“The Cradle of Italian Liberty”
Discover Turin's Real Estate
Turin is the capital city of Piedmont and the Metropolitan City of Turn. It was the first Italian capital from 1861-1865. The city is a prominent business and cultural center in North Italy. It is surrounded by Superga Hill and the western Alpine arch. The urban area’s population is estimated at around 1.7 million, while the city proper is home to around 875,698 people. Turin’s metropolitan area has a population of 2.2 million.
Culture, History, and Business
Turin used to be a major political center of Europe. It was also the capital Savoy Dynasty, then the Kingdom of Sardina, and then the first capital of the Kingdom of Italy. It became part of the famous industrial triangle, along with Genoa and Milan. Also, it became a major crossroad for trade, industry, and commerce.
Turin experienced a shift to an industry-based economy from a service-based one. The city’s economy relies heavily upon its aerospace and automotive industries. It serves as the headquarter to Fiat and is still home to a large Fiat factory.
Technology and innovation industries are booming in the city. Turin generated a GDP of $68 billion in the year 2008, ranking it as the world’s 78th richest city and 16th in Europe. It accounts for 8% of the country’s total GDP.
Real Estate Appeal
The city’s tourism sector heavily drives the real estate of the city. This has led to a continuous increase in property prices and ROIs. Some of the prime locations in the city of Venice for real estate investment are Vanchiglia and Borgo Po, San Salvario, Quadrilatero Romano, The Historical Center, Crocetta, San Paolo District, Valentino Park, and others. The pricing of these prime locations is sky touching but relatively reasonable compared to other cities in the country.
Rental yields at the city center are at a rate of 3.7% while outside the city center, it is hovering about the 4.69% mark. The cost of renting a one-bedroom in the city center and outside the city is €570 and €421.67, respectively. Similarly, the cost of renting a three-bedroom in the city center and outside the city is €1,086.55 and €740.17, respectively. The cost of an apartment in the city center is €3,452.27 per sq. meter while outside the city center cost €1,938.46 per sq. meter. For details of why you should consider investing and the hottest neighborhoods, see our subsequent related articles.
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