As a global real estate company, Engel & Völkers proudly serves communities in more than 30 countries. From here in the Americas, through Europe and Asia, and down to Africa, Engel & Völkers advisors serve their communities not only as local market experts but also as global advisors with an understanding of the real estate market on a global scale. In part, this month Engel & Völkers has gathered market highlights to share with you on the Italian capital, Rome.
Rome, also known as the “Eternal City”, stands on the banks of the Tiber River. It has a population of some three million people, with around four million living in the Greater Rome Metropolitan Area. Rome is home to historic landmarks, beautiful churches, and famous public parks. This city filled with life, beauty, and charm is a place where sleek and modern restaurants co-exist with ancient ruins.
Rome Real Estate Market
In 2020, two-room apartments were the most popular type of property investment in Rome, making up 41.4% of sales. In Rome, most of the demand is in a high spending range, between $300 and $420 thousand USD. The average age of purchasers ranges from 35-44 years old.
Home prices were up 0.9% and sales were up 9.7% in 2019 from a year earlier and while the market has slowed down since the coronavirus pandemic, Ronan McMahon of Real Estate Trend Alert, predicts that when tourism picks up in Rome, it will open up a new market for vacation rentals.
The most sought-after districts and neighborhoods in Rome
The Historic Centre of Rome has long been a desirable and in-demand part of the city to live in. It stretches from Piazza del Popolo to Piazza Venezia and from the east bank of the Tiber up to Piazza di Spagna. The area has all the best of what Rome has to offer, from the Imperial Forums to renaissance buildings, squares, and monuments.
Ostiense is undergoing a cultural transformation, quickly becoming a culinary mecca and magnet for street artists. Here you can find the Pyramid of Cestius, a beautiful pyramid with white Carrara marble blocks and Eataly, one of the largest markets in Rome.
Prati is located above the Vatican and across the Tiber River, known for its sweeping avenues, elegant buildings, and modern European charm. The boulevards contain a perfect mix of stylish cocktail lounges and gourmet restaurants.
EUR stands for “Esposizione Universale di Roma” and is located in the south of Rome. It is a residential and business district renowned for its monumental Fascist-era architecture. Exhibitions are staged at the Palazzo dei Congressi, and a handful of museums feature both history and art displays.
The greener and quieter neighborhood of Talenti is also becoming increasingly popular with property buyers. It’s the perfect mix of busy and relaxing with an array of parks, shops, cafés, and restaurants available for its residents.
The average price in the top segment
The average price of properties in Rome varies greatly by district. In Rome’s top segment, the heart of the Historic Centre, the average price per square meter is approximately $9,687 USD. The average price for a property is approx. $1.6 million USD. In Piazza Venezia, it costs an average of $7,676 USD per square meter to buy a home.
Trends and developments in the Rome market
More space – outdoors and indoors
As in most major cities worldwide, the trend towards “more space” is also becoming apparent in Rome. Property buyers are increasingly looking to those residential areas that are somewhat removed from the city center, such as Talenti. It means that they can then afford to have a garden or a terrace. Another criteria they look for is a separate room where they can set up a home office.
Repurposing of tourism real estate
There is a general shift at present among owners of holiday apartments and bed & breakfast accommodation in Rome. Some are deciding they want to sell their property, while others are considering giving up their tourism license and renting out their properties on a permanent basis.
“The month of July confirmed the growth trend that began at the end of the Italian lockdown. During this period there was a reanimation of the real estate market, and we registered strong interest from search clients again.”–Helio Cordeiro Teixeira, Managing Director Engel & Völkers Rome
Engel & Völkers Rome
Engel & Völkers Rome offers a large portfolio of residential and commercial properties in the urban area of the capital and a wide range of professional services dedicated to private and institutional clients, from rentals, sales, advice, and assessment. The most exclusive residence currently listed is a 20 bedroom, 12 bathroom building in Via di Monserrato. This exclusive property is located between Piazza Farnese and Via Giulia, not far from Piazza Navona. The property is spread over more than 1,550 square meters (16,684 square feet), dating back to 1500 and restored in 1800 by Lorenzo Mocari. The asking price is approximately $13.2 million USD.
For further information about the property market in Rome and/or referrals please contact:
Helio Cordeiro Teixeira
Engel & Völkers Rome
Phone: +39 064 55 48 120