Below is a press release issued by Gabetti:
By analyzing the data relating to sales, as reported by the Revenue Agency, in 2023 in Bari they have come true 4,245 transactions residential, a figure down by -19.1% compared to 2022. The negative trend continued in first quarter of 2024period in which they were recorded 906 sales, -8% compared to the first three months of 2023.
As regards the quotationsaccording to Gabetti data, last year in the Apulian capital there was a slight growth (+0.9%) compared to 2022.
I average sales times they stand at an average of 5 months, with wide variability depending on the area and the quality/price ratio. The discounts at closing time negotiations are instead on average around 11%.
“Despite the drop in sales recorded in 2023, and the contraction also seen in the first quarter of 2024, albeit less markedly than last year, the residential market in Bari has shown considerable dynamism thanks to the numerous developments present in various neighborhoods of the city, confirming a growing housing demand” declares Michele Amoruso, Relationship Manager Puglia of the Gabetti Group. “The liveliness of the market is further supported by urban regeneration interventions that aim to improve the connectivity of the territory. Among these, the project that will transform the central station into a new hub connecting the center and the semi-central and peripheral areas, thus reuniting two parts of the city currently divided by the tracks. Among the areas of the capital where there is increasing demand, in addition to the historic center where the residential market remains lively both for first home purchases and for investments, there are the semi-central areas of Poggiofranco and Carrassi. This last neighborhood, in particular, will see the redevelopment of a large abandoned military area into green spaces in the coming years, with the aim of improving the quality of life of residents. As regards the peripheral areas, Torre a Mare, San Girolamo and Santo Spirito are of greater appeal, especially for those looking for homes with sea views and solutions with outdoor spaces, such as balconies and terraces.”
MACRO ZONE ANALYSIS
PRECIOUS AREA
Looking at the different areas of the city, Murat, Ancient Village e Madonnella are considered the most valuable ones. Purchasing demand in these areas has been increasing despite a decreasing supply, with prices of stately properties ranging from 3,000 to 5,700 euros per square meter. Even in the neighborhood Poggiofrancoone of the most sought after areas, There are luxury properties available with prices ranging from 3,000 to 4,500 euros per square meter for new, renovated homes. The most sought-after solutions are new or renovated properties that have a terrace and garage.
CENTRAL AREA
Analyzing the ordinary residential market, the area of Old Town confirms its appeal for targets with good availability, both for first homes and for investments. Prices in this area are between 3,800-4,550 euros per m2 for new buildings and 2,500-3,500 euros per m2 for medium-sized solutions in good condition. In Zone Madonna-Rai average prices are around 2,300 euros per square meter for average solutions in good conditions, while slightly lower values are found in the area Picone, Carrassi Bassa e San Pasquale Bassa, with figures between 1,750 and 2,200 euros per square meter. Continued Freedom with 1,800 euros per square meter.
SEMICENTRAL AREA
In the area Poggiofranco the prices for the elegant types vary from 2,250 euros per m2 for properties to be renovated up to 2,950 euros per m2 for properties in excellent condition. For average solutions in good condition the values are around 2,320 euros per square meter.
Moving towards the area Poggiofranco – Picone, the values for elegant solutions vary from 1,830 euros per m2 for solutions to be renovated up to 2,480 euros per m2 for new or renovated properties. For average solutions in good condition the values are around 1,540 euros per square meter.
In the area San Pasquale Alta Prices for solutions in average conditions are slightly increasing and vary from 1,860 to 2,400 euros per square meter, depending on the typology, which rises to 2,620 euros per square meter for the elegant new/renovated one.
OUTSKIRTS
In the eastern suburbs, in the area Japigia Magna Greciathe average used property in good condition is around 1,720 euros per square meter, while the economical one is around 1,250 euros per square meter.
In the area Sant’Anna, San Giorgio – Torre a Mare, Japigia Cooperative – Ipercoop – Shopping Center the values are similar: for average properties in good condition we are around 1,700-1,790 euros per square meter and on an average of 1,250 euros per square meter for economic solutions.
In the southern suburbs, in the area Carbonara, prices for average properties in good condition are around 1,600 euros per square meter. The values decrease as you move towards Cegliewhere prices are around 1,250 euros per square meter for an average used property in good condition.
In the western suburbs, in the area San Cataldo there are values around 1,960 euros for average properties in good condition, while in the area Marconifor the same type of property, it drops to 1,610 euros per square meter. In the area San Girolamo Prices are around 1,890 euros per square meter for average solutions in good conditions, rising to 1,920 euros per square meter in the area Fesca. In the area Station prices for the average used car in good condition, however, drop to 1,450 euros per square metre.
WESTERN SUBURBS
In the area St. Paul prices for average solutions vary from a minimum of 1,290 euros per m2 for properties to be renovated to a maximum of 1,620 euros per m2 for those in excellent condition.
Area Clear sees differentiated prices within it: the highest values are found in the sectors National Palese e Palese Center. For stately properties there are prices between 2,200 and 2,800 euros per m2 for the first area, while for the second between 1,800 and 2,200 euros per m2, based on the state of repair of the buildings.
Lower prices are recorded in the area Clear 167where the asking price for average properties in good condition is around 1,800 euros per square meter. In the area Bari – Palese – Airport they drop to 1,500 euros per square meter, in the area Obvious Stains at 1,400 euros per square meter and in the area Blatant Skeet Shooting e Palese San Pio at 1,300 euros per square meter.
Finally, in the area Santo Spirito Centre instead we find luxury properties with prices around 2,200 euros per square meter for properties in good condition and 2,700 euros per square meter in the case of renovated solutions. In the same area the average used property in good condition is around 1,800 euros per square meter.
Borsino Bari H2 2023
(images: andGabetti research office processing on Revenue Agency data)
