The real estate market in Verona post COVID

In this article you will be able to download the report produced by the more than 130 FIMAA member real estate agents in Verona on the first month's performance of the Verona real estate market.

Here is the video of the report presentation:

How has Verona's housing market changed since the lockdown?

During the months of March - April the Scaliger real estate market, like many other sectors, came to a complete standstill. In the impossibility of concluding negotiations and moving transactions, and to a lesser extent, home purchase inquiries, bordered on absolute zero.
May 4 was the "official" date for the resumption of the real estate business and the entire category covered by ateco code 68.

But let's see what has been the feedback from the market in these first 30 days of work?

From the survey conducted, 62% of the sample said they had concluded a negotiation in the Post lockdown:

a positive sign that comforts us! The need to buy homes has withstood these two months of stop, and as soon as it was possible, buyers have materialized their interest despite the hazy future ahead.

How will real estate values change in the future?

Another interesting fact is the"sentiment" of real estate agents with respect to future market values. Contrary to national forecasts, for Veronese real estate agents, market values will not see any major reductions in the next six months. Nearly 70 percent of the surveyed sample assume that market values will remain stable versus 28 percent who believe the trend of real estate values will be negative in the coming months.

But let us come to the main concerns that the future holds for real estate market participants:

According to Veronese real estate agents, the main problem facing buyers in the coming months will be the lack of liquidity of buyers derived from the lower working solvency of mortgage applicants. It is worth noting that banks today have a lot of liquidity to pour into the real economy, interest rates are at an all-time low, but despite these favorable conditions, the job market has taken a hit, and many mortgage applications are not and will not be fulfilled due to the precariousness of the applicants' job situation.

In fact, more than 45 percent of the responses provided by respondents identify this cause as the greatest source of concern for the coming months.

Personal Considerations:

The Veronese real estate market has proven to be more solid than other Venetian realities over the years, but it still has to come to terms with the real consequences that this health emergency has caused; Although at the moment everything seems to have remained in the same pre-COVID conditions, there are many who argue that the economic consequences of the lockdown will come in the fall, at the end of the summer season. Only at the end of the year will we be able to draw conclusions about the real impact of the coronavirus on the market in general, but for now, let us limit ourselves to modest optimism and positivity!

These are the main data I wanted to highlight from the report, but you can find more information by downloading it in full here:

Thank you for reading the article!

If you would like to stay up-to-date on the Verona real estate market, feel free to sign up for my newsletter!

P.S: If you need help selling your house instead, please contact me!