The Italian real estate market knows no crisis, at least when it comes to luxury homes. Our country is highly beloved abroad by those looking for a home: with numbers in hand, three out of four buyers are foreign. With premium property sales up by 9% – as highlighted by a recent report from the research office of a renowned real estate agency group – the sector is dominated by foreign buyers.
In fact, it is primarily citizens from foreign countries who are buying luxury homes in Italy. These clients represent approximately 70% of those who become owners of prestigious properties.
Surprising Data on Purchase Intentions
When we talk about luxury home purchases in Italy and, in particular, about the purpose of sales transactions, the first option that comes to mind is investment. However, this purpose is not the primary one, at least for foreign clientele.
While Italians love to invest in real estate as a safe haven – and are doing so extensively during this period of crisis – foreign clients looking at luxury properties in Italy aim to buy a primary or secondary residence. The Italian climate is a true magnet for those born in parts of the world where, for example, summers are often dominated by intense, difficult-to-bear heat.
Citizens from various US states, also spurred by the real estate activities of several jet-set celebrities who have fallen in love with our country in recent decades, are buying homes where they can spend the warm months of the year.
Among the most sought-after locations, we can mention urban centers overlooking Lake Como, as well as Puglia, a region where purchases of old masserias, renovated to be transformed into prestigious rural residences, have grown considerably.
Milan’s Record
Even when it comes to luxury properties, Milan stands out among Italian cities with extremely high prices per square meter. On average, prices exceed 12,000 euros per square meter, figures that have grown over the past year and can be observed in neighborhoods such as the fashion district, the fashion heart of the Lombard capital.
Rome’s Situation
In Rome, the numbers for luxury property purchases are also excellent. Among the most sought-after neighborhoods are the Corso Trieste area, as well as the Prati district, always synonymous with exclusive properties in the shadow of the great dome. In terms of prices, the average is lower than that of Milan. For renovated homes, the price is around 6,000 euros per square meter.
Desired Features
When looking for a luxury home, the focus is on specific features. It is important to start, right from consulting listings, with a focus on specialization – it is very useful in this regard to consult the list of homes for sale on www.immobiliovunque.it, a portal where only reputable real estate agencies active throughout the country publish – and we recall the centrality of terraces with a view. Also highly coveted and in demand are luxury penthouses as well as those with a garage (both single and double).
The latter option is particularly sought after in Genoa and Naples. In the Ligurian and Neapolitan capitals, buyers of luxury homes tend to use their cars more often than in other cities and face greater difficulties finding public parking.
In terms of price, we are always talking about homes costing one million euros or more, which, for obvious reasons, require a significant annual investment for property maintenance.
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