Bolzano
Location and Market
such as Appiano, compensate for the lack of real estate supply in Bolzano. The demand is mostly domestic. The most sought-after areas are Cornaiano and San Paolo, given their proximity to Bolzano and, in the city, the historical centre and Gries. The most common tenant profile is singles and young couples. The most requested properties are new, renovated, non-renovated in in good conditions and preferably furnished. Large outdoor spaces and extra rooms for home-office are particularly appreciated. The health emergency influenced the trends concerning both primary residences and holiday homes. As a matter of fact, the long, at times mandatory, permanence within the domestic walls over the last two years, has changed the concept of living and the desires in terms of indoor and outdoor spaces changed. The possibility to work remotely allowed buyers and tenants from other parts of Italy and abroad to spend longer periods of time in their second homes. This context has favoured the dynamism of both the sales/purchase and the leases market.
2021 was a very rewarding year for the real estate sales market, which recorded a substantial recovery in the second half of the year. The demand grew both for sales and leases, also thanks to a stationary yet scarce supply. Indeed, sales grew more than leases. Absorption times proved to be extremely liquid, ranging between 2-4 months for sales and only 1 month for leases. Over the last 12 months, the request for properties for sale increased, against a limited supply. If compared to the past, the most sought-after properties include apartments or detached apartments, either new or renovated, with large living spaces for home-office activities and wide outdoors. There is a balance between the purchases of a primary residence, a vacation home and as a property investment. Among the most valuabel areas in Bolzano, we highlight, the historical centre, Bozen Dorf and Gries. In Oltradige - Bassa Atesina, the highlights are the villages San Paolo and Cornaiano, whilst in Val Garden the central part of Ortisei, the village of Santa Cristina and the Plesdinaz area stand out, together with Selva di Val Gardena and the Col da Lech area. Indeed, Ortisei recorded the most purchase inquiries in the entire Val Gardena. Regarding the foreign demand, the presence of buyers from Germany is confirmed, especially with interest in the Oltradige-Bassa Atesina area, where 60 % of the searching clients come from abroad. The leasing market is constantly increasing, whereby the outlying areas and neighbouring communities,
The average prices of new and renovated residential properties remain stable on an annual basis in prime locations, while properties in other areas are gaining in value. The prices of new build properties in prime locations range between 5.000 and 10.000 euro/sqm, while prices for renovated properties, also in very good locations, are between 4.000 and 8.000 euro/sqm. The average discount on the initial asking price varies according to the location: In prime locations usually no
Source: elaborations on Italian Revenue Agency data
Source: Engel & Völkers
54
Prices and Fees
Market Report • Südtirol/Alto Adige • Cortina d’Ampezzo