According to the “Market Report for Residential Property in Rome first half year 2021” published by Engel & Völkers, the premium real estate market in Italy’s capital has remained stable at a high level. “During the first months of 2021, customer demand for purchasing a property with larger spaces with rooms that can be used for office or studying purposes continued,” says Helio Cordeiro Teixeira, Managing Director of the Engel & Völkers Market Center in Rome. “The value of purchasing real estate today represents an essential asset and a safe haven for couples and families, taking on a vital and multi-functional role, even more since the pandemic,” he continues.
Italy’s capital has seen a stable balance between offer and interest during the first six months of 2021. The demand mainly comes from around 90 percent of national buyers in search of a first home in districts such as Campo Marzio, Parione and Trevi in the historic center. Top prices per square meter for renovated apartments reach peaks of 10,000 euros, whereas apartments in need of renovation start from 5,000 euros per square meter. In the same area, about a ten-minute walk from the Trevi Fountain, lies the most expensive accommodation currently in the portfolio of Engel & Völkers Rome:
Palazzo Mocari, located in Via di Monserrato, near the well-known Piazza Navona, available for 11 million euros. The green districts of Balduina, Parioli and Salario in the north also register a very high interest for properties with larger indoor spaces in proximity to parks, close to the banks of the Tiber River and with easy access to the city. Prices for new or refurbished apartments reach a maximum square meter price of 7,100 euros, whilst flats that need refurbishment start off at 6,000 euros per square meter. In these districts asking prices for houses go up to 3 million euros. Demand from international buyers has also increased since the first lockdown in 2020. Engel & Völkers registers interest from France and Germany in buying real estate in the historic center, both for investment purposes and as a second home.
According to Engel & Völkers in the upcoming months, there will be a growth in sales and rents in the historic center, in Prati-Vaticano and in the northern area, while in the eastern and southern areas the number of transactions should remain substantially stable compared to the first half of 2021. “The importance of owning a prestigious property in the central areas and the possibility of buying and/or
renting better quality properties in semi-central and well-connected areas, are aspects that will contribute to future choices for a property purchase, in line with the changes that have emerged after the coronavirus pandemic,” concludes Helio Cordeiro Teixeira.