• Engel & Völkers has registered an increase in the volume of sold properties
• Popularity of new neighbourhoods grows, similar to what has happened in the historical city centre
Demand in the residential market in Rome has risen sharply in recent months. The number of sold properties in the first quarter of 2017 grew by 10.2 per cent compared to the same period last year. This rise is mainly due to the recovery of the Italian economy and the improvement of the economic forecasts for the country. "Rome and Milan have always been the most important locations in Italy with regard to the real estate market. "Currently, the Italian capital has registered the largest number of sold properties ahead of Milan and Venice," says Marco Rognini, the Managing Director of Engel & Völkers in Rome.
Small and medium-sized properties are in high demand
The large-sized properties are the ones with a greater increase in their sales. However, small and medium-sized real estate were the top sellers, reaching 54 per cent. The high quality flats and those that have undergone remodelling are the most sought after properties. The price is determined by the characteristics of the property, such as: its current condition, city view, terrace and the existence of a balcony or garden. In the first three months of 2017, the highest prices per square metre (9,500 euros) were achieved by flats located in new residential building complexes.
In 92 per cent of cases, Italian buyers dominate the real estate market. They are often couples and families looking for a home to live in, or parents who want to buy a property for their children. Being one of the most attractive tourist destinations in the country, Rome is also a major focus for international buyers who are more interested in buying real estate as an investment or second home.
The historical centre, Ostiense and San Lorenzo are the highly sought after locations
Situated in the historic centre of the city and close to the Vatican, these municipalities are the most sought after neighborhoods. The districts of Monti and Transtevere with their typical narrow streets, historical attractions, palaces as well as their numerous cafes and restaurants, are also in great demand. Other equally attractive areas are located in the north of the Prati, Parioli, Trieste and Trionfale districts. These quieter residential areas have exclusive and secluded properties and are particularly appealing to families.
The artists' quarters in Ostiense and San Lorenzo have recorded an increase in popularity. They are known for their great cultural offerings, bars and lively nightlife. In these areas, buyers look for spacious loft-style flats. The increase in new construction projects and renovation of studios has led to higher demand in these neighbourhoods.
Esposizione Universale di Roma (EUR), an urban and architectural business district located south of the city, is another region that has shown a positive growth. Many international companies are headquartered here, which makes this area very attractive. The numerous green spaces, the proximity to the coastal region of Ostia and a good public transport network are also an important buying criterion.
Demand should continue to rise
Engel & Völkers expects the growth trend to continue in 2018. Strong and continuous demand will also ensure a high number of sales. "We expect that the real estate prices will continue to grow steadily," says Marco Rognini. Higher prices should also continue to be achieved by the new-builds that are constructed in the highest standards.