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Property for sale in Italy: Turin holds steady

Following our blog on Milan leading the recovery in the property in Italy market, there are also signs that the nearby historic city of Turin is also weathering the storm reasonably well.

Turin has seen a slight 0.3 per cent rise in property prices in the first three months of 2009, a new study shows. The average property now costs €2,267 per sq m. It means a 68sq m apartment – fairly typical for the city – costs around €154,000 and a 100sq m apartment would set a buyer back by some €226,700.

The city neighbourhoods of San Paolo-San Donato have seen property values more or less remain steady (a slight one per cent rise to €2,370 per sq m. However, for the first time since detailed real estate records began, the historic city centre (the Centro-Crocetta district) registered a slight 0.6 drop in property values. This comes after meagre growth in the second half of 2008. It still leaves the average cost of housing in this part of the city at around €3,034 per sq m.

Prices have kept stable in the popular districts of Borgo Vittoria-Valletta (up 0.3 per cent to €1,921 per sq m) while there has been a modest drop in prices in the suburbs of Santa Rita-Lingotto-Mirafiori (down 1.2 per cent to €2,166 per sq m), and a slowing-down in the area of Aurora-Rebaudengo to the north-east of Turin (a 0.1 per cent drop to €1,682 per sq m). This area remains Turin’s most affordable.

Detailed analysis of the market in the hilly area of Vanchiglia-Borgo Po-Moncalieri to Turin’s east was not possible due to the low availability of property for sale.

However, this area is known for its high prices, ranging from the slightly more affordable homes close to the banks of the River Po, to apartments in the hills which often come with a price tag in excess of €5,000 per sq m. The figures come from a study by Italian real estate portal, which examined more than 750 homes.

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