Genova home market draws buyers with relatively affordable prices

Genova is a coastal city in northwestern Italy, squeezed between the sea and hills, with about 600,000 residents along a 33-kilometre strip.

Homes cost less there than in cities such as Milan, Rome, Turin and Naples, while rents are also relatively affordable.

Comparing home prices with rents suggests that Genova has the highest rental yield among large Italian cities.

The market is attracting interest from investors, and local estate agents report steady sales and more demand from people investing their savings.

Almost no new homes can be built, and much of the housing stock is old.

Some large, high-tax homes are difficult to sell unless they can be divided into smaller units, which better fit current demand for compact, energy-efficient housing.

Parking is also scarce, and many older garages are too small for modern cars.

Buyers are showing interest in central and nearby districts, including San Fruttuoso and Marassi, which are close to university faculties and San Martino Hospital; prices are expected to rise over the medium term, according to the local estate agents’ association president.