Real estate in Pistoia: sharp drop in sales
Data of houses purchased in the city in the second half of 2023. The most sought-after areas are Adua Avenue, Stadium, Virgin, and Valdibrana.
Pistoia
A demand far outstripping supply, but held back by mortgage interest rates. A factor that the residential real estate market and young couples looking for their first home are still impacted by in Pistoia as throughout the Country. And indeed last year, compared to 2022, the volume of sales dropped by more than 10% nationally and 17% locally, with the capital municipality covering 30% of the sales recorded throughout the province.
With regard to the value of houses bought and sold in the municipality of Pistoia, the Omi (Osservatorio del Mercato Immobiliare) quotations of Agenzia delle Entrate for the second half of 2023 capture a stable situation compared to the previous six months. Apart from a slight decrease in value in the historic center and an equally hinted increase in the upper hills, in the other areas the average price estimated in euros per square meter remains roughly unchanged. For a total average estimated at around 1,500 euros per sqm. Numbers well below those affecting nearby Lucca, Prato, not to mention Florence, which is a case in itself.
Low supply
“In Pistoia there is currently a strong demand for real estate,” explains Filippo Gelli, a partner in the real estate company Errecasa and vice president of Fimaa Confcommercio Pistoia e Prato, “and unfortunately a low supply on the market. We could look for one of the causes just in the difficulty of accessing mortgages, in the sense that the young family that in hypothesis has to sell their home to buy a larger one, with the help of a mortgage, often decides to wait for better times so they give up putting their property on the market.” In a chain, the mismatch between supply and demand is also reflected in the residential rental market, due to the growing number of owners who decide to turn to the more fruitful tourist rentals.
Trends and most popular areas
The trend of tourist rentals is closely linked to the growing interest in buying apartments for investment purposes. “The main motivation lies in the desire to protect oneself from the effects of inflation,” comments Monica Andreotti, owner of Pistoia Casa and national vice president of Fiaip, “with the aim of maintaining their capital and securing an income, perhaps by buying small properties especially in the central area of the city. Otherwise there is an increase in villas for sale due to the decrease in families: often the generations that inherit valuable properties prefer to put them on the market rather than keep them, but unless they can be divided the demand is not high.”
The most popular areas for the first home? “Pistoia Nuova (the western part of the city nearest the center, ed.), viale Adua and viale Europa near the stadium,” answers Andreotti, “but also Valdibrana, because after the pandemic there is great appreciation for areas that offer a garden or outdoor spaces. “Some markets that have been stopped for years are back in interest, like the one in the hillside hamlets,” confirms Filippo Gelli. To this map, Mattia Fabbri, CEO of Studio Immobiliare Sì, adds “the first suburbs, between Virgin, Via Benedetto Croce and nearby,” reporting the consolidated trend of “looking for properties with important finishes or recent renovation.” Also because with the rising cost of materials “there is a tendency to want to buy a finished property.”
And since there are few quality ones, “the price does not go down.” Fabbri emphasizes the centrality of Pistoia: “We have sold and rented a lot even to people from outside or foreigners, precisely because of the strategic location combined with excellent livability. With the right accommodations Pistoia will be able to increase real estate values by a lot. The Omi quotations are indicative estimates, in the center we have made sales even for 2,500 euros per square meter.”
Perspectives
Regarding the future, Filippo Gelli speaks of “cautious optimism in the medium term. The current year sees minimal faint hints of improvement on mortgage-related rates, and this gives us hope for a recovery in the sector.” The non-residential market is a separate discussion, “which is now seeing a stasis for commercial properties and offices, while for industrial warehouses demand is high and can only be met with careful but quick land planning.” He is generally echoed by Mattia Fabbri, who says that “the lack of new construction is slowing down a lot. There are also so many areas that could be redeveloped and more rebuilding opportunities would be needed, for example in Sant’Agostino, as well as expansion of civilian housing.”
