The residential property market in Rome has experienced a clear upswing in recent months and is seeing increased demand, according to an Engel & V├Âlkers report. The number of transactions in the first quarter of 2017 rose by 10.2 percent over the same period last year. The main triggers for this increase are the continuing recovery of the Italian economy and the country’s improved economic forecast.
“Rome and Milan have always been the most important real estate locations in Italy,” says Marco Rognini, managing director of Engel & V├Âlkers Market Center Rome. “Currently the capital is showing the most transactions, ahead of Milan and Venice.”
Smaller and Medium-Sized Properties Are Still Much in Demand
The highest rise in transactions came from larger properties; however, smaller and medium-sized properties were sold most often, making up the highest marketshare with 54 percent. High-quality renovated apartments are proving especially popular. The price is determined by property features such as good condition, city views or an outdoor area with a terrace, balcony or garden. The highest prices per square meter in the first quarter of 2017 were achieved by apartments in new-build complexes, at up to 9,500 euros.
At 92 percent, domestic buyers dominate the Roman real estate market, frequently in the form of 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 is also a focal point for international buyers. These are more interested in buying properties as an investment or for use as a second home.
Historic Center, Ostiense and San Lorenzo Extremely Popular
The most sought-after district is Municipio I, home to the historic city center and adjacent to the Vatican. Others include the districts of Monti and Trastevere with their narrow streets, a multitude of ancient attractions, historic palaces and a wealth of cafes and restaurants. Other desirable addresses can be found in the northern neighborhoods of Prati, Parioli, Trieste and Trionfale. These quieter residential areas offer exclusive, detached properties and 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 a growing demand in these districts.
Another region that is showing positive growth is Esposizione Universale di Roma, or EUR for short, in the south of the city. Numerous international companies are based here, which makes this area an attractive location for professionals. As well as its many green spaces, the proximity to the coastal town of Ostia and the good public transport connections to the city center are important purchasing criteria.
Demand Likely to Keep Rising
Engel & V├Âlkers expects the upwards trend to continue in 2018. The uninterrupted strong demand from buyers will also ensure a high number of transactions in the months ahead.
“We expect that the prices for properties in the premium segment will continue to show stable growth,” Rognini says. The highest prices may well continue to be fetched by new-build properties built to a high technical standard.
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