data from the Revenue Agency

PADUA – What’s going on in town? According to data from the Real Estate Observatory of the Revenue Agency i housing prices in the last ten years they have not only not increased but have actually decreased. The study was carried out by the consumer association Adico on the basis of the Agency’s half-yearly real estate prices which identify, for each delimited homogeneous territorial area (Omi area) of each municipality, a minimum and maximum interval, per unit of surface in euro per square metre, market and rental values, divided by property type and state of conservation.

The Agency itself specifies that in the context of estimating processes, the Omi quotations “cannot be considered a substitute for the precise estimate, as they provide broad indications of value. Only the estimate carried out by a professional technician can represent and describe the property in an exhaustive and fully effective manner and justify the value to be attributed to it”. But they are still a valid starting point.

THE DETAIL

The resulting photograph is very clear. Now an apartment in a normal state of conservation, i.e. medium-low, is no longer tempting. The entry price is too high and the costs to fix it are too high. This determines the fact that in “older” neighborhoods such as Arcella, Flick or Holy Family according to the Observatory the price has decreased more than in other areas of the city. Things are no better even for single houses from the 60s and 70s, offered at 430 thousand euros for 190 square meters on two floors at the Pilgrim Madonna. After a few months the price dropped to 410. The one that “pulls” is always the Old Town where even 4,700 euros per meter can be reached. So what’s tempting? The houses that are kept in an excellent state of conservation. And then we understand that even areas that were considered unattractive like the station and the area of Scrovegni in truth they have become. And they are equally interesting, so they don’t drop in price, not even accommodation in satellite areas, like Altichiero And Brenta Bridge. While in the neighborhoods that were once considered top such as the Holy Family, the single houses built in the 1960s by doctors and lawyers are being torn down and in their place new apartments are being built but at higher prices or in any case unaffordable for young couples.

THE ANALYSIS

«According to many investigations – he comments Carlo Garofolini, president of Adico – the real values ​​of houses today, net of inflation, are 20% below what they were 15 years ago. Padua is therefore no exception, but the thing we notice regarding the city is that the loss of attractiveness is making it very difficult to sell an apartment, particularly if it is old and has no parking. We know that in past years many Paduan families, especially with children, have decided to move to neighboring towns, from Noventa to Albignasego. Now the difficulties are linked to a situation of security and degradation that is still widespread in some areas, I am thinking of the first Arcella or behind the station. The important thing now is to redevelop the less attractive areas and make this city more lively, safe and full of opportunities.”

THE MARKET

It’s not better for them trades. Based on the analysis of the Tecnocasa Group Research Office on the latest data released by the Revenue Agency, the Italian real estate market is still slowing down and closing the first three months of 2024 with a drop in volumes of 7.2% compared to the same period of 2023 It is the result of the combination of still high rates and generalized prudence. Non-capital cities recorded a more significant decline than capital cities, reversing the trend of 2023: -8.2%.

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