BARI – In Bari, the residential real estate market proves to be balanced and stable, with a more dynamic trend than in the rest of Puglia. This is what emerges from the data processed in the seventh edition of Real Estate DATA HUB, the report on the trend of the Italian real estate market 2022 and outlook 2023 created by the Study Centers of RE/MAX Italia and Avalon Real Estate and by the Study Office of 24MAX.
At the beginning of 2022, the growth in demand compared to the previous year was higher than the increase in supply. The situation then reversed at year-end, with fourth-quarter transactions posting 5% year-over-year growth. Overall, the real estate market in Puglia closed 2022 with a higher number of transactions than the previous year, confirming and consolidating the growth already recorded in 2021. Bari turns out to be the busiest province, followed by Brindisi. In the province of Bari, the municipalities that record the highest number of transactions are those with the highest tourist density, such as Polignano, Monopoli and even Giovinazzo. As in the rest of Italy, even in Puglia three-room apartments are the most transacted type of property. The distribution of two-room and four-room apartments is similar; however, two-room apartments appear to be more intermediated in the province of Bari than in the other provinces, probably due to the higher prices. Indeed, the analyzes reported in the Real Estate DATA HUB show a greater trend towards the purchase of larger properties in the rest of the region. In Bari, the days spent on the market are more influenced by seasonality than by the variation in supply and demand which have been in equilibrium over the last two years, keeping times and prices stable and confined to a defined interval. It takes an average of five to six months to sell an apartment. As far as rentals are concerned, in 2022 there is a slight reduction in rental times compared to 2021, with an average slightly exceeding a month. In the face of relative market stability, prices also remain at the levels of previous years, around 2,000 euros per square metre, slightly decreasing due to the gradual increase in supply and the contraction in demand.
The office real estate sector in Bari in the first half of 2022 reflected the positive trend of the sector at a national level. The fourth quarter, as for previous years, shows an economic increase with a number of transactions in line with pre-pandemic levels. The gross yields relating to the last half of 2022 confirm the clear difference between the peripheral and central areas, where lower values are recorded, particularly in the historic center areas.
An analysis of the logistics sector shows that the industrial area of Bari aroused considerable interest from international groups during 2022, as confirmed by the volume of investments and the growing number of logistics companies in the region. The interport of Bari, in particular, represents a consolidated reality for the logistics market and in the last two years the number of established companies and employees involved has increased.
Expansive phase for hospitality real estate in the city of Bari, increasingly touristic thanks to the increase in demand. This transformation is also visible in the streets of the centre, which in recent years have changed their face thanks to the boom of new restaurants, bars, B&Bs and short-term rental apartments. In addition to the high season, the major events that serve as a showcase for the Apulian capital and attract tourist flows even in the low season are central to the city’s tourism. The rebirth of the city from a tourist point of view, however, collides with the lack of hotel facilities. The path to bridging the gap between growing demand and supply sees the start of renovation works on hotels that have gone out of business in recent years.
The commercial real estate sector in Italy is facing a particular moment. Also for Bari there has been a variable trend in rents over the last few years. For the square meters available, a peak was reached in 2021 and a subsequent substantial reduction in the course of 2022, up to the first months of 2023. In 2021 there was an important growth in small-sized units which led to a generalized increase in square meters available and the average rent requested. These units were rapidly absorbed during 2022-2023, leaving medium-large units on the market with medium-low rents.