How is the housing market doing in Verona?
This is the question I get asked 99.9 percent of the time when I relate to any person....
Since the demand is there, let's see in this article to give some numbers then!!!
The data I provide in this article are taken from the Gabetti study office in Milan, which monitors real estate market trends throughout Italy through agencies in the area.
In the second half of 2016, growth for the residential market in the city of Verona was confirmed in terms of the number of transactions. Specifically, according to data from the land agency, in Verona there were 3,006 residential transactions in 2016, +23.9% compared to 2015. On average, according to Gabetti, Grimaldi agencies in the second half of 2016, average sale times remained stable at around 4-6 months.
In addition to this comforting figure, it was found that-in the conclusion of the negotiation-a buyer manages to obtain an average discount, from the asking price, of between 10 percent and 15 percent.
Let's look at some values in the city's main neighborhoods:
Old town:
Prices for the renovated mansion are around 5,600 euros/square meter, while for the mansion in good condition are around 4,400 euros/square meter. The medium used in good condition has quotations around 3,200 euros/square meter
Porta Nuova-Valverde
As for the other downtown areas, in Porta Nuova, prices for the average used property in good condition are around 2,800 euros per square meter, while we are at 3,100 euros per square meter in the case of stately properties. In the Porta Palio area, prices are at 2,100 euros per square meter for average used in good condition, while the posh is stable at 2,900 euros per square meter.
Roman Theater
We are at 2,000 euros per square meter in Roman Theater for the average used one in good condition, while the stately one is around 2,800 euros per square meter.
San Zeno
In the San Zeno area, prices are 1,150 euros per square meter for average used solutions in good condition and 1,800 euros per square meter for stately solutions, rising to 2,500 for renovated to new.
Veronetta
Values around 1,600 to 1,900 euros per square meter for used solutions in good condition medium and posh.
Borgo Trento - Valdonega
As for Borgo Trento, we are at 2,100 euros per square meter for the average used property in good condition and 2,800 in the case of posh used properties. In the Valdonega area we are at 2,500 euros per square meter for the average used in good condition, while they are more contained in the Avesa area (1,250 euros per square meter for the average used in good condition).
Although the National data are positive throughout Italy, we cannot speak of recovery in terms of "values " in absolute terms, but in terms of transacted, that is, the number of transactions. In fact, we went from about 450,000 transactions per year ( in the pre-crisis periods we were talking about 900/950,000 transactions ) to 528,000 in 2016 marking a +18.9 % compared to the previous year.
Some personal considerations:
The above data are comforting then, although there is a negative note.
Rigidity in the granting of mortgages by banks ( the most financed transactions are first-home purchases with the amount disbursed equal to 80 percent of the value of the purchase and sale ) result in a movement of the low-medium range of properties - under 300,000 € - leaving high-end properties in complete immobility.
No one also takes into consideration the "parallel" market of real estate executions, which is gradually reducing general values the ordinary market. Properties awarded at auction at prices below market prices sooner or later return to the same, causing a general lowering of bidding.
Are you interested in knowing the value of your property? Contact me!
