Since the second quarter of 2008, the Italian real estate market has been sluggish, but all is not lost as the luxury sector remains lucrative. This is evident by the speed said sector has recovered even with a weaker euro during early 2012, which piqued the interests of non-Euro investors. Prominent market players have also expressed desires and continuous demands towards properties worth above €3 million. This caused an influx of investors and buyers not only from the US and UK markets, but also from Russia, Scandinavia and the Netherlands.
Analysing the searches within listings in its Italian real estate portal, Cercacasa representative said that there is an increase of interest in properties in Sardinia. Out of the total searches for properties in Sardinia, more than 80% is related to residential properties above €5 million.
Following closely in its heels is Venice, which accounts for approximately a third of Italian real estate searches.
“Tuscany and Umbria prove to be popular searches as well, with 55% investors and buyers looking for homes below €5 million while 45% are more interested in acquiring properties worth more than €5 million in residential zones,” said Alessio De Luca.
Affluent buyers mostly consist of Danish and Swiss nationals while Greek residents have been known to be bidding amongst themselves for highest valued properties. On average, these properties have been said to cost no less than €3.8 million each.
When asked about real estate hot spots in Italy, Alessio De Luca was quick to add that Lake Como has retained its standing as the premier choice for luxury real estate, especially within the circle of foreign investors. “San Samuele and Dorsoduro are also top choices amongst the locals, as well as for the Swiss, French and Austrian buyers.” Those seeking charming, scenic Italian locales are falling in love with Chianti and Val d’Orcia which are situated in Tuscany.
In Florence, there is not much notable activity in the city center apartment market but interest in the villa market has seen a gradual rise especially for those within the Florentine hills. North European buyers beg to differ, however, as they are clamoring for properties situated in the Niccone Valley, Umbria.