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.
“Our enquiry numbers for Italian homes, up 133% in 2017 year on year, suggests any uncertainty on the political or economic stage such as the general election, banking crisis and Brexit negotiations, have not influenced buyers' decision making,” said Amy Redfern, senior negotiator for Knight Frank's Italian desk.
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.