The sales of luxury real estate continues to grow globally, showing an increase of 11% last year. However, the market in Italy has not moved on from the financial crisis and, considering the uncertainties that the Country is currently going through, the market remains in a dormant state.
The investment component is still growing from 6.1% in 2017 to 15.4% this year and such growth is also driven by the lack of viable alternative investment opportunities. The return to Italy of many foreign investors has also been favored by the weakening of the Euro and by the favorable mortgage market.
Italy is an ideal place for the great variety of choice it offers in the long-term perspective. Among the characteristics of the property that attracts the most investors, the location is certainly the most sought after. Apartments and residences in central areas and those with views of historical monuments are the most desired.
Milan has distinguished itself with projects such as City Life and Porta Nuova. These are not historical buildings, but futuristic projects at the forefront of technology and Ambient Assisted Living combined with luxury services, such as private security and fitness rooms, garages and parking spaces and relaxation areas. Milan, as well as being a business hub, has now become a tourist destination with foreigners arriving from all over the world to visit, mostly from Asia.
In Rome, the most popular are the family-owned heritage houses located on the high floors of central areas with a view of the main wonders of the capital (The Colosseum, Spanish Steps, St. Peter’s Basilica).
Florence, however, is certainly the most beloved by foreign buyers, fascinated by the beauty of the palaces of the noble Florentine families and characterized by high ceilings, frescoes, statues and paintings of the past eras.
Prices and trades will follow a trend of growth, while prices will remain stable. In fact, the estimations predict that prices will mark a new maximum record around the year 2024
Smart investors crave for opportunities and a purchase in Italy is currently an immense opportunity. Prices have already started to rise in some of the more dynamic markets and in the most valuable areas of the big cities.