According to the latest analyzes of the Tecnocasa Group Research Office, in the second half of 2023 Bari prices fell by 2%. The center saw prices decrease the most (-5.0%), among the areas affected is Borgo Antico: we are talking about an area where, in recent years, numerous holiday homes and B&Bs have been built and which is now suffering from an excess of supply, which is why some are proceeding to sell the business or to carry out an upgrade and improve the services offered. There are difficulties in selling larger denominations, especially if there is no possibility of splitting them. The high costs of fractionation also have an impact. In fact, renovated solutions are preferred.
A house to renovate costs around €1600 per m2 but can reach values of €3000 per m2 for renovated solutions that overlook the Wall side and from which it is possible to enjoy the sea view. Stable prices in the neighborhood Murattiano, where the highest values, €4500-5000 per m2, are achieved for solutions overlooking Via Sparano or within particularly prestigious properties. Even new ones are sold at these values. A used one to be renovated costs around €2000 per square metre.
Prices drop in the neighborhood of Madonnella, in the second part of 2023 but the first part of 2024 already records a trend reversal with increasing values due to low supply and growing demand. The demand comes mainly from investors aiming for areas close to the sea, such as Pane e Pomodoro, Trieste seafront and via Dalmazia. We are looking for two-room apartments that can reach €2,500 per square metre. They are often used as holiday homes and B&Bs so if they have outdoor spaces they are even more appreciated. Higher values of around €3000 per m2 can be reached in the Umberto area, behind the Petruzzelli theatre. There are no new buildings and existing reconstructions have average prices of €3500 per m2. On the rental market there is a low supply and high demand which has led to three-room apartments at average rents of €650-700 per month.
House prices fell by 3.4%. macro area of Lungomare Perotti-Polivalente. Among the neighborhoods in decline there are Japigia and Torre a mare due to the age of the properties which often need to be renovated and, consequently, require major redevelopment works. In the Viale Japigia area, for example, in the old part of the neighborhood the offer consists of public housing from the 1960s and the majority of homes are medium-large in size. For these solutions the cost amounts to approximately €1100-1200 per square meter.
Even in Torre a Mare there are old independent solutions from the 40s and 50s located inside the seaside village: a used apartment costs at least €1800-2000 per m2 and can reach €2400 per m2 if you can enjoy the view of the sea. The only areas of development are present in the neighborhoods of Poggiofranco and San Pasquale where newly built apartments are sold at average prices of €3000-4000 per square metre.
