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The attractiveness of real estate in Rome for Russians (Italy)

Russians are now actively buying real estate, and Russians have always had an interest in real estate in Italy.

An increase in the number of students, a decrease in family size, an aging population, and growing

urbanization create internal demand for real estate in Italy, especially in the investment market.

Rome cannot boast of a number of new buildings compared to other European cities, but the residential

real estate market has been on the rise since 2017, and now it is a fairly stable market.

Italy’s housing market is recovering gradually, despite the country´s struggling economy. Demand is now

rising. Residential construction activity is increasing. About 90% of real estate transactions are in Italians.

Foreign buyers account for about 5-10% of all transactions in Rome as a whole. Moreover, in the low-cost

housing segment there are about 20% of them. Among foreign buyers there are many citizens of the USA,

France, Great Britain, Switzerland, Scandinavian countries. International buyers are more interested in

buying property as an investment or for use as holiday homes.

In Rome, there are no restrictions for foreigners to purchase real estate, and taxes in Italy are among the

lowest in Europe. Until 2015, Russians occupied the 3rd place among real estate buyers in Rome. But at

present, Chinese and Arabs prevail among foreign buyers. Buying a home by non-EU citizens gives you the

right to count on a “golden visa” provided that you invest in real estate in excess of 1 million euro. Most

often, the residence permit is requested by citizens of China and Russia.

There are more and more Russians interested in buying residential real estate in Italy: over the past two

years, the number of requests has increased by 60%. Most often, Russian buyers are interested in regions

Tuscany, Liguria, Lake Como and Garda, and partly Calabria. The demand for real estate in Italy from

Russians from large cities of Russia (Moscow, St. Petersburg, Nizhny Novgorod, Novosibirsk, Yekaterinburg,

etc.) has increased from the middle class, who are considering the purchase of apartments or small villas.

Russians occupy a very small part of real estate buyers in Rome – about 15%. The average budget for an

apartment in Rome among Russians is from 500 thousand - 1 million euro. In the central quarters of the

capital, the cost often exceeds € 10,000 / sq m. On average, it’s worth counting on € 5,000-6,000 / sq m.

Rental rates for housing in the historic center of Rome are in the range of 21-29 euro / sq m. At the same

time, the annual rate growth is observed on average by 4%. The most interesting areas for the acquisition

of real estate may be the areas of Parioli or Trastavere with redevelopment projects.

For wealthy Russian buyers, owning property in Italy is a sign of wealth and status. The interest on the part

of Russians in buying commercial real estate is constantly growing, which guarantees obtaining a residence

permit in Italy based on business reasons. The Russians prefer to buy real estate in good condition, with

perfect finishes, because they do not want to have difficulties associated with repairs in Italy. It is very rare

to buy housing that needs repair.

Russians that buy real estate in Rome are paying more attention is paid to custom-made, personalized

housing solutions with innovative services ranging from a personal architect to the concierge as if living in a

luxury hotel, right up to the cookery service with chefs available to make dinner for homeowners in their

new house.

News

The most popular investment instruments for Russian citizens are savings accounts in banks, foreign

currency, real estate, life insurance and cryptocurrencies.

The real disposable income of Russians in the third quarter fell by almost 5% after a record drop of

8.4% in the second, Rosstat reported.

In September 2020, the monthly increase in consumer prices (as estimated seasonally adjusted) decreased to 0.25% compared to 0.38% in August, according to the next release of the information and analytical commentary “Dynamics of consumer prices”.

Consumer demand in the first seven months of 2020 in Russia decreased due to the coronavirus pandemic by an average of 6.7% relative to the result of January-July 2019.
Net capital outflow in January-August 2020 increased 1.7 times compared to the data for the same period last year – from $20 billion to $34.8 billion.
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