Areas of Rome with the most expensive real estate
As in almost every capital city in the world, property prices in Rome are the highest in the country among major cities, if you do not take into account the resorts on the coast, often specially built for wealthy Italians and foreigners. In particular, we are talking about Liguria, Lombardy and Tuscany, where the most affluent sections of the population from different countries of the world settled.
In Rome, the lower limit for more or less decent housing that claims to be considered “elite” is 2.5 thousand euros per square meter, and the maximum can reach 7 thousand. You should not take into account such neighborhoods as Plaza de España, where even secondary real estate costs around ten thousand euros per sq.m.
In the center of Rome, apartments costing around half a million euros do not surprise anyone, but their acquisition does not provide any significant advantages due to the absence of a Golden Visa program in Italy.
In addition to the center, the Italian capital has several other areas where purchasing real estate will cost a tidy sum. First of all, these are Parioli, Prati, Giancolense and Trionfale Vaticano, each of which is located close to the center and various attractions.
The price of luxury real estate in Rome is largely determined by the proximity of cultural and ancient monuments, since in this case the cost of rent also increases significantly. As a rule, it is for this purpose that wealthy foreigners from Russia, Scandinavia and the USA buy housing, who then rent out the apartments to equally wealthy tourists, for whom 300-400 euros per year per square meter does not seem to be an inflated price.
At the same time, quite a few homeowners prefer to act independently, without the help of real estate agencies, resorting to the services of well-known intermediary network portals.
Middle-class neighborhoods in Rome
With the restoration of the Italian economy, real estate in Rome began to be in demand for the middle class, whose representatives just five years ago, at the height of the financial and economic crisis, could not afford the luxury of purchasing a separate living space.
Now for them, when buying a home in Rome, it is an essential attribute to have developed infrastructure, “green areas”, a children’s playground, a garage or a parking space. Not so long ago, the above conditions were not considered mandatory, but increasing the standard of living of the population played a role.
If earlier Italians even put up for sale family castles that were several hundred years old, now they are trying to hold on to any liquid real estate, and Rome is no exception in this regard.
The Romans live in anticipation of a sharp rise in prices, which took place in Madrid and Barcelona, although the cost of one square meter of residential real estate in the Eternal City by 2018 fell by an average of 2% compared to last year, while in Spain the worst season began there is an uncontrollable rise in prices.
However, if we compare it with the events of the financial and economic crisis, which peaked in Italy in 2010, then real estate prices in Rome fell by about 25-30%, and since then their increase has been purely symbolic.
The fact is that about 80% of Romans are the owners of their real estate, and expect that in the future it will become the property of their heirs. Unlike the Spaniards, for whom housing is a working asset that can be disposed of depending on the financial and economic situation in the country, for Italians – especially those who own real estate in Rome – this is a real asset, even if we are talking about inexpensive residential real estate.
However, recently, residents of the capital have had competitors in the form of the Chinese and representatives of the Arab world, while Russians still prefer Tuscany and Calabria.
Of the remaining foreigners wishing to buy property in Rome, the most prominent are Americans, Swiss, British and Scandinavians, who account for more than 20%.
Moreover, they do not always strive for the center of the capital, but most often choose cheaper housing in areas such as Castelverde or Lungezza, where from one and a half million euros you can find real estate that, by local standards, would be considered elite.
In total, the Italian capital continues to hold the title of leader in the country in residential real estate purchase and sale transactions, the number of which last year approached 40,000. This trend should continue in the near future, if you do not take into account the slight increase in prices in Rome, where apartments costing 250-300 thousand euros are most often purchased.