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  7. Italy, Spain, Portugal: the three-way bet for real estate investors

Italy, Spain, Portugal: the three-way bet for real estate investors

Les Echos

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Italy, Spain, Portugal: the three-way bet for real estate investors

If prices have fallen in Italy, they explode in Spain and Portugal. But the price per square meter in these countries remains very affordable compared to what is practiced in France.

Unlike Spain and Portugal, the health crisis has not benefited the Italian market. Prices have fallen by 4.7% since March 2020, so that the average price per square meter is among one of the lowest in Europe. Alexander Kraft, CEO of Sotheby's International Realty France-Monaco is surprised by this phenomenon, especially since the country benefits "in the European collective imagination from a very positive image with its historical past, its culture, its art of living and its sun. But neither supply nor demand is lacking.

He adds that “it is the buyers who have power. Even in the most popular cities like Rome or Florence.» Diletta Giorgolo, Head of Residential at Italy Sotheby's Realty explains that in the historic center, prices per square meter rise between 6000 and 7000 € for a property in perfect condition, and from 5000 € in areas close to the center like Prati, Monti, Parioli or Trastevere. In Puglia, prices are negotiated between 1000 and 4000 € per square meter, and in Sicily, exceptional properties in perfect condition are sold between 3500 and 4000 € per square meter.

In Spain, since 2015, prices have been steadily increasing and this trend has accelerated since the pandemic. The average price per square meter is €1824, which leads to strong demand in the territory, but certain areas are more sought after than others, such as Madrid, Barcelona and the Balearic Islands. In Madrid, prices rose by 1.6% in one year, to €3,744 per square meter on average.

With a 27.5% increase between March 2020 and January 2022, prices have exploded in Portugal. The country has just recorded the strongest tariff growth at European level since the coronavirus crisis. Today, the demand is clearly greater than the supply. This phenomenon is even more marked in Lisbon where the average price is €3,692 per square meter, and €6,000 in neighborhoods like Estrela or Intendente. Despite this pressure, prices remain very attractive for French buyers.

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