Bare ownership of properties: discounts of up to 51% in some Italian cities according to Idealista

In the meantime, it is necessary to start from what bare ownership of a property is. This is the situation that occurs, for example in the case of an apartment, when the person who owns the house does not have the right to live there or use it. In fact, there is another figure, the usufructuary, who enjoys that right for life or for a specific period of time. It is a legal institution that can be applied to an apartment: the owner decides to sell the home, while maintaining the right to live there until his death or for a pre-established period of time. The new owner thus purchases the property, which he will only be able to use at a later time, but usually at a heavily discounted price compared to the 'traditional' price.

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Having clarified this, it is possible to return to the analysis carried out by the Idealista Research Department. From this it emerges that the distribution of bare ownership sale advertisements is rather uneven at a national level. At the top of the ranking in terms of percentage impact on the overall number of offers is Trieste - with 3.8% - followed by Rome with 3% and Naples with 2.1%. In Bari and Cagliari, however, the share is 1.8%, in Livorno 1.7%, in Bolzano and Savona 1.6%. Genoa and Milan, on the other hand, recorded 1.5% of bare ownership advertisements, Bologna 1.4%, Florence 1.4%, Turin and Verona 1.3%.

According to the Idealista Research Department, the geographical distribution of sales announcements responds to two different market logics: on the one hand there is the tension of the real estate sector, which makes bare ownership a liquidity tool in cities where residential demand is high; on the other hand, the demographic condition of the population weighs heavily, with cities such as Trieste, Genoa and Savona having one of the oldest populations in Italy.

Having said that the local distribution of adverts, it is then useful to focus on the prices of houses in bare ownership: in the capitals examined by Idealista, these properties systematically present a discount per square meter compared to the market values ​​of full ownership. The most evident differences are recorded in Trieste, where the cost is 41% lower. Following are Florence (-38%), Bologna (-34%) and Turin (-31%). The change was also significant in Bari and Livorno (-29%), Milan (-26%), Rome and Cagliari (-24%), Verona (-21%). Smaller differentials instead for Palermo (-12%), Genoa and Naples (-11%).

Broadening the gaze not only to the capitals but to entire provinces, the phenomenon becomes even more evident: the difference between the price of properties in bare ownership and full ownership is more marked in Lucca, where it reaches -51%, and Savona and Trieste, where -40% is recorded. Brescia (-38%), Padua (-33%) and Livorno (-32%) also appear in the ranking. Significant values ​​are also recorded in the provinces of Monza-Brianza (-29%), Florence, Verona and Rimini (-28%), Bologna (-27%).

A phenomenon that emerged from the analysis of the Research Office is that of the price differential which tends to attenuate moving from the capital to the province. For example, in Rome the discount drops from -24% in the capital to -11% in the province, in Milan from -26% to -14%, in Turin from -31% to -17%, in Florence from -38% to -28%, in Bologna from -34% to -27%, in Bari from -29% to -11%. A trend which according to Idealista "probably reflects the structure of market prices: in the capitals, where the values ​​of full ownership are higher, the percentage discount of bare ownership is amplified compared to the hinterland". Therefore, for the inhabitants of big cities it is more convenient - in percentage - than for those who live in the provinces.

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