’s fastest-growing financial hub, only experienced a 24.4 percent increase in volume in the same period.
The capital can thank its appealing character and relatively low prices for swaying house hunters toward the city. In sought-after Roman neighborhoods such as Trastevere or Garbatella, for example, the average luxury home is priced at $6,500 per almost 11 square feet —half the cost of similar properties in Milan.
Rome is also undergoing a series of pivotal changes as it prepares for a flurry of activity, all of which will attract for visitors and buyers to the city. The Eternal City is playing host to the highly anticipated 2023; planning to celebrate a Roman Catholic Jubilee in 2025, as well as 2,000th anniversary of the death and resurrection of Jesus Christ in 2033; and has thrown its hat in the ring as a candidate for the 2030 World Expo.
Yet, acquiring property in Rome can have its fair share of red tape, thanks to the complex process of properly identifying the building and its history, which is required by law with a real estate purchase.
“The mood has changed, luxury hospitality is coming massively, there is a lot of liquidity available for prestige residencies and many opportunities to regenerate areas close to the center in order to host high-quality offices, student and senior housing,” Domenico Bilotta, managing director of InvestiRE SGR, told.