Real estate sales recovering in Genoa in the first half of 2021 e price stabilization. The picture emerges from the surveys of theGabetti Studies Office.
According to the report, in the Ligurian capital they all took place 4,544 residential transactions in the first half of 2021, + 51% compared to the same period of 2020 (Revenue Agency data) e + 21.4% compared to the first half of 2019.
Prices stabilized, recording a change in -0.1%, compared to the previous semester.
The average sales times were around 6 months but, according to what emerges from the Gabetti and Grimaldi agencies, there are also shorter times for the best deals in terms of quality / price ratio. On the contrary, the solutions with little appeal in terms of price, area and type have recorded much longer sales times.
Discounts at the closing of the negotiations are around 13%, with superior points for the conquered areas.
The city of Genoa is subject to a wide-ranging infrastructure investment program, a necessary and essential condition for relaunching the local social and economic fabric over the long term. Among these, we can first of all mention the fast railway connection with Milan (it is estimated that the completion of the third crossing up to Tortona is expected by 2023) and the extraordinary program prepared by the Port System Authority. Specifically, the latter has the purpose of accelerating the execution of interventions for the accessibility of the port, the airport and the industrial port area of Genova Sestri Ponente for the integration between the port and the city.
This will allow to generate multiple positive effects, from the improvement of the liveability conditions of the urban context for citizens, to the growth of tourism, conveyed by the enhancement of transport, which makes it possible to foresee significant repercussions both on the local and residential system. The connections in the transport sector, which are finally taking shape, will favor the increase of the population, certainly encouraging companies to invest and, in turn, enlivening the real estate market. To all this is added a great opportunity for investors in many sectors, but also a great impact on the world of work that will see opportunities and the general well-being of the community grow.
The Gabetti network is receiving good attention towards Genoa from operators in the sector, the city proliferating of construction sites that highlight the progress of important redevelopment projects, discussed many times in the past and which are taking shape. Starting with the new Genoa waterfront: the Gabetti Group’s shipbuilding division, Gabetti Home Value, is responsible for the marketing (together with GVA Redilco) of the residences included in the project signed by Renzo Piano.
The project will host residences (15,500 m2) with adjoining common spaces, divided into two parallel buildings with a north-south orientation.
Conceived as a super-urban place, the Levante Waterfront has been designed to generate new opportunities for frequenting and meeting, where you can celebrate a return of sea urbanity: public spaces, open and permeable, an environment that preserves the characteristics of both the port both of the city, in the name of inclusion and poly-culture. The project was developed according to the NZEB Nearly Zero Energy Building approach, setting the energy strategy on the synergy of the natural components that characterize the coast.
As for the luxury segment, demand is growing in the area in Genoa Fifth, Quarto, Nervi, Albaro and Carignano. Demand is stable in the Centro and Castelletto districts. Sales on the rise in the districts of Carignano, Nervi and Quanto-Quinto, while Albaro, Centro and Castelletto are stable. For the most prestigious solutions, it reaches 5,000 euros per square meter for new refurbished solutions to 4,200 euros per square meter for solutions to be restored.
Going into the details of the specific areas and excluding the solutions of particular prestige, in Center the prices have decreased compared to 2019, reaching an average of 2,600 euros per square meter for the stately home in good condition and 2,280 euros per square meter for medium-sized solutions in good condition. The stately in excellent condition has prices around 3,050 euros per square meter, but the offer of particular value can reach higher values depending on the characteristics.
The area of the Old Town presents prices for the average used vehicle in good condition are around 1,520 euros per square meter. However, a choice must be made between the area of the University which is the subject of redevelopment initiatives, and the remaining part (Pré, via del Campo, San Bernardo) which remains more popular.
Carignano it has stable values of around 3,000 euros per square meter for the average used vehicle in good condition, while it goes to 3,200 euros per square meter for the elegant one in good condition and 3,900 euros per square meter for the excellent condition.
In the Central East, the areas of Castelletto And Staves they have recorded prices of around 2,200-2,130 euros per square meter for the medium in good condition, while we are respectively at 2,350 euros per square meter and 2,600 euros per square meter for the elegant in good condition.
In the Center West, Sampierdarena we are around 700 – 1,050 euros per square meter for used vehicles in good condition, depending on the type. A Granarolo prices are around 1,200 – 1,550 euros per square meter for used vehicles in good condition, depending on the type. In the Certosa area the prices are around 570 – 760 euros per square meter for used solutions in good condition.
Come and comment Valentina Visini, owner of the Gabetti agency in Genoa Nervi-Quinto: «In the first half of 2021, the residential market in Genoa confirmed the positive trend already undertaken in 2020, with market values that have stabilized. The eastern area of the city, with the districts of Nervi and Quinto, maintained the highest values of around 2,000 -3,500 euros per square meter for solutions with at least 2 bedrooms and a living space. Different situation for the areas of San Martino d’Albaro and Borgoratti where the most sought after types are the two-room and three-room apartments in good condition and with outdoor space. The 70 – 90 square meters are the most purchased sizes, especially by families and young couples with a spending budget of around 130-160 thousand euros. The proximity of the hospital and university makes these neighborhoods extremely sought after by those who want to buy an income or with the lever of the mortgage / lease. Average sales times are approximately 5-6 months, with discounts of 10% ».
In Val Polcevera, in the area Bolzaneto, the prices are around 1,100 – 1,450 euros per square meter for used vehicles in good condition, depending on the type. A Pontedecimo we are about 1,250 euros per square meter for medium solutions used in good conditions which drop to 1,000 euros per square meter in the Rivarolo area.
In Lower Val Bisagno prices are falling: we are about 1,375 euros per square meter for medium types in good condition in the Marassi area. For the same types there are lower shares, around 1,250 euros per square meter, in the area Marassi – Quezzi which rise to 1,550 euros per square meter a Staglieno – Terpi – Sant’Eusebio. Higher values for the zone San Fruttuoso where there are values equal to 1,400 euros per square meter for the same types of property.
In Alta Val Bisagno, prices are decreasing and are around 925 – 1,150 euros per square meter for used solutions in good condition in the area San Gottardo – Molassana and stable at 975 – 1,150 euros per square meter in the Geirato Valley area.
Moving on to the Middle Levant, in the area of Albaro there is a wide variability in relation to the different types of real estate: used civilian in good condition, which appears to be the prevailing choice, is around 2,600 euros per square meter; at the same time there is an offer of an economic type, with lower prices (2,025 euros per square meter for good condition, 1,850 euro square meters for the units to be restored). Within the same macro area, the elegant solutions are instead on an average of 3,650 euros per square meter for used vehicles in good condition and of 4,500 euros per square meter in the case of elegant properties in excellent condition in private contests or close to the sea. High-quality solutions and solutions with high energy efficiency standards stand out from these mediums (in particular in the Jenner, Camilla, Gambaro, Montallegro, Causa area).
Area Mouth is experiencing particular appeal The average prices are around 2,850 euros per square meter for the elegant in good condition, which rise to 3,300 euros per square meter for used solutions in excellent condition, while the used civilian in good condition has average values of 2,350 euros per sqm.
Sturla has shown stable prices, around 2,245 euros per square meter for the elegant in good condition and 1,975 euros per square meter for the average second-hand vehicle in good condition.
Come and comment Roberto Ruocco, owner of the Gabetti agency in Genoa Centro-Foce: «In the first half of 2021 there was a tendential recovery in the market in terms of sales. Housing supply and prices stable. The typical customer are couples with children who intend to buy their first home, generally a three-room apartment of 80-100 square meters already in good condition, for an average spending budget ranging between 100 and 150 thousand euros. Demand is increasingly focusing on solutions on the upper floors with a view, equipped with outdoor spaces and garages / parking spaces in the downtown and eastern areas of the city ».
Stable prices in the area Borgoratti, in which we are on an average of 1,170-1,450 euros per square meter for used vehicles in good condition depending on the type, while for the San Martino area we are about 1,370-1,750 euros per square meter.
The areas of the eastern city are confirmed in great demand. A Nerves the average used solutions in good condition amount to around 2,460 euros per square meter, while we are on an average of 3,250 euros per square meter in the case of elegant solutions. In Quinto, prices are slightly increasing, for the same solutions we are respectively at 2,700 and 3,200 euros per square meter. Particularly valuable properties that can reach higher prices are distinguished from these average values. Finally, in Quarto there are prices for the average used car in good condition around 2,460 euros per square meter, which rise to 3,400 euros per square meter for the elegant.
In the Middle West there were falling prices for Cornigliano, where the prices for used vehicles in good condition are between 800 and 975 euros per square meter for the economic and civilian ones. A Sestri second-hand vehicles in good condition recorded values of around € 1,125 – 1,425 per square meter for economic and civil type properties.
Finally, as regards the Ponente, a Pegli the average prices for civil solutions in good condition are approximately 2,130 euros per square meter. In Prà the prices for economic properties 125 between 825 – 1 euro per square meter depending on the state.