The pandemic reduces the housing prices in the center of Rome
Usually populous center of the Italian capital in 2020 became empty as tourists, students and foreign officials ceased to visit the city.
Owners of the real estate cannot find tenants for short-term lease, and brokers – buyers for expensive objects. The pandemic devastated the center of Rome that led to falling of real estate prices, writes an information portal.
"To a pandemic students, businessmen, tourists were citizens. Now they leave, and we have a lot of empty objects", – the founder of the portal on real estate lease Jesus Ensinar says.
According to the portal, in 2020 the housing prices in the center of Rome dropped by 3.4% up to €5,760 for sq.m. And according to information from the founder of real estate agency in Italy Danilo Orlando, were reduced as well sales – from 33,000 in 2019 to 28-30 thousand in the 2020th.
The pandemic struck also at the lease market. According to the portal of lease, owners of the real estate who usually lease houses to tourists on the websites of short-term lease increased the offer of such objects in the market that led to falling of rates. In 2020 lease fell in price by 10.3% in comparison with the 2019th.
Now at tenants and buyers life in the downtown is not a priority any more. To the forefront there were a quality of the apartment, house infrastructure and also additional conveniences, for example, a terrace on a roof and gym. As a result in the districts of Rome remote from the center, demand for housing grows. According to the portal, prices for apartments in Apino-Latino increased by 12% in comparison with 2019 to €4,200 for sq.m.
Brokers expect that real estate prices in the center will grow again when tourists and investors return to Rome.
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