Real estate situation in Florence

 

Living in Florence is the dream of many Italians and foreigners, both students and workers, in love with this ancient city with its timeless charm. Piazza del Duomo, Ponte Vecchio, Palazzo Pitti and the Boboli Gardens, the Uffizi Gallery: this and much more is Florence.

Florence was the “Cradle of the Renaissance”. Artists such as Brunelleschi and Masaccio, Donatello and Michelangelo, Lorenzo the Magnificent and Savonarola have worked in this city, leaving extraordinary works of art. Birthplace of Dante, Machiavelli and Galileo, Florence maintains its essence as a city of art unchanged. Works such as the brick dome of the Cathedral of Santa Maria del Fiore by Brunelleschi, the statuary perfection of Donatello’s David and the intensity of Michelangelo’s Tondo Doni stand out.

If it is true that the city is marvelous from an artistic and cultural point of view, it is also true that when you consider moving to a new city you have to consider many aspects, and the presence of museums or monuments becomes not so important.

Buying a house or an apartment in Florence means getting to know its neighborhoods and knowing the types of services that can be used. Choosing the right neighborhood is essential, since buying a home assumes that you will live in that place for several years. It is necessary to consider whether the area is served by public transport, if there are supermarkets and pharmacies, if there are schools for children, if the district is quiet and safe.

The historic centre is the district of the Duomo, Palazzo Vecchio, the Uffizi, the Accademia Gallery. A district on a human scale, which can be visited on foot with serenity and pleasure. Buying a house in the historic centre is therefore an investment for the future, but at the same time the costs for the purchase are high. Among the major problems is the scarcity of parking spaces for cars and the lack of lifts in many period buildings.

In the Campo di Marte district there is the football stadium, where in summer there are also some concerts. Not far from the stadium is the Mandela Forum, the concert hall of the city, every year there are numerous events that take place inside the structure. It is a residential area served not only by numerous buses, but also by the Campo di Marte railway station.

Isolotto is a residential district of Florence from the early twentieth century. There are many green areas, supermarkets, gyms, shops, means of transport (it is crossed by line 1 of the tramway that connects Florence to Scandicci) and from here you can easily reach the A11 motorway and the Florence airport.

Rifredi is the largest district in the city. It is also very populated due to the presence of the University. It is also served by supermarkets and means of transport (including a train station, the tramway and the airport located in the Peretola area).

Of course, many would like to have properties in Florence with a garden or a large terrace. But houses with open spaces, in Florence, are a rarity and the costs are therefore very high.

During 2020, the asking price for real estates for sale in Florence was highest in the Porta Romana area (near Palazzo Pitti), with € 5,169 per square meter. On the contrary, the lowest price was in the Mantignano area (East Florence) with an average of € 3,025 per square meter.

Rents in Florence are expensive. The asking price for rental real estates in Florence was, in 2020, the highest in the Porta Romana area, with € 16.80 per month per square meter, while the lowest price was in the Isolotto area, with a average of € 12.10 per month per square meter.
The cost therefore starts from a minimum of € 650 per month for a small apartment of about 40 square meters up to € 1,150 or € 1,300 for a three-room apartment of about 60/65 square meters, expenses excluded.

Undoubtedly the city of Florence is extremely stimulating from the university point of view. It is in fact one of the best cities to study in. Among the most common difficulties that students encounter in Florence is that related to the cost of rents. In normal times, a single room in Florence costs a minimum of € 400 per month, while the cost of a double room is around € 250 per month.

The values of the real estates in the historic centre of the city has remained unchanged, also due to the significant decrease in tourists in recent months, with values per square meter from a minimum of 3,000 euros for economic real estates to 4,500 euros for new apartments in the area of Santa Maria Novella. However costs are much higher for refurbished stately properties in the most prestigious areas, between Santa Croce and the Cathedral. Also in all other areas of Florence the cost of properties has gone up, with prices from a minimum of 2,000 euros per square meter for cheap apartments up to a maximum of 3,400 euros for new elegant buildings that are spreading into new areas.

At this moment the feeling is that the real estate market in Florence is still stable. There is no oversupply or significant decrease in demand that could lead to the presumption of a price drop in the near future.