The Turin brick market continues to gasp, a trend in line with the rest of the country. According to data released by Fimaa Turinthe federation of business brokers, the Piedmontese capital in 2023 collected 14,883 tradeswith a contraction of 7.8% compared to the previous year. The same goes for the province, where they were registered 34,226 transactions and a decline in 9.8% compared to 2022. Furthermore, purchases were mainly oriented towards medium-small sizes, with surfaces between 50 and 85 square meters or (but less) between 85 and 115 square metres.
«2023 was a year of adjustment for the real estate market – he underlined Franco Dall’Aglio, president of Fimaa Turin — inflation and rising interest rates have certainly had an impact, but we expect 2024 to bring new opportunities for both investors and sellers. Several areas have retained their appeal – he added – and we expect that, with inflation under control and a possible reduction in rates by the European Central Bank, the purchase of property will once again be seen as a solid investment option ».
The crisis area by area
In the meantime, however, all municipal macro-areas have shown a decrease in transactions.
New Turin recorded the steepest decline, with a reduction of 11.8%, followed by South-Western Suburbs (-9.3%), Old Turin (-9.1%), Hilly Oltrepò (-4.5%), Northern suburbs (-3.8%) e Historic Turin (-1.5%).
In the province, however, the areas with the most significant reductions include West Belt (-16.7%), the Hilly area (-15.3%), and the Southern Belt (-14%). At the same time the Northern Belt suffered a reduction of 12.7%, while the Western Mountain Areas and the Val Sangone saw decreases of 12.1% and 11.9%, respectively.
Similar situation for the Pinerolese (-10.6%), the Canavese (-9.6%), the Lower Val Susa (-9.3%) and the Northern Mountain Areas (-1.2%). But there is no shortage of exceptions: theIvrea showed some vitality, with an increase of 4.5%, while theSki area recorded a modest increase of 2.7%.
Analyzing the history of the Turin brick market, however, we discover that the number of sales remains high when compared to the pre-Covid volumeswith a difference of +9%. Going back even further, to 2013the gap is even more notable: 11 years ago 8,575 sales were concluded, while in 2023 the figure reached 14,883 (+73.5%).
The increase in interest rates on mortgages, however, penalized the sector. Possible investors had greater difficulty accessing credit, and inflation led to greater prudence and less willingness to spend. On the contrary, house values recorded increases in the average price in all areas.
Average prices in Turin stood at 2,256 euros per square meter, marking an increase of 2.5% compared to 2022. In the rest of the province, however, the average price was 1,120 euros per square meter, with a more modest growth: 0.8%.
The commercial spaces
The trend is different for the office and shop market, which on the contrary shows positive numbers in 2023.
TO Turin transactions related to offices there were 253, recording an increase of 4.7% compared to 2022, with an average price of 1,423 euros per square meter, up by 2.7%.
As for the shopshowever, sales just exceeded one thousand units (1,051, +4.3%), where the average price stood at 1,478 euros per square meter, with a +3.3% on 2022.
In the province then the same sector presents even more comforting numbers, driven by generally lower costs. There were 163 office transactions, +19.4% on the previous year, with an average of 1,195 euros per square meter, while those of shops were 676, up by 13.2% and with an average cost of 1,066 euros per square meter. square meter.
