The old port of Trieste is set to undergo a major transformation over the next decade. A new urban district will be developed on this degraded and long-abandoned area, featuring residential units, museums, hotels, restaurants, a new marina, a large park, and a beach. This new district will be connected to the city’s hinterland and Opicina by a new cable car. The entire project, valued at around 600 million euros, will be carried out through a public-private partnership.

The municipality of Trieste has announced a tender to select a private partner to collaborate on the revitalization of the old port area, located south of the main railway station. The site spans 66 hectares, currently occupied by mostly abandoned warehouses. According to the plans, the new district will feature 63,000 square meters of residential space (with at least 300 apartments), a hotel with 200 rooms, a student dormitory, museums, office spaces, restaurants, and a garage with 1,400 parking spaces.

Cable car connecting the city center and Opicina

The project also includes two new public squares and a central promenade. One of the key features will be a new marina with 500 berths. The district will also have a beach, recreational areas, sports fields, and a variety of seaside dining options. The city’s hinterland and the Karst region will be connected by a cabin cable car with four stations: Trieste center, Old Port, Bovedo, and Opicina. The cable car will be able to transport up to 1,400 people per hour, with the journey between Opicina and Trieste’s center taking just 16 minutes.

One question that remains is how this new connection will affect the historic Opicina tram, which was shut down in 2016 after an accident and remains closed despite significant investment in upgrades.

Challenges ahead

The primary uncertainty lies in the selection of a private partner, while other aspects of the project appear to be in place. The municipality has already begun work on the site’s infrastructure, and local authorities and the port authority have reached agreements on funding and ownership transfer. The project also has urban planning approval.

There is optimism, thanks to the interest shown by a major investor, Costim from Bergamo, which presented its vision for the area in August last year and has already invested over two million euros in the plans. The municipality expects to select the private partner this year, with construction likely to begin next year. Project leader Everest Bertoli emphasized that the public-private partnership contract will include safeguards to ensure the project proceeds efficiently, with the city retaining ownership of the land until contractual obligations are fulfilled.

Real estate in Trieste: affordable, but not as much as in the past

The days when you could easily find an apartment in Trieste for under 1,000 euros per square meter are long gone. Due to its coastal location, good connections, and rich history, Trieste has attracted both Italian and foreign buyers.

Source: Siol.Net

The post Trieste’s Largest Redevelopment: The 600 Million Euro Porto Vecchio Transformation first appeared on Alpe Adria Real Estate.

Another contributing factor to the price increase is that buildings constructed 20, 30, 50, or even 100 years ago rarely have guaranteed parking nearby.

Some parking spaces/garages in the center of Ljubljana have recently sold for as much as €35,000. In 2020/21, the prices were between €18,000 and €25,000 in the exact location. In 2013/14, garages in the same area sold for €9,000 to €10,000.

This represents a 250% return.

It’s no different in other cities. In the center of Zagreb, the most expensive garage sold for €150,000; in Belgrade, it was €63,000. In Trieste, some garage listings are already over €100,000.

While apartment prices have increased by approximately 90% to 100% on average over the last ten years, parking spaces in some city areas have seen even more tremendous growth.

While most people have invested in buying apartments, purchasing a parking space or garage might have been an even better choice.

Putting aside profitability, owning multiple parking spaces was a safer bet from a risk perspective.

If you invested €100,000, in case of liquidity issues, selling one out of ten parking spaces is easier than an apartment.

Maintenance of a parking space is also certainly cheaper than that of an apartment.

The post Were Parking Spaces the Best Real Estate Investment in Cities? first appeared on Alpe Adria Real Estate.

Slovenia: The Heart of the Alpe-Adria Region

Due to its geographical location, Slovenia is the heart of the Alpe-Adria region. It offers pristine nature, from the Alps to the Adriatic Sea, and a high quality of life. Ljubljana, the capital, is known for its cultural and historical heritage, and it offers modern infrastructure and a stable economy. Popular tourist destinations such as Kranjska Gora, Bled, and Bohinj in the Alps and the Slovenian coast see high demand for rental properties. Additionally, Slovenia provides attractive conditions for foreign real estate investors, including favorable tax policies, as it is one of the few countries without a property tax.

Croatia: Adriatic Wealth

With its long Adriatic coastline, Croatia is one of Europe’s most sought-after real estate investment destinations. Tourism is continually growing, ensuring a steady rental income. Moreover, property prices are still relatively low compared to Western Europe, presenting an excellent opportunity for long-term value growth.

Montenegro: The Hidden Gem of the Balkans

Places like Kotor, Budva, and Sveti Stefan are attractive to those seeking more luxurious properties. Montenegro offers exceptionally favorable tax conditions for foreign investors and straightforward residency permit processes. Besides its coastal beauty, the country boasts impressive mountainous landscapes and national parks, attracting nature lovers and active tourists. A stable political situation and the prospect of joining the European Union further strengthen investor confidence.

Friuli Venezia Giulia, Italy: Cultural and Natural Riches

The Friuli Venezia Giulia region in Italy, which includes Trieste, Gorizia, and Udine, offers a unique combination of cultural and natural wealth. This region is ideal for those seeking a quieter environment yet close to major cities. Natural attractions such as the Dolomites and the Adriatic Sea provide numerous opportunities for recreation and tourism. Additionally, excellent transportation links to other parts of Europe enhance the region’s accessibility and appeal.

Conclusion

Investing in real estate in the Alpe-Adria region offers numerous advantages. Slovenia is captivated by its natural beauty and stable economy, Croatia has its enchanting Adriatic coastline, Montenegro has favorable tax conditions and diverse landscapes, and Friuli Venezia Giulia in Italy has a rich cultural heritage and natural beauty. Each country offers unique opportunities for investors seeking long-term value and stable returns. A diverse range of properties, stable markets, and favorable conditions make this region exceptionally attractive for real estate investments.

The post Why Invest in Real Estate in the Alpe-Adria Region? first appeared on Alpe Adria Real Estate.