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Yes, the analysis of Turin's property market is included in our pack
Have you ever thought of buying a nice property in Turin? You're not alone!
Many people are drawn to Turin's Italian charm and dream of owning a charming apartment or a modern townhouse in the city.
Would it be a smart investment, though? Are property prices increasing in Turin? What is the current trend? Should I buy property in the city center or San Salvario? What are the property taxes? Where can you get a rental yield above 7%?
We know the answers.
The Investropa team has done their homework on this market. As a matter of fact, we've put all our findings together in a pack. Get it now.
In the lines below, we will share some of this knowledge.
How's the property market in Turin?
What's happening with the property market? Some say it's going up, others say it's going down. Our approach is distinct—we rely on fresh data and stats to reach the correct conclusions.
Types of properties
In Turin, there are various types of properties available for sale to suit different preferences and needs.
These include apartments, which are usually smaller and more suitable for individuals or small families, and come in a range of styles and locations across the city. For those seeking more space and privacy, there are townhouses and single-family homes with gardens or courtyards, ideal for larger families or individuals looking for a suburban lifestyle.
Additionally, Turin offers charming historical properties, such as villas and palaces, which provide a taste of the city's rich cultural heritage and are often found in exclusive neighborhoods. F
inally, there are modern and contemporary condos or penthouses, perfect for those seeking a luxurious and convenient urban living experience.
Whether you're looking for historic charm, spaciousness, or modern convenience, Turin's property market offers a diverse range of options to cater to every buyer's preferences.
Buy or rent?
(If you're keeping it for yourself and not renting it)
If Turin is your city of choice, you may be thinking about the advantages of buying versus renting a property in this historic Italian city.
Usually, buying is better than renting in Turin due to its low cost of living and strong real estate market.
But, if you prioritize flexibility, renting is the way to go.
Property prices in Turin
On average, according to the last data from National Institute of Statistics (ISTAT), purchasing a property in Turin would cost you around $8,000 per square meter.
Naturally, things are quite spread out. The value of a square meter for an apartment in Turin city center might differ from a suburban house in Lingotto. We actually offer a more in-depth analysis in our pack for buying property in Turin and in Italy.
To put things in perspective, it is close to the prices you can find in a city like Osaka.
Also, housing prices in Turin are 19% cheaper than inhttps://investropa.com/blogs/news/turin-propertyMilan.
The most expensive neighbourhoods in Turin are probably the Quadrilatero Romano and the Crocetta districts, while the cheapest are the San Salvario and the Madonna di Campagna areas.
Trends
First and foremost, we have to acknowledge that Italy remains, today, a very stable country. The last Fragile State Index that has been reported for this place is 43.4.
It is something to have in mind when wondering whether it's a good investment to buy a property in Turin.
Also, according to the International Monetary Fund, Italy's economy is expected to soar by 4.8% in the coming 5 years, resulting in an average GDP growth rate of 1% (it's not much).
If you intend to invest in real estate in Turin it's a good thing because, as the economy grows, people's incomes (usually) increase, motivating them to invest in real estate, which causes a rise in property demand and prices.
Also, in Italy, the average GDP per capita has changed by 4.1% over the last 5 years. The growth, although minimal, is still present.
Looking for more updated data? We've done a big-picture study to find out if it's a good idea to purchase property in Italy right now.
Buying property in Turin
It can be difficult to buy property in Turin due to the lack of reliable and updated information available. That's why we have created the pack to buy property in Turin and in Italy.
Buying process
In the pack of documents we have built, we've covered everything about buying a property, from the contacts you'll need to the taxes that need to be paid, and even where to look for available properties.
Now, we're presenting a simpler version to make it easier for you to understand and follow along.
This is the step-by-step process to purchase a property in Turin:
- Determine your budget and requirements, considering the cadastral value (rendita catastale) of properties in Turin.
- Find a reliable real estate agent familiar with the Turin property market.
- Search for properties in Turin's neighborhoods that match your criteria.
- Arrange property viewings, keeping in mind the local urban planning regulations (piano regolatore).
- Conduct thorough inspections, checking for the Certificato di Agibilità (habitation certificate) and energy performance certification (certificazione energetica).
- Negotiate the price and terms with the seller, considering the Turin real estate market trends.
- Hire a notary and draft a preliminary sales contract (compromesso) with specific clauses for the deposit (caparra confirmatoria).
- Perform due diligence on the property's legal status and documentation, including the Visura Catastale and Visura Ipotecaria.
- Secure a mortgage or financing, if needed, from a Turin-based bank.
- Sign the final sales contract (atto di vendita) in front of the notary, paying the agreed amount and registration taxes (imposta di registro).
- Register the property in your name at the local land registry office (Agenzia del Territorio).
- Obtain the keys and officially become the owner of the property in Turin.
Also, if you're not from the country, you might want to check our article on how to buy property as a foreigner in Italy.
Make a profitable investment in Turin
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Where to find a property
You may begin your property search in Turin by exploring these websites:
- Immobiliare - Italy's premier real estate portal, providing an innovative platform for property listings and searches.
- Green-Acres - Europe's leading platform for second homes, offering an extensive array of properties for sale in Italy and other countries.
- Immobiliare Italiano - Offering a diverse range of Italian real estate and luxury properties for sale, catering to a variety of preferences and budgets.
- Houses of Italy - A licensed real estate agency that presents a wide selection of properties for sale across different regions of Italy.
- Italian Houses for Sale - A property website that showcases an extensive collection of properties for sale in various regions of Italy, connecting clients with professional agents.
Also, know that we have included contacts of real estate agencies, property lawyers, moving companies, expats communities and more in our pack for buying property in Italy.
Properties & Budget
As mentioned before, the average price per sqm in Turin is $8,000. A 1-bedroom property with 60 square meters would cost approximately $480,000, and a 2-bedroom with 85 square meters would cost around $680,000.
Of course, the price of properties can be influenced by their qualities and the area they're in.
Top neighborhoods in Turin will come with higher price tags. A house in Quadrilatero Romano might come to around $1,510,000, whereas a property in San Salvario could be priced at $850,000.
Nevertheless, there are spots that are more accommodating to your wallet. You may find a house in San Donato for $620,000, or you might encounter a house in Aurora priced only at $500,000.
We give a more detailed pricing list in our full pack for buying property in Italy.
Mistakes to avoid
Here are the main pitfalls specific to buying a property in Turin, Italy:
- Historical Property Regulations: Strict regulations for renovating historical buildings may lead to additional costs and delays.
- Italian Bureaucracy: Dealing with complex paperwork and bureaucratic processes can be time-consuming and challenging for foreigners.
- Earthquake Vulnerability: Turin is in a seismically active zone, so assessing earthquake-resistant properties is crucial.
- Landslide Risks: Some areas are prone to landslides, necessitating geological assessments before purchase.
- Cultural Heritage Restrictions: Properties near cultural heritage sites may have limitations on modifications and usage.
- Local Market Trends: Fluctuations in the Italian property market can impact the property's value and return on investment.
- Maintenance of Old Properties: Historic buildings may require higher maintenance costs and specialist expertise.
- Language Barrier: Lack of Italian language proficiency may lead to misunderstandings and difficulties during negotiations and legal processes.
We don't want this to happen to you, so we have included a full checklist for your property investment in our pack of documents. Avoid these mistakes and save a lot of money.
Everything you need to know is included in our Italy Property Pack
Living in Turin
Living in Turin is a great experience, with its diverse culture, beautiful architecture, and vibrant city life, it is an ideal place to buy property.
Cost of living
The cost of living in Turin is generally lower than in other major Italian cities, with a cost of living index of around 70, making it an affordable place to live. Rent prices are also relatively low, making it a great option for expats on a budget.
Here are some examples to better understand the cost of living in Turin:
- Monthly rent for a cozy apartment in the vibrant Quadrilatero Romano neighborhood: €800-€1,500.
- A glass of local Turin Vermouth (e.g., Martini or Carpano) at a traditional bar: €3-€6.
- Monthly transportation pass for buses and trams within Turin: €35-€50.
- A plate of traditional Turin-style agnolotti pasta at a local trattoria: €10-€15.
- Admission to the Egyptian Museum: €10-€18.
- Monthly membership at a Turin-based fitness studio or yoga studio: €40-€80.
- Fresh produce from the Porta Palazzo Market for a week: €20-€40.
- A bottle of local Barolo wine from a wine shop: €15-€30.
Neighbourhoods
Since we want to share information in a clear and reader-friendly way, we've created a summary table outlining the various neighborhoods in Turin. For yields, prices and rents, check our property pack.
| Neighborhood | Description | Strengths | Weaknesses |
|---|---|---|---|
San Salvario | San Salvario is a vibrant neighborhood known for its diverse culture, lively nightlife, and artistic atmosphere. | Rich cultural scene, excellent restaurants and bars, great public transportation connections. | Can get crowded and noisy, limited green spaces. |
Aurora | Aurora is an up-and-coming area with a mix of industrial charm and modern developments, attracting young professionals and artists. | Affordable housing, proximity to cultural venues, emerging art and music scene. | Some parts still under development, safety concerns in certain areas. |
Crocetta | Crocetta is an elegant residential neighborhood with tree-lined streets, beautiful parks, and historic buildings. | Quiet and safe environment, close to city center, high-quality schools and amenities. | Higher living costs, limited entertainment options. |
Vanchiglia | Vanchiglia is a trendy neighborhood attracting students and young professionals, known for its bohemian atmosphere and creative community. | Hip cafes and boutiques, proximity to the river, artistic and lively vibe. | Parking can be challenging, some areas experience noise during weekends. |
Centro (City Center) | The Centro district is the heart of Turin, offering a mix of historic architecture, shopping, and cultural landmarks. | Abundance of attractions, excellent public transport links, diverse dining options. | Higher property prices, busy streets during peak hours. |
Pozzo Strada | Pozzo Strada is a peaceful residential area known for its green spaces, family-friendly environment, and sense of community. | Quiet and safe, parks and playgrounds, good schools and facilities. | Farther from the city center, limited nightlife and cultural venues. |
Barriera di Milano | Barriera di Milano is a diverse neighborhood with a mix of cultures and ethnicities, offering an array of international shops and restaurants. | Multicultural atmosphere, affordable housing options, excellent international cuisine. | Some areas may be less safe at night, traffic congestion during rush hours. |
Life in Turin
Turin is an important industrial city in northern Italy, with a strong automotive industry and a high concentration of banks, insurance companies, and other financial services. The city also boasts a strong cultural and creative sector, with a range of museums and galleries, and a vibrant food and nightlife scene.
What expats usually like the most in Turin is its rich cultural heritage and its vibrant social life. They especially appreciate the city's many museums, art galleries, cafés and restaurants.
Unfortunately, there is a bit of crime in Turin (the crime rate index is around 52, which is not so low. Examples of crimes in Turin include pickpocketing, theft, burglary, drug trafficking, and fraud, which are mainly localized to the native population and do not affect the expat population.
A good point for a property investor - Turin has a metro system with several lines, which opened in 2006.
Access to healthcare in Turin is very good, with a Healthcare Index of 66. You probably know that when there's a solid healthcare setup, it makes a location more appealing, which benefits real estate.
Finally, it is worth noting that the University of Turin ranks among the top 500 universities in the world.
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Renting out in Turin
This section is for you if you're interested in purchasing property not for personal residence, but rather for the purpose of renting it out to generate rental income.
Long-term
Tenant Profiles in Turin
According to the data reported by Wikipedia, the home ownership rate in Italy is 74%, which is average.
It means that, if you decide to buy and rent out in Turin, there will be a good number of people who can become your potential tenants.
If you decide to buy and rent out to long-term tenants, you should target students, young professionals, and families looking for an affordable place to live in Turin. Additionally, there are a large number of tourists who visit Turin each year, so you could also target short-term rental guests.
Here is a little summary table we've made for you.
| Property type and area | Profiles of potential tenants | What they are looking for | Expected monthly rent in $ |
|---|---|---|---|
Studio in San Salvario | Students, artists | Bohemian vibes, nightlife | $600 - $1,000 |
1-Bedroom Apartment in Centro | Professionals, expats | Central location, amenities | $800 - $1,500 |
2-Bedroom Flat in Crocetta | Families, young couples | Residential area, parks | $1,100 - $2,000 |
Apartment in Vanchiglia | Artists, students | Creative community, cafes | $700 - $1,200 |
3-Bedroom House in Borgo Po | Families, professionals | Quiet neighborhood, schools | $1,500 - $2,800 |
Apartment in Quadrilatero Romano | Youthful professionals | Historic district, dining | $900 - $1,700 |
1-Bedroom Flat in San Donato | Students, young professionals | University proximity, transit | $600 - $1,200 |
Rental yields
Nowadays, rental yields in Turin are usually below 5%. It's not much. A good rental yield is usually around 7% or higher. Maybe, you knew it already.
Rental yields in Turin are typically highest for apartments located in the city center, as they have high demand from both students and professionals due to their proximity to public transportation and other amenities. Additionally, properties located in the suburbs tend to have higher yields due to lower property prices compared to city center apartments.
For further explanation and a more detailed breakdown, you can check the reports and analyses we have made.
Finally, be aware that rental incomes in Turin are taxed at 21%, which is not bad.
Short-term
You could also decide to rent short-term to tourists visiting Turin for a few days or to students attending the University of Turin. Additionally, professionals attending conferences or business meetings could also be potential tenants.
If you decide to go with that option, look for properties in the areas of San Salvario, Aurora and the city centre, as they are popular among tourists and have good transport links.
Currently, there are approximately 5,000 active Airbnb listings in Turin, reflecting a highly dynamic and bustling short-term rental market. The average daily rate stands around $86.
You have the opportunity to generate a nice additional income stream then. According to online testimonials and analytics platform like AirDNA, Guesty and Inside Airbnb, people who offer short-term rentals in Turin can make around $1200 per month. Also, the average occupancy rate is estimated at 67%.
Is it worth buying real estate in Turin then?
Buying a property in Turin can be a great decision if you're looking for a stable and affordable place to settle down. Turin offers a lower cost of living than other major Italian cities, making property ownership accessible.
The market has shown stability, with prices 19% cheaper than Milan. If you want a long-term home and potential appreciation, Turin's property market might suit you. The city's diverse property options, from apartments to historical villas, ensure you can find a place that fits your lifestyle.
On the other hand, if you value flexibility or are unsure about long-term residency, renting is a better choice. Turin's rental market is affordable, offering the freedom to adapt to changing circumstances without the responsibilities of property ownership.
However, buying property in Turin comes with its challenges, including bureaucratic processes, earthquake vulnerabilities, and language barriers. Rental yields are also typically below 5%, potentially impacting your return on investment.
In conclusion, the decision to buy property in Turin depends on your specific needs and goals. It can be a smart investment for long-term stability and affordability, but renting might be a better option for flexibility and higher rental yields. Consider your circumstances carefully before making a decision.
Make sure you understand the real estate market in Turin
Don't rush into buying the wrong property in Italy. Sit, relax and read our guide to avoid costly mistakes and make the best investment possible.
The content provided here is for informational purposes only and does not imply endorsement or advice. While we strive for accuracy, we do not guarantee the completeness or reliability of the information, including text, images, links, or other elements in this material. Following the content and analyses presented here does not assure specific outcomes. For guidance tailored to your individual circumstances, it is recommended to consult with a professional, such as a lawyer, accountant, or business advisor.