Why now is a good time to buy a house in Venice

Gtres
Gtres
23 September 2020, Redaction

At a time when the real estate market remains favourable as far as prices are concerned, investing in property in Venice could be a good idea in order to secure a place in Italy's most romantic city.

"In Venice, the real estate market has good demand fuelled mainly by residents and foreigners who are fascinated by the city," says Tecnocasa affiliate agent Marco Carminati. "The amount of properties on offer is also increasing due to the fact that many accommodation facilities are being placed on the market as a result of the pandemic. Those looking for a house in the city are mainly people who are making an improvement purchase and who are looking for an outdoor space, balcony or terrace".

Attracting the most buyers is the centre of Venice, most notably the Rialto district, considered the centre of the city due to the presence of services and administrative offices. Here, prices for a period building start at 5,000 euros per square metre and up to 7,000-8,000 euros per square metre if it enjoys a view of the Grand Canal. The Castello district (via Garibaldi) is also very popular and is characterised by a more affordable offer with average prices of 2,500-3,000 euros per square metre.

"The most expensive area is Piazza San Marco," explains Carminati, "where a property that needs renovating costs on average around 6,000 euros per square metre with peaks of 15,000 euros per square metre for prestigious properties overlooking the square. Those looking for luxury properties also want a private berth. There is notably less demand and lower values for properties located on the ground floor due to water  levels and flood risks".

Other requested areas include Carpenedo-Bissuola and the centre of Mestre. These are areas adjacent to Piazza Ferretto, considered the economic and commercial centre of reference on the mainland. A second hand property in excellent condition costs around 2000-2500 euro per square metre.

As far as rent is concerned, at the moment there is also good demand, partly fuelled by off-site workers. For a two-room apartment you can expect to spend around 600-700 euros per month with peaks of 1,000 euros per month for properties in the Rialto area.

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