There’s been a significant boost in sales of luxury Italian properties valued at €10 million (US$11.70 million) or more. The trend is expected to filter down to lower priced homes in coming months, according to Knight Frank.
This signals a strong recovery in the Italian housing market, after a slump due to poor economic conditions. The total number of enquiries for Italian homes on Knight Frank’s website increased by 133% year-on-year in 2017, with rising interest from foreign buyers the main reason for this recovery.
Nearly 45% of the interest came from potential buyers from the UK, followed by Italy (15.1%), the US 11%, then 2.6% from Australia, 2.6% from Germany, 2.4% from Canada, 2.3% from Switzerland, 2.2% from Denmark, 1.9% from the Netherlands and 1.8% from France.
The report says that the lifestyle on offer in Italy remains the primary motivation for most international buyers. “A second home located within a short flight of their primary residence, which offers strong rental prospects and the promise of a good climate, culture, and landscape acts as a strong pull,” said Redfern.
She added, “Of note is the uptick in interest from Australia and New Zealand. Many applicants are semi-retired couples with children working in Europe seeking a long term summer base to use for family get togethers. City apartments in Florence and Rome are popular; particularly those easy to maintain as well as lock up and leave”.
Florence, Rome and Lucca are the most in-demand regions in Italy, accounting for around 40% of the enquiries, according to the report.