In the first quarter of 2024, the Piedmont real estate market recorded growth, with a rising prices for both sales and rental and increasing demand in both sectors. These are the results highlighted by the quarterly Observatory on the real estate market Immobiliare.it Insightsproptech of the Immobiliare.it group.
How is the real estate market in Piedmont going?
Those wishing to purchase a house in Piedmont must now consider an average cost of 1,523 euros per square meterwith an increase of 3.6% compared to the previous quarter. As for rent, the average price is 9 euros per square meterwith an increase of 1.6% in the first three months of the year.
By examining other market indicators, the request of properties increased significantly between January and March 2024, with an increase of 17.9% for sales and 8.9% for rentals. However, the offer available increased by 4.5% in the sales sector and decreased by 3.6% in the rental sector.
Prices, supply and demand in Turin
Focusing on Turin, house prices increased in the quarter, both for sales (+2.2%) and for rent (+2.4%). The average cost for purchase is almost 1,950 euros per square meter, while for rent it is 11 euros per square meter. Demand for properties for sale increased by 23.6%, higher than the regional average, while rental requests remained slightly below average.
The other provincial capitals
In the municipality of Verbaniathe prices of houses for sale are the highest in the regionwith an average of almost 2,400 euros per square meter. On the contrary, the province of Biella remains the most area economicalwith an average of 573 euros per square meter.
In general, an increase in sales and rental prices is observed throughout the region in the quarter, with the exception of rentals in the municipality and province of Vercelli, which recorded a slight decrease.
There demand for homes for sale has increased in almost all territories in the period considered, for example exception of the municipality of Novara, which recorded a slight decline of 2.6%. For rentals, interest has grown in most territories, with some exceptions such as Novara, Vercelli and Cuneo.
In terms of offerwhile it is there a widespread increase in stock available for salethere are some territories, such as the municipality of Wedge, which have recorded significant growth. However, there are also areas that have shown a contraction, such as the municipality and the province of Astithe municipality of Vercelli and the provinces of Alexandria and of Verbano-Cusio-Ossola. As regards rent, there is a marked variation between territories with an increase and others with a decrease, with the province of Vercelli recording the most significant growth and that of Asti the most marked decrease.
Click HERE for the complete table relating to sales and HERE for the one relating to rent.
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Tags: Piedmont real estate market prices rise Turin expensive city
