The lockdown period due to the coronavirus crisis has changed our perception of space and consequently, housing needs and the priorities of buyers. More and more buyers in Italy are looking for flats with an open air space such as a terrace or balcony, as well as those who are choosing to leave the city altogether. With this in mind, the Tecnocasa Group's study office has carried out an analysis to see just how much a house with a terrace costs on average in the main Italian cities.
The report in question, as mentioned above, focused exclusively on a few large Italian cities and considered the purchase of a three-room flat (pre-owned and in good condition) financed at 80% with a 25-year mortgage, then analysed how much the same type of property with a terrace would cost. The examples are calculated on average prices, but it should be kept in mind that often these typologies are not easy to find in a central area of the city and this could make the prices slightly higher than those indicated.
Considering the central Milanese area of Crocetta, a three-room apartment of 95m2 would cost 522,500 euros and could be purchased through a monthly mortgage instalment of 1,642 euros. However, for the same property with an outdoor space of 15m2, the amount would rise to 550,000 euros with a monthly mortgage payment of 1,729 euros.
However, if we move to a semi-central area, prices drop, as expected. A three-room apartment with terrace would cost 427,500 euros and the monthly instalment would be 1,344 euros per month. If we then make the improvement purchase to have a terrace, the instalment would rise to 1,415 euros, while concerning selling and buying, the difference would be 22,500 euros. By leaving the centre, you could get a lot more for your money and buy a detached house in a peripheral area such as Maciachini; a detached villa of 174m2, for example.
In the capital, in a central district like the Jewish Ghetto, the purchase of a three-room apartment with terrace would cost 740,000 euros, with a monthly instalment of 2,326 euros. Compared to the purchase of a three-room apartment without terrace, the instalment would be 116 euros more expensive.
In a semi-central area, buying a three-room apartment with outdoor space would require an instalment of 1,195 euros. Once again, by leaving the centre, you could get a property of up to 185m2 in the most peripheral area of Bufalotta.
In Naples, the purchase of a three-room apartment with a terrace in the centre could be possible with an outlay of 943 euros per month if a mortgage were to be taken out. For the same type in the semi-centre you would need 189 euros per month less. If you sell a three-roomed apartment in the centre, you could buy a single villa of 204m2 with outdoor space in Pianura.
In the Piedmontese capital, one of the most affordable cities in Italy, a monthly instalment of 896 euros would allow the purchase of a three-room flat in a central area, with 47 euros more on the monthly instalment you could buy a flat with a small outdoor space.
On the other hand, if you sell a three-room flat to buy something with a garden in the suburbs, you could evaluate the Sassi area where, with the same amount, you could buy 170m2. In a semi-central but very interesting area like Cit Turin, a three-room flat with a small outdoor space could be purchased for 230,000 euros, with a monthly mortgage instalment of 723 euros.
You need an instalment of 1,006 euros per month to buy a three-room apartment with terrace in the centre of Bologna. The same property in a semi-central area would require mortgage payments of 786 euros per month, while the same solution without terrace would require 50 euros less per month in the centre and 39 euros less per month in the outskirts. If you were to sell a three-room apartment without terrace in the centre to opt for a more peripheral area, you could consider buying a 170m2 villa in Casalecchio di Reno.
In the Sicilian capital, a 95m2 flat with a terrace can be purchased for just under 200,000 euros, with a monthly instalment of 566 euros. The same flat outside the centre would cost 409 euros per month. If you already owned a three-room flat in the same area, you would have to add almost 10,000 euros in the centre and 6,500 euros in the outskirts to enjoy an outdoor area.
Selling a flat without terrace in the centre and buying an independent villa in Monreale, for example, you could take away a property of 180m2.
Article seen at: AAA Cercasi casa con terrazzo (Ufficio Studi Gruppo Tecnocasa)