It grows value of houses in Turin. The real estate market shows constant signs of growth, with demand rising both for the sale of housing that for the rentthus pushing up house prices in both sectors.
Prices rise
In May 2024, the average cost per square meter of properties on offer in the Piedmont capital has broke the ceiling of 2 thousand euro – recovering for the first time the levels of 10 years ago – following a 3.7% increase on an annual basis and thanks to a demand 10.1% increase in the same period. Rentals have also seen a significant increase in prices and demand in the last year, with rents marking a +11,4%settling at 11.3 euros/m2, and an interest growth of 7%. These are some of the topics discussed during the meeting organized yesterday by Aspesi Turin in collaboration with Immobiliare.it and Intesa Sanpaolo.
The most expensive neighborhoods
Examining the situation in the various neighborhoods of our city, the growth in demand and price of real estate is widespread everywhere. A signal that highlights “a certain attractiveness of the city and a constant attraction for investors” explain the experts.
In addition to centerwhich is at the same time the most sought-after area and the one that shows the highest average costs per square meter (3.720 euro)and to the adjacent area of the Little crossalways considered the “good lounge” of the city, those who wish to buy in Turin are currently aiming on the hilly area – that is, the neighborhood one Cavoretto, Great Mother, which presents a significant offer of housing solutions with gardens and open spaces – and those adjacent to means of transport and therefore easy for travel. In this sense, the Lingotto, Nizza Millefonti and Santa Rita districts, Mirafiori Nordwell connected to the future Metro Line 2, and Campidoglio, San Donato, Cit Turinan area close to the Turin Porta Susa railway station and subject to a recent urban redevelopment project.
New buildings
Despite growing demand, the Turin real estate market does not yet fully respond to the needs of potential buyers, interested above all in new construction and therefore already belonging to the highest energy classes. Only in two neighborhoods, Madonna del Pilone, Sassi and Cavoretto, Gran Madre, the stock of houses in classes A and B is in fact greater than 8% of the total availability of the area, while in four areas it does not even reach 2% of the total offer.
«Even in Turin, the lack of new products affects the private residential real estate market, causing a rise in prices that appears artificial, given that it is accompanied by a drop in the number of sales» he explains Federico Filippo Oriana, National President of Aspesi. «The lack of new housing, combined with the economic crisis of the city and the income of families, has also visibly affected rents, which have increased significantly» he concludes.
The Real Estate Cycle
Looking then at the real estate cycle, Turin, after having recovered, at the end of 2022, the levels of sales from 20 years agoin 2023 it followed the general Italian trend, with a decisive reduction in transactions, which in 12 months went from 16.125 a 14.880.
The contraction in purchases – in addition to the difficult economic situation of this period, the complicated access to credit and the interest rates which, although decreasing, remain high – is also explained by the renewed interest in rentals, which currently attract more those looking for accommodation than a purchase. In comparison with 2019, reference pre-pandemicthe interest in the two-room apartments for rent in Turin increased by 6 percentage points (from 23% to 29%), and that for three-room apartments for rent by 3 percentage points (from 14% to 17%). However, three-room and two-room apartments for sale lost the same percentage points, 6 and 3 respectively.
«This is a good time to buy a property in the city of the Mole, especially if you take into account that prices, although increasing, are still far more affordable than those of other large Italian centers» the advice of Carlo Giordano, Board Member of Immobiliare.it.
