Real estate investing in Italy, what’s changing

STEFANO Boeri has a new friend and he is a blackbird who serenely pecks on his balcony (the architect does not live in his vertical forest, but in a building in the center of Milan). In empty cities, animals lose their shyness, yesterday in Pavia there were two deers strolling in front of shop windows. Now all of this has to do with our current life as a prisoner, as we watch and dream of an exterior that is currently forbidden to us, and we are also worried about what is going to happen. Those who live in the city would like to stay in the countryside, never like now do they want a garden, a vegetable patch, an exterior. “Never before have I seen so many green balconies in Milan, and loggias, terraces, because the balcony is a living space. Everyone has understood that green is important. But in England, there is already a big push towards the abandonment of more densely populated areas. This will also happen in Italy, those who have a second home will settle there – we have now understood the potential of working at a distance – or will spend longer periods there. But this process will have to be governed. A campaign would therefore be necessary to facilitate dispersal, but also a withdrawal from the urban area, to make room for other living species. Then, Italy is full of abandoned villages, whch should be saved. We have a unique opportunity to do so. ” Are we all going to move to the countryside? “I am thinking of a major national project: there are 5,800 centers with less than 5,000 inhabitants, and 2,300 are in a state of neglect. The 14 metropolitan areas have adopted these centers, with tax advantages and tax incentives … And there are already wonderful places where they give you accommodation in a historic center for one euro, in Liguria and along the crest of the Apennines ”. But you are not upset by the outside that awaits us, and what will it look like? “I think we should not be depressed, and that this experience forces us and allows us to rethink many things. Of course, we will have to prevent digital surveillance and barriers from prevailing over our lives, but to get out of this tragedy without understanding the causes, it would be a real waste. ” So let’s talk about the causes. “To begin with, the data on fine particles, which are scary. The pulmonary fragility of those living in areas with high particle density is easily assimilated to the infection. In cities, we need a project that starts from the sharp reduction in cars, and therefore the road section, and a decisive transition to the electric car, with incentives, scrapping. ” All this to create health, but also space. “Of course, because we will have to take everything outside. The stores must have outside, the closed space is dangerous in the event of a pandemic. But even there, the tax should be abolished for those who occupy an outdoor space. Air is necessary , the virus in the air does not survive, so more space for us, less for cars. ” The spaces are all to be rethought. “Yes, but we are facilitated compared to other countries, France, England, Germany, we have a history of outdoor culture.” However, political demonstrations, marches will be impossible … “But in Tel Aviv, there was just a demonstration against Netanyahu, with many participants well spaced. In short, we must return to the study of proxemics, distances, spaces and bodies and the relationship that exists, these days I’m just looking at old books from the 70s. Spaces are a huge resource, you have to be able to create ways, and I’m thinking of lights, colors, tapes, to be able to use the open spaces in which you move, each with its own mask, for the moment. We use the places, we make a campaign “come to the Italian places to do culture”, we have so many festivals, let’s focus all of them in September “. Let’s take a practical example. You are president of the Triennale, how do you organize the post coronavirus? “As soon as possible, and I hope it will be in June, we will do everything in the garden, large and fenced, so that we can easily control its access. We had planned an exhibition on Enzo Mari, we will have to distribute it on all the spaces we have so as not to create congestion. We are going to build a stage, with 250 well-spaced tables, cultural production will have to adapt to a different spatiality. I remember a spectacle of the Festival of the fog, made by the Triennale, it was called “Strasse”, you saw it while making the tour of the city by car “. And the skyscrapers? Will they still be logical? “We have to rethink them. The elevator, which is a fundamental part of the life of a tower, must have continuous ventilation, and the ultraviolet lamps offered by Fuksas are a great idea. The common areas should be wider, and more. So more landings, more halls and elevators. In Korea, they are also studying an application that allows you to always take the elevator yourself. The roof will be the fifth wall, many will pass through it, and I am thinking of the use of drones. ” Many people think that cities are finished because they are congested, ultra-populated and therefore dangerous. “It will be important to synchronize the timetables of public administrations and schools, to avoid the significant flows of commuters. It will be crucial to rethink the exterior, to remove space for cars, focusing on green. So it was in New York, in the middle of the 19th century: the population had quadrupled, there was no more space, and the density was not working. The landscape architect and town planner Olmsted thus created Central Park, a gigantic park born

Italy: Investing in real estate? Yes, but prioritizing quality

The Coronavirus forced us on the one hand to rethink the organization of the home in order to meet the needs of the whole family (space for smart working, for physical activity, for lessons and children’s tasks) on the other a reflect on the future: is real estate an asset you should still invest in? According to an article by Il Sole 24 Ore, the answer is yes, as long as you focus on “quality” homes. Here are the scenarios that lie ahead. Big enough houses but in the city According to the data of the latest Nomisma Observatory, the economic crisis generated by the health emergency could lead to a reduction in property sales that goes from 40 thousand to 110 thousand less sales, with a consequent drop in prices between 1 and 3% approximately in the 2020-2021 period. But the value will remain unchanged for homes that meet certain requirements, first of all that of square footage because, as explained by Mario Breglia, president of Scenari Immobiliari, in this lockdown phase it became clear to many that a very small home is not comfortable. This will translate into a change in demand which however will not lead to favoring the province over the city: urban areas will remain more in demand, although we will probably see a revaluation of peripheral areas compared to central ones. Which elements to focus on for a good investment According to experts, in the short term, the segment of excessively small or not well-built houses will suffer, in which, for example, not enough light enters or the systems do not withstand greater consumption. Among the defects that could lower the value of a property there are the non-soundproof walls and the lack of an outdoor space, whether it is a balcony or a garden, including a condominium garden: and in this context, the internal courtyard of the railing houses will be particularly appreciated, in line with the trend that was prevailing even before the Covid-19 emergency.

Italian city centers increasingly coveted by real estate investors

Italians, but also foreigners, tend to buy apartments in cities, preferring them to vacation second homes. Italians, but also foreigners, tend to buy fewer apartments in tourist areas for themselves or as an investment, preferring to buy apartments in cities. With yields that sometimes even reach 7% per year, property investments attract more and more Italians. As a Tecnocasa studio points out, our compatriots prefer to buy a two-room apartment for themselves in town instead of a second home by the sea or in the mountains. Here are the places and neighborhoods to focus on once the necessary reflections have been made, for example related to operating costs and increased supply. North In Milan, almost one in three purchases is intended for investment, so much so that the two-room apartments in the center have reached very high amounts, even exceeding € 250,000; however, these figures are offset by returns of up to 6.8%. The most popular areas for short-term rentals are Navigli, Porta Genova and Porta Romana, while for longer term rentals, you move beyond the line 90 device. In Bologna, demand is increasing in central areas, where prices have increased by 2%, even reaching 5,000 euros per square meter. In particular, those who wish to start a B&B business choose apartments of one or two rooms while entrepreneurs or parents of students prefer the larger sizes to divide or sublet. In addition to the quadrilateral, the Murri-Giardini Margherita and via Andrea Costa areas are sought after. Even in Turin, the tendency is to focus on short rents by buying small apartments, but there are many people who decide to leave the hill areas to move to the center, where they buy historic buildings in renovate. The Crimea-Gran Madre and Cit Turin districts are also very popular. In the heart of Rome In the heart of Rome, properties are bought to be used as holiday homes (one- and two-room apartments) or B & Bs (from three-room apartments), although demand per square meter is also reaching 9 thousand euros. Investors point in particular the area between Porta Cavalleggeri and the Vatican walls, where prices are around 4,500 euros per square meter, Testaccio and Piramide. South In Palermo, the historic center, which has been partially refurbished and pedestrianized, is in great demand, although it is possible to spend up to 4,000 euros per square meter for prestigious houses compared to 1,300 in peripheral areas. However, the yield also reaches 5% per year. In Naples, where small apartments are particularly difficult to find, investments in holiday homes are concentrated around Piazza del Gesù, the cloister of Santa Chiara and in the Via Toledo district. Prices range from € 1,500 / m2 in the suburbs to € 7,000 / m2 in central districts, provided they are well connected: at Caravage-Manzoni, for example, prices are around € 3,000 per square meter precisely because it’s from a less-served area.

Italy: houses to renovate, quite a smart investment

In Italy, approximately one property in five is to be renovated. There is therefore a very wide range of houses and apartments to renovate, at very attractive prices. Italy: is buying a house to renovate a good investment? To date, the answer is yes, at least according to an analysis by Corriere della Sera, from Milan, one of the most prestigious Italian daily newspapers. Let’s see together why buying a property to renovate can be an attractive option. Tax bonuses and minimum rates The tax benefits on extraordinary maintenance work on residential buildings have also been extended for 2020: this means that for expenses of up to 96 thousand euros, you are entitled to a deduction of 50% from Irpef , income tax, spread over ten years. This percentage can go up to 65% for energy requalification works. Added to this is the particularly positive situation on the mortgage front: interest rates at historically low levels provide access to very favorable financing conditions. How much do you save? According to the Nomisma Observatory, the savings would be considerable even taking into account the amount to be allocated to the works. In Milan, for example, almost 80,000 euros would be spent to buy an 80 square meter apartment to renovate compared to a house ready to be lived in. In principle, the Irpef advantage significantly affects the choice of buyers when the price difference between the house to be renovated and that already habitable is at least 30 thousand euros. Facade bonus Without forgetting another factor of interest for potential buyers: the 2020 finance law increased the IRPEF deduction from 50% to 90% for painting and renovating facades. An initiative that stems from the desire to encourage the redevelopment of the residential heritage of many Italian cities.

The coronavirus crisis could boost real estate in southern Italy

Southern Italy, a dream vacation place The sea is magnificent, the food, among the cheapest in Europe, is delicious, people are welcoming and hospitable, and have a certain joie de vivre. The number of people who got sick with coronavirus in southern Italy is an average hundred times inferior to the number of cases registered in the northern part of the peninsula. Clean-air air is probably playing a role Just look at the picture beneath. On the left you get the number of cases of coronavirus, on the right you got air pollution by particulates in Italy, The correlation is appalling. Real estate prices are incredibly cheap in southern Italy. I give it just 2 examples here. Both apartments that I chose are located at Ciro’ Marina, a charming little tone in southern Italy. There beaches have a pleasant fine sand, the sea is clean and marvelous, you can enjoy a tasty bit set for $5, a seafood meal would cost you around $12, a kilo of tomatoes or eggplants not even a dollar. The 1st apartment consists of 80 m² for $43,000, or €39,000 is located 50 meters from the sea and close to all the main services (supermarket, pharmacy, bar, pizzeria, bank / post office, etc.). The property consists of a spacious living room with kitchenette and balcony, two double bedrooms, one with a balcony, a bathroom with shower and a laundry room. Mosquito nets in all rooms, air conditioning with heat pumps, heating with independent boiler. The property includes a large attic that can be used as a storage room. The apartment is sold fully furnished. The 2nd apartment consists of 60 m² for $44,000, or €40,000. Excellent two-room apartment with sea view, with terrace, ideal as a holiday home, possibility of sale already furnished as in the photos, and consisting of bedroom with double bed plus a bunk bed, entrance with open kitchen, table and double sofa bed, bathroom with shower and washing machine. There are many great investments for a 2nd home, to spend great vacations in southern Italy. Just contact us.

A client’s advice: “A total professional & a great guy!”

Subject: A total professional & a great guy!Dear Marco,You are a wonderful man and we do not know what we would have done without you, certainly the outcome of our case would have been very different. You turned a desperate and miserable situation into a positive outcome and secured the sale of my disabled mother’s property, despite it seeming hopeless. We can’t thank you enough for all you have done, for your patience and guidance and for going above and beyond to sort out this awful and complex situation. Our deepest thanks.Benjamin, Rebecca & Jane Garland

Buying real estate to renovate in Italy, a good deal!

If we look at real estate ads in Italy, we see that roughly 10 to 15% of ads refer to real estate to renovate, with significant variations from one city to another. In some regions, such as Liguria, most of the buildings are over 60 years old. Nevertheless, the foundations, the walls, everything that is structural work, are quite solid. The causes of old age of real estate in Italy Italy is very densely populated, especially considering that the entire center of the peninsula is occupied, from north to south, by the Apennine mountain range. Building plots are therefore expensive, and there is not much availability. What is more, after the great post-war demographic expansion, Italy experienced the highest birth rate in Europe, which led to its population being the oldest in the world after that of Japan. In Italy, around 22% of the population is over 65 years of age. However, it is mainly young couples who build houses. All of this makes me expand the offer of real estate to renovate. Is buying a house to renovate a good investment? To date, the answer is yes, at least according to an analysis by Corriere della Sera, the main daily newspaper in Milan. Let’s see together why buying a property to renovate can be an attractive option. Real estate to renovate with lots of character It’s a matter of taste, but it’s hard to deny that old Italian homes have cachet. Even from the point of view of thermal and acoustic insulation they offer advantages, since the thickness of the walls often exceeds 30 cm, the ceilings are very high, sometimes with rounded vaults and doors. The same goes for the quality of the materials, often red bricks without holes, marble or stone stairs. Tax bonuses and minimum rates The tax benefits on extraordinary maintenance work on residential buildings have also been extended for 2020: this means that for expenses of up to 96 thousand euros, you are entitled to a deduction of 50% Irpef, spread over ten years. This percentage can go up to 65% for energy requalification works. Added to this is the particularly positive situation on the mortgage front: interest rates at historically low levels provide access to very favorable financing conditions. How much do you save? According to the Nomisma Observatory, the savings would be considerable even taking into account the amount to be allocated to the works. In Milan, for example, almost 80,000 euros would be spent to buy an 80 square meter apartment to renovate compared to a house ready to be lived in. In principle, the Irpef advantage significantly affects the choice of buyers when the price difference between the house to be renovated and that already habitable is at least 30 thousand euros. Facade bonus Without forgetting another factor of interest for potential buyers: the 2020 finance law increased the IRPEF deduction from 50% to 90% for painting and renovating facades. An initiative that stems from the desire to encourage the redevelopment of the residential heritage of many Italian cities. age of many Italian cities.

Italy: effects of global warming on real estate investment

Global warming will change the real estate investment situation, causing a gradual loss of value of buildings in the areas most exposed to its effects. The effects of heat waves Cities, but also tourist resorts more exposed to heat waves will suffer a devaluation of their buildings. Take the case of a city like Bologna, where the thermometer stays above 37 ° C for long weeks, with high humidity, from mid-June to mid-September. Of course this will continue and even get progressively worse, pushing more and more people to leave the city, or at least not to choose it if they are first accessing property. The same goes for the more populated resorts on the coast, those whose traffic is congested during the summer: too many cars and traffic jams give off unbearable heat. Flooding Ditto for coastal localities, or those near rivers which can flood, or in flood zones: their real estate will inevitably lose value. The combination of various factors linked to global warming – rising sea levels, extreme winds and suffocating heat waves – will lead to an increase in the phenomenon of coastal erosion, with deleterious (and unexpected) effects for the real estate sector. If adequate countermeasures are not taken, there is a risk that the buildings closest to the coast will actually be part of the seabed. And their value is therefore destined to fall rapidly. And, it should be emphasized, the problem is much more current than we think. The simple risk that a building – or a series of buildings – will be submerged by an abnormal wave or storm or that the ground beneath the foundations will collapse, is already lowering its value today. Studies in Germany, Finland and California have shown, in fact, that houses potentially at risk due to rising sea levels have been sold for much less than their actual value. According to studies by the IPCC (acronym for “Intergovernmental Panel on Climate Change”), if the global temperature were to rise by more than 1.5 degrees Celsius, the melting of glaciers and the rise in level of the oceans will force 280 million people to flee their homes. These, in fact, will literally be submerged by “rising” ocean waters. And in Italy, the situation is not better. On the contrary: studies carried out by the ENEA show that 5,500 square kilometers of coastal plain in our country are threatened with flooding. Last year, 7 new coastal areas in danger were identified (Pescara, Martinsicuro and Fossacesia in Abruzzo; Lesina in Puglia; Granelli in Sicily; Valledoria in Sardinia and Marina di Campo in Tuscany), which are added to the coastal area of ​​the upper Adriatic between Trieste, Venice and Ravenna; in the Gulf of Taranto; in the plains of Oristano and Cagliari; in Versilia; Fiumicino, Fondi and other areas of Agro Pontino; the coastal plains of Sele and Volturno and the coastal areas of Catania. Very large areas, therefore, and with a very high level of urbanization: half of the Italian population resides in the 5,500 square kilometers threatened with flooding. In short, if the countermeasures adopted are not effective, the real estate market in these areas could suffer an unprecedented collapse.

Houses for sale at 1 €, 2020 updated list of municipalities

Houses at 1 euro in 2020, list of municipalities that sell them. Which municipalities are currently planning to sell houses for one euro? According to the latest news, the 2020 municipalities in which it is possible to buy houses for one euro, with a subsequent restructuring plan for the revitalization of the property itself, are: Montieri in the province of Grosseto in Tuscany; Borgomezzavalle in the province of Verbania in Piedmont; Carrega Ligure in the province of Alexandria in Piedmont Sambuca di Sicilia in the province of Agrigento in Sicily; Regalbuto in the province of Enna in Sicily; Ollolai, in the Barbagia mountains, in the province of Nuoro in Sardinia; Nulvi in ​​the province of Sassari in Sardinia; Lecce in Marsi in the province of L’Aquila, one of the first municipalities to have joined the initiative but where sales are currently blocked due to problems with the Revenue Agency; Vergemoli factories in the province of Lucca in Tuscany; Patrica in the province of Frosinone in Lazio. The initiative to sell houses at the symbolic price of one euro was born to save the houses and buildings of certain municipalities from neglect and deterioration. These are not, as it may seem from the price, completely dilapidated houses, nor cataloged as unusable, but simply houses to be renovated and which retain a solid structure. Buy houses for one euro, the rules When buying a house for one euro, it is necessary and mandatory to follow specific rules set by regulations. Each municipality in which this initiative is valid, in fact, provides certain rules to be respected, but the general and common objective is that the houses undergoing deterioration be restored according to a plan aimed at the recovery and renovation of the house. This is to enhance not only the good in question, and perhaps relaunch it on the market, but also to enhance the place where it is located. The initiative to sell houses for 1 euro could also represent an incentive for the real estate market, facilitating access to housing belonging to young people, who today face many difficulties in obtaining credit for the purchase of a first House. Additional costs Among the costs to be incurred for those who buy houses for one euro, in addition to the renovation costs, there are also all the notary and registration costs. Foreigners, in particular the British and the Germans, have so far been particularly attracted to this initiative. But many were also requests from Italians. The first country to launch the initiative to sell houses for one euro was Salemi, a Sicilian municipality in the province of Trapani, which launched this project eight years ago with the intention of recovering abandoned houses in the historical center. Followed by Gangi, another Sicilian city in the province of Palermo.

She bought home in Italy for 1 €, and tells how happy she is

Cecilia Solari, a woman from Argentina who bought a house for one euro in Sicily: “I want to live here” Cecilia Solari, a woman from Argentina, is one of the new inhabitants of Mussomeli, a small town of 10,000 inhabitants in the province of Caltanissetta. Here, the administration has sold vacant houses for one euro to repopulate the village, which has already sold more than 100 houses, in particular to foreigners. After the death of her husband in 2016, the Argentinian craftswoman traveled the world. “A year ago, I found myself in Sicily, I visited the most beautiful villages in Italy and I arrived here. I found the warmth I lacked, the important things in life,” says the 46 year old woman. I came here to look for values, I like the friendliness and the warmth of these people. I would like to establish here my laboratory for creating handcrafted jewelry. I like the floor of the room that will serve as a laboratory. A house of 250 square meters She bought a house of 250 square meters, on three floors, buying it among those of the project for one euro, even if she spent something more – still off the market – because it is already habitable. “On the lower floor, I will create my laboratory where I will create my jewelry,” explains Solari, who has already entered the community. Home buyers at one Euro 120 houses for one euro The commune of Mussomeli, for its part, has already sold 120 houses for one euro, mainly to foreigners. Some houses have also been sold to Italian entrepreneurs, who want to use them for tourist rentals. Cecilia Solari is one of the new inhabitants of Mussomeli, a small town of 10,000 inhabitants in the province of Caltanissetta, having bought a 250m² house there for € 1.