Roman Holiday: moving to The Eternal City

Roman Holiday: moving to The Eternal City

Rome: talkative, fussy, cramped, but so impressive. It is indeed eternal, is has managed to survive all the turmoil and still it is striking with magnificence. It's a little absurd, its narrow central streets can drive mad even the most skillful driver. Sometimes one can feel like changing the non-stop holiday on city squares to a quiet life in a village lost in the hills.

But it is nothing compared to emotions you experience walking along the streets. Can you imagine it? Right here Caesar gave go-ahead to his troops to set out against barbarians. Somewhere around there were the world famous thermal baths. Wherever you go in the centre of Rome you see history. And it is not the history that you can learn from books, but it is alive, real, sometimes you can even touch it.

Roman Holiday: moving to The Eternal City | Photo 1 | ee24

People go to Rome from all over the world. Perhaps this is a desire for beauty, perhaps, desire to touch the great. I don't know, but the crowds of tourists, several times exceeding the population of the city, fill the historic center every season. But visiting is not the same as living there.

It is prestigious to have real estate in Rome for the British, the Germans, the French, and more recently, for the Russians. The only nuance is value of housing. Everyone understands that it is high enough, but not many of us realize how much. However, not everywhere and not always. Let's try to clarify the situation.

Roman Holiday: moving to The Eternal City | Photo 2 | ee24

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Noisy and expensive

The historic centre has the highest value of the real estate market. This is not only prestigious, but also insanely beautiful. Look out of the window, and you will see either one of the old squares, or the majestic facade of a cathedral, or a spire of a famous tower. However, the beauty has its drawbacks: it attracts not only you, but also millions of tourists.

Roman Holiday: moving to The Eternal City | Photo 3 | ee24

Expensive outdoor cafes fill the evening dusk with romantic melodies, street jugglers and living statues collect tribute of applause, and a cacophony of car horns and shouts of the expansive Roman drivers sometimes muffle even your own thoughts. Well, this atmosphere... you can't escape it. By the way, talking about the atmosphere: city centre is considered to have the most polluted air not only in Rome and Italy, but in the whole of Europe.

In the central area, you can find mostly luxury real estate. The cost depends on the proximity to famous attractions, floor, presence of elevator, space, interior design and other factors. The average price per square meter can range from €9,500 up to €27,000.

Roman Holiday: moving to The Eternal City | Photo 4 | ee24

While searching for an apartment in the historic part of Rome, be aware that only flats "with history" are offered for sale here. Moreover, sometimes history is so significant, that there can be certain restrictions for repair. For example, in many buildings the replacements of old frames on the windows is not allowed, you can not change the layout or change position of bathrooms. In addition, there are no elevators in old buildings, so the floor number of your flat becomes very significant.

Quieter and cheaper

As you have guessed, we'll discuss the rest of the city. Price per square meter falls lower with every next quarter further from the centre and price per square meter reaches €2,500. If you decide to buy property ouside the city centre, pay attention to the fact that most plants and factories are concentrated in the southern and south-eastern parts of the city.

Roman Holiday: moving to The Eternal City | Photo 5 | ee24

It is better to buy property in Monteverde area (in the south part of the city center) or Parioli (northern part). There is a lot of greenery, impressive mansions and respectable neighbors - local officials and the aristocracy. However real estate from these areas appears on the market very rarely. Another prestigious residential area is EUR (Esposizione Universale di Roma), located in the south-western outskirts of Rome. In the late 1930's - early 1940's EUR consisted of buildings in neo antique style that were supposed to impress members of the World Expo. However, it did not take place due to the war.

Roman Holiday: moving to The Eternal City | Photo 6 | ee24

Roman Holiday: moving to The Eternal City | Photo 7 | ee24

As in any city, there are districts with cheaper housing. Cheap apartments in Rome are for sale in Appia Nuova, Aurelia, Marconi. But it is better to avoid settling there: areas are close to the railroad tracks, and population here is like in industrial ourskirts of any Russian city.

The point of buying

It makes sense to buy an apartment in Rome only in case you can not imagine your life without this noisy city with magnificent architecture and specific climate. Local real estate is not suitable as an investment for one reason: the annual rate of return is too low. Rent will bring about 3.5-4% per year, and you should not expect the cost per square meter to increase: luxury real estate market is famous for its stability, the rise in prices is minimal. Moreover, for the foreigners the tax rates here are about 7% of the property value.

Text: Nadezhda Degtyareva, for ee24.com