By Adrian Bishop
Property sales in Rome have enjoyed double figure rises, says a leading agent and look set to stay strong in 2018, with small and medium-sized properties in most demand.
The number of transactions rose 10.2% year-on-year in the first quarter of 2017 thanks to the improving Italian economy and positive forecasts.
Demand is expected to continue rising in 2018 particularly for new homes, says Marco Rognini, Managing Director of the Engel & Völkers Market Center Rome.
“We expect that the prices for properties in the premium segment will continue to show stable growth.” The highest prices may well continue to be fetched by new-build properties built to a high technical standard.”
Other major cities are also benefitting from high demand, he says. “Rome and Milan have always been the most important real estate locations in Italy. Currently the capital is showing the most transactions, ahead of Milan and Venice.”
The highest rise in transactions came from larger properties. But smaller and medium-sized properties had the largest market share at 54% High quality, renovated apartments are proving especially popular.
The price is determined by property features such as whether it is in good condition, has city views or an outdoor area with a terrace, balcony or garden, says the Engel and Völkers Rome MD.
The highest prices per square metre in the first quarter of 2017 were achieved by apartments in new complexes, at up to 9,500 Euros.
Most buyers are married couples and families looking for a house to live in, or parents wishing to buy a property for their children.
As one of the most attractive tourist destinations in the country, Rome appeals to international buyers looking for a second home or an investment.
The most sought-after district in Rome is Municipio I, home to the historic city centre and adjacent to the Vatican. Other popular areas for house hunters include the districts of Monti and Trastevere with their narrow streets, ancient attractions, historic palaces and cafés and restaurants.
The quieter northern residential neighbourhoods of Prati, Parioli, Trieste and Trionfale offer exclusive, detached properties, so are particularly attractive for families.
The artists’ quarters of Ostiense and San Lorenzo have also grown in popularity. They are known for their diverse cultural offerings, bars and lively nightlife. Here, buyers tend to look for spacious loft apartments. The increasing number of new-build projects and renovations of existing ateliers points to the growing demand.
Another region showing growth is Esposizione Universale di Roma, or EUR for short, in the south of the city. It is home to many international companies and so attracts professionals. Its many green spaces, strong transport to the city centre and proximity to the coastal town of Ostia are important purchasing criteria.
Find out more about buying property in Italy in the Guide to buying overseas property and look out for the new Halo guide to buying in Italy, coming soon