According to the “Market Report for Residential Property in Rome second half year 2020” published by Engel & Völkers, Italy’s capital has marked an attention towards luxurious properties in the central historic and peripheral areas, and unchanged average prices despite the coronavirus pandemic. “As Engel & Völkers has been investing in technological solutions and services aimed at carrying out the activities dynamically and focusing on the client’s needs in the last years, we managed to carry out a high number of transactions regardless of the pandemic,” says Helio Cordeiro Teixeira, Managing Director of the Engel & Völkers Market Center in Rome. “October until December 2020 showed an elevated number of transactions in the high-end market and stable prices. These months have seen a trend towards greater outdoor spaces as well as rooms that could be used as office space,” he continues.
The second half of 2020 has seen a stable balance between offer and request. Many transactions took place in the metropolitan area of Rome, where renovated freehold apartments located in the historic center in areas such as Campo Marzio and Trevi, reached peaks of up to 11,000 euros per square meter, just like in the previous semester. During the same time, there has also been a spike in demand in areas such as Balduina, EUR, Talenti and Valverde with greater indoor spaces, gardens or parks, and easy access to the city on the banks of the Tiber River. The most expensive accommodation currently in the portfolio of Engel & Völkers Rome is Palazzo Mocario in Via di Monserrato, near the well-known Piazza Navona, available for 11 million euros. Around 85 percent of buyers were national, however demand from international clients, especially from France and the United Kingdom, remained high just like in the previous semester, with needs for external spaces in prime central areas such as Monti, Pigna, Trastevere and Tridente. Several transactions with clients from abroad have been carried out without them physically visiting the property, this was possible thanks to the advanced technological platforms that Engel & Völkers offers.
“Italy’s macroeconomic situation, the job market and the rapidity of the vaccinations will have a great impact on the real estate market for this year. However, we remain positive that there will be a high interest both from national and international clients to invest in central and peripheral areas in the upcoming months,” Helio Teixeira concludes. Engel & Völkers predicts that in the first half of 2021 the real estate market will remain stable, with the trend for properties with larger rooms with the possibility for smart-working, outdoor spaces with green areas and easy access to the city, to remain the most important aspects for buyers.
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