Hello from Florence & Venice, Italy! I am here with 15 students learning about business & culture. And eating.
In our wanders, I am also perplexed & curious about how the housing market works here, Venice specifically.
TOURISM is the name of the game here, with only 53,000 residents living here & most choosing to AirBNB their home given the cost of housing here.
In our walk about around the city, I found three different real estate agents. This island was settled (reported at least) in the 6th century, with the 'NEW' homes beings after 1794 (when Napoleon invaded). So 'NEW' is still 250+ years old.
Along with AGE of home, Venice is SINKING. That is right, sinking. The city was built on lagoon & large wooden pile-ons. That wood is starting to decompose (shocker right, its only 1000 years old) along with changing weather pattern, the AQUA ALTA is occurring more frequently. They have special metal barriers they place in front of their doors and all residents own waders (see pic below).
Totally sold you right? YOU WANT TO BUY IN VENICE RIGHT?
Now here is the kicker, its extremely costly. The AVERAGE PRICE for a 2 bedroom, 1 bathroom, living room & kitchen is 550,000 euros (8,000-10,000 euros per square meter). Sorry, no boat 'garage' included.
I don't know the cost to maintain a 250+ year old home, but it seems like it would be high due to the moisture & flooding issues. I have yet to find an insurance agent here.....I shudder to think how much that costs, or if its even available. Which then makes me wonder how you get a mortgage loan on a home here.
Coupled with this fun filled fact, the average annual wage is $36,658 per person. Compared to the US, with an annual income of $60,558 per person. WOW right. How does that work?
One final note, street art. LOVE street art. Come to Italy for street art. And food. And wine. Not the real estate.
Sorry my post is late this week peeps..busy in Venice!
Have a great week!
Hi, I am Summer, real estate agent in NE Iowa. This blog is about life, of which Real Estate is a part of. Happy reading!