.000 €/mq per soluzioni da ristrutturare degli anni ‘50-‘70, richieste prevalentemente da investitori che effettuano operazione di trading immobiliare.
La domanda di chi acquista per realizzare B&B risulta in contrazione.
Lastly, demand for rental properties picked up slightly, especially from university students due to the proximity of the Politecnico and from off-site workers working at the San Paolo skyscraper.
Verona
The Pindemonte neighbourhood performed well due to higher demand as a result of its proximity to the city centre and lower prices. Families already residing in the district realised improved sales. The real estate offer in the area has improved due to the renovation of the facades of numerous properties.
A good result was also achieved by Valdonega, which is characterised by a quality offer that particularly attracts people moving from the historic centre. This is a market of period properties, often with stately characteristics, which trade at average prices of 2,000 €/sqm.
Genoa
The Ligurian capital, whose values are slowly starting to recover after years of declines, also has some interesting areas. Among these is Foce, a semi-central district of the city that develops opposite Brignole station and not far from Via XX Settembre and Piazza De Ferraris. This area meets the needs of first home buyers and investors. Its proximity to the sea has led over time to the purchase of properties to be used as B&B and holiday homes. At the moment, investor interest in the area is high in view of the fact that it will be transformed with the Levante ‘Waterfront’ redevelopment project, in which offices, luxury residences, a 16,000 square metre urban park, and sports spaces will be built. This project, conceived by Renzo Piano, envisages the complete transformation of the area that has long been used for fairs and exhibitions. The real estate offer includes prestigious period properties with sea views that, in excellent condition, reach a value of € 3,000/sqm. Similar values are recorded for the types neighbouring the city shopping streets: De Ferraris square, San Vincenzo street and XX Settembre street. The average quotation in the neighbourhood for a solution in good condition is around 2,000 €/sqm, while in the busiest streets the value drops to 1,500 €/sqm.
Bologna
The capital of Emilia, like Milan, in recent semesters has shown an important recovery in values that has affected, in particular, the central areas and that is also making its effects felt in the more peripheral and semi-central areas, including Borgo Panigale and Casteldebole. The recovery of values in these neighbourhoods is linked to the redevelopment work carried out in the wider Santa Viola area to which they belong. Improvements have been implemented on areas of disused warehouses, in whose place public facilities for the neighbourhood will be built. Newly built flats and detached solutions have also been realised that can be purchased at 2900-3400 €/sqm. This is also leading to an increase in property values of ‘used’ types.
In view of the new interventions, interest in the district is also coming from residents in the neighbouring areas. The trend in the more central neighbourhoods of San Donato and San Donnino is also good: demand is high thanks to the numerous infrastructures such as the university, the Sant’Orsola hospital, FICO, the Region’s headquarters, the Bologna Trade Fair, the Unipol headquarters and the new Guardia di Finanza headquarters. The most popular areas are Repubblica Avenue, Torretta street and the San Donnino area. There is also expectation for the forthcoming opening of the ‘European Meteorological Centre’, which should attract workers from other European countries.
Rome
In Rome, one of the areas that is experiencing a fair amount of dynamism is Eur and the surrounding districts such as Tre Fontane-Tintoretto and Serafico. This is a residential area of the city that in recent years has seen several redevelopments that have improved its perception by potential buyers. After the lockdown, there was a further appreciation due to the fact that there are numerous independent solutions. In the Tre Fontane-Tintoretto and Serafico neighbourhoods, values are still low, which makes it possible for young buyers in particular to purchase. The neighbourhood, adjacent to EUR, attracts families who often work in the companies based here. These are joined by young Romans returning to live close to their parents. Houses belonging to public institutions now redeemed prevail, and the area is served by subways and buses. Average prices are around 3500 €/sqm.
The demand for large sizes with outdoor space is driving the search towards types found in the Serafico neighbourhood where there are large-format solutions, often with a terrace or garden. The neighbourhood had a good response after the first lockdown and this, together with a low offer, is leading to a recovery in values. Prices, at around 3800-4000 €/sqm, allow families with a good disposable income to buy.
Palermo
In Palermo, it is the search for houses with a large size (over 100 square metres) and with outdoor spaces that is driving the increase in demand in the Emiro, Zisa Nuova and Noce districts. The real estate market has highlighted the trends that have emerged post-lockdown. Emiro offers flats, almost always larger than 100 square metres, within condominium complexes with a green area, playground and parking space built between the 1970s and the 1980s, which can be purchased at average prices of €1,300-1400 per square metre, with peaks of €1,500 per square metre for renovated solutions. The presence of this real estate offer determines requests coming from people living in the neighbouring districts. Another appreciated aspect is the concentration of the main services.
More popular is the real estate on offer in the Noce district, where average prices of around €800-1,000/sqm lead to requests from those on a tighter budget. This is also where young people are buying, making use, when possible, of the under 36 concessions, which have also given a boost to the market in the Montepellegrino-Fiera district, where the real estate on offer ranges from pre-’67 council housing solutions that can be purchased for 600-700 €/sq m to 1960s-70s civil buildings at 1500 €/sq m.