Increase in Property Value:
The average price per square metre of properties located above the Mose activation threshold, i.e. above 110 centimetres, increased by 3% over the period 2020-2021. However, it is the ground floor sector that shows the most significant growth, with a 7% increase over the same period. Alessandro Mistretta, one of the authors of the study, presented the results during the 'In viaggio con la Banca d'Italia' initiative in Venice.
Data confirmed for 2022:
The study has been extended to 2022 as well, confirming the positive trend. The average price per square metre of 'low' properties between 110 and 140 centimetres increased by approximately 150 euro. This increase increased the value of residential real estate from €120 million to €670 million in just two years.
Methodology of the Study:
To obtain an accurate map of homes in the historic centre, data provided by immobiliare.it was cross-referenced with the municipality's database containing a three-dimensional representation of the city. The mapping showed that 60 per cent of the houses, out of a total area of approximately 3.3 million square metres, are between 110 and 140 centimetres high.
The Mose as a Turning Point
According to Mistretta, the Mose represented a turning point in the value of Venetian real estate, even those located on the lower floors of buildings. In addition to the increase in value, the Mose has brought significant benefits by reducing collective tidal costs and improving the city's sustainability.
During the conference, Iuav Rector Benno Albrecht emphasised the importance of anticipating future challenges, highlighting Venice's key role as a city capable of anticipating the future. The activation of the Mose is now catalysing a real estate 'revolution', bringing traditionally undervalued spaces back into the centre of planning due to increasingly intense and frequent tides.
These data highlight the positive impact of the Mose on the Venetian real estate market, with significant consequences especially for ground-floor properties, which are now more desirable and valued.
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