Real estate in major European cities has had a wild ride in 2019.
Naples,Italy – Always a popular destination for holiday-goers, Naples has seen a 15% increase in property sales over the past year. By being an hour away from Rome (by train) on the coast of the Mediterranean, with a warm climate and Capri and Ischia islands nearby, it has become a popular place to live over and above the more population-dense city of Rome.
Batumi, Georgia – This port town is the third largest city in Georgia and home to the popular Black Sea Resort. At the moment there are no height restrictions on new buildings so developers and buyers alike are maximizing on the opportunity. According to data from Batumi Expert, new construction homes cost approximately $37 per square foot and the majority of buyers in this city are from overseas. An estimated 22,752 homes (including single-family and condos) were built over 2018 to 2019 as a response to the increased demand.
“With plenty of land available in Batumi and little restriction on development, new projects are popping up in the city to cater for the uplift in demand,” said Dietz. “Investors, also from neighboring Turkey, are attracted to the 2,000-year history and culture as well as the favorable prices compared to other more well-known European coastal hubs.’’
Székesfehérvár, Hungary – This secondary market has a 17% increase in home sales when compared to 2018.
Rotterdam, Netherlands – After Amsterdam, this is the largest city in the Netherlands. Prices here have increased about 10% since last year.