Turin: promotional discounts to encourage real estate investments

Turin: promotional discounts to encourage real estate investments

Turin is a peculiar market with a very low propensity to debt

Turin: Real estate property prices have dropped by 5.9% on average in the chief town of Piedmont in the North of Italy. The percentage rises up to 6.7% for houses in need of renovation and amounts to 5.6% for newly-built homes. This is the worst fall since the burst of the economic crisis. Considerable discounts (up to 16.5%) are being made to promote a new progress of the property market in Turin and make real estate transactions quicker.

According to the data released by the “Collegio dei Costruttori” – an organization that gathers building firms working in the Turin area – there were just 5000 transactions in the second half of 2012 – 20% less than the same period of the previous year – and the number of building permissions also decreased. As regards prices, Turin has not experienced the bubble suffered by many other Italian cities and second-hand homes are losing ground not because they are expensive, but because of the crisis.

The very low propensity to debt, as well as the lack of confidence and of positive prospects influence the peculiar property market of Turin. The rehabilitation projects undergoing in some areas of the city – such as Variante 2000, Corso Marche, Falchera and Thyssen area – are going on slowly, while the works in the 260-thousand-sq.m. Continassa area were started up again at the end of 2012. The Juventus football club is investing 40 million euros in the renovation of the farmstead – that will be the new headquarters of the sports society – and for the building of the new training centre, services, green spaces and residences.

The property market difficult moment slows down the immediate implementation of real estate projects; therefore, this is the opportune moment to rely on foreign investors who might be interested in investing financial resources in urban projects in Italy. The municipality administration is committed in carrying out extensive works that are calling the attention of various business operators, but a lot must be done to rise up the confidence of potential buyers.

Main source: IlSole24Ore

Read also:

·         Italian banks selling real estate properties to increase their liquid assets

·         Buying a home in a European capital affected by the crisis

·         The demand for cosy farmhouses rises in Italy

·         Italy: prices rise in the areas served by low-cost airlines

·         Sardinia calls the attention of Italian and overseas investors

·         Italy: The luxury market is more than ever alive

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