Nobody wants to buy Italian properties in 2021!

The pandemic's quarantine and travel restrictions are altering what potential purchasers are seeking for in future homes in Italy, as well as what they are attempting to avoid. car rental

It's a broad generalization, but it's safe to say that before the pandemic, many Italians didn't lay much emphasis on where they slept at night.

Italy is a predominantly apartment-dwelling nation (more than two-thirds of the population lives in apartment buildings), preferring to spend the majority of their time outdoors, visiting friends and family at cafés and bars rather than staying at home.

This isn't to say that Italians are unconcerned with the state of their homes — far from it. However, one cultural difference that northern Europeans frequently encounter with Italian partners or flatmates is a lack of enthusiasm in making the place particularly pleasant or homey. After all, it's mostly a place to sleep, shower, and brew a cup of coffee before rushing off to work.

That was the situation until about a year ago, at least.

The pandemic appears to be affecting various housing trends in Italy, notably the long-standing preference for apartment living.

We don't think that now that remote working is becoming more popular, all Italians will be searching for a life in the suburbs. However, some property kinds have grown in popularity while others have declined.

If you're considering of selling or buying a home in Italy in 2021, keep the following points in mind.

It's too small

More space was one of the most wished-for items with Italians on lockdown in 2020, as evidenced by current market trends.

The average Italian home is 81 square meters, which is smaller than the averages in Spain (97 m2), Germany (109 m2), and France (112 m2).

According to a study by real estate website Immobiliare.it, searches for properties of 100 square meters or more have surged in the previous year.

This shift in priorities is estimated to have contributed to property price declines of more than 10% in core areas of major cities like Milan, Rome, and Bologna, where modest apartments have long been the only affordable alternative for the majority.

There is no outside space available.

There's no doubt that until the pandemic is over, Italians will continue to live in apartment blocks, but having some type of outside space, like as a balcony, patio, or garden, is more crucial than ever.

The filter for properties with balcony or terrace is now being used up to 40% more than this time last year, according to property search engine Idealista.

And it appears that some people have entirely reassessed their priorities and are now looking for even more space.

Rural properties have long been thought to be the domain of retirees and foreign second-home owners in Italy, but this perception looks to be changing.

According to a survey conducted last year, there is a growing trend among young people who want to relocate away from cities (up 20% from the same period in 2019).

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During the lockdown, demand for residences in the Italian countryside increases.

In a market where flats and new-build homes have long been more in demand, Italy has a substantial supply of older, generally rural houses that have long proven difficult to sell.

However, the government's renovation superbonus, which was introduced as part of a package of financial aid for the country, has made renovating an old house in the countryside a more realistic prospect – particularly for younger generations who previously would not have been able to afford such a project.

“This is pretty fascinating since it expedites requests for properties that require extensive renovations,” said Sara Zanotta of Lakeside Real Estate in Lake Como.

In January, she told The Local that “enquiries for this type of property will climb by up to +45 percent in 2021.”

“These requests grew by 32% from July to December 2020 compared to the same period in 2019.”

Facilities that are outdated or do not exist

Due to the pandemic, older houses and flats with an outmoded layout, lack of natural light, or poor functionality are significant no-nos in Italy these days, as well as important considerations in why new, more practical structures are expected to see prices stay consistent.

While old-fashioned flats with lengthy corridors and many little rooms are no longer fashionable, estate brokers claim that more modern open-plan layouts (or "open space," as they're known in Italy) are also becoming less popular as people spend more time at home.

Because most flats available in Italy now meet one of those descriptions, buyers are apparently customizing new homes more than they used to, such as smashing down walls or changing undesirable layouts.

Property without a lift in the building or parking spaces is likewise less desirable.

Increased demand in "multifunctional residences, with greater dimensions and modular areas ideal for remote working," according to estate agents' expectations for Italy's property market in 2021.

Those who want to stay in apartments will increasingly seek for buildings with additional amenities, such as a garage, gym, storage, or multipurpose rooms.

Location

Houses in prime sites, such as along the shore or near lakes, have traditionally been more expensive, and this is unlikely to change.

Property prices outside of regional capitals, on the other hand, rose for the first time in years, as individuals increasingly want larger homes in quieter places, according to property experts.

According to a joint analysis by Italian estate firms Gabetti, Professionecasa, and Grimaldi, “non-capital municipalities rose the most, at +8.1 percent, compared to a fall for capital city municipalities (-6.7 percent).”

People are migrating to the provincial fringes of large urban regions in search of space, greenery, and greater independence, as they are in many other countries.

While foreign real estate companies report that despite the pandemic, there is continued demand from would-be purchasers abroad, Italians are increasingly looking to buy a second (or first) house in the country.

However, demand is increasing in historically underserved portions of the country, as well as in typically pricey cities.

Due to the advent of remote work or ‘smart working,' more people are considering relocation to rural areas, with southern Italy becoming a popular destination for those wishing to trade city life in the north for a reduced cost of living.

While there are claims that as a result of the pandemic, more people will return to Italy's many depopulated hilltop communities, these hopes may be impeded by the reality that such regions typically lack infrastructure and internet connections.

Under the current circumstances, a property that offers neither city transportation nor the extra acreage provided by the countryside or suburbs is unlikely to be scooped up.