Second Home Market Review for Italy
Second Home Market Review for Italy – Italy is now the top location for North Americans and Britons to purchase a second home — outside their own home countries — according to a September 2021 Knight Frank survey.
Relatively lower prices at a time when global housing markets are booming are helping Italy beat France and Spain — other countries favored for overseas second homes.
Second Home Market Review for Italy – Italy is a safe haven with low crime levels, particularly in Northern Italy.
At times, it feels like many disadvantages of the modern global world don’t exist in Italy.
Couple that with a unique combination of diverse terrains and you’ll be wondering why you haven’t considered buying a property in Italy sooner.
Second Home Market Review for Italy – In Italy, picturesque coastal resorts are plentiful, from the Italian Riviera, Amalfi Coast to the islands of Capri, Sicily, Sardinia, Elba, Ischia and Procida.
Mountain landscapes and vast skiing areas include Alta Badia, Bormio, and Cervinia, while lush countryside and wine regions span Tuscany, Umbria, Chianti, and Piedmont.
Second Home Market Review for Italy – There’s no shortage of cultural attractions either: Colosseum, Florence Duomo Santa Maria del Fiore, The Grand Canal in Venice, Leaning Tower of Pisa, Vatican City: Basilica of St. Peter, Sistine Chapel & Vatican Museums, The Uffizi Gallery in Florence and Verona’s Roman Arena and Historic Center.
On top of these top lifestyle benefits, there are also tons of sports and activities to enjoy, including some of the best golf courses in Europe such as Verdura, Circolo Villa D’Este, Poggio Dei Medici, Acquasanta, and Circolo Venezia.
And don’t forget thrill-seeking race car tracks, strong biking, triathlon and running communities, and quality tennis clubs.
Second Home Market Review for Italy – It’s all about “la dolce vita”, where life is relaxed and pleasant and people make the most of Italy’s rich cultural heritage, as well as its outstanding regional cuisines.
Top Second Home Destinations in Italy With Average Prices
Second Home Market Review for Italy
Second Home Market Review for Italy – Europe has become the main destination for luxury clientele globally due to its high-level of sophistication, rich history and quality of life.
As international expats explore these regions, the data shows that they are looking for the intersection of features, amenities, connectivity, and value for money meet.
Median Price Values for Selected Locations in Italy
Second Home Market Review for Italy – Overview
Compared to other regions prices have remained stable in 2021 with only 1% increase on average and this is also confirmed in James Edition’s Luxury Property Buyer Index, where the majority of respondents believe prices will stay the same or slightly fall.
However, Italy has been also working hard to stimulate its Real Estate economy.
Since early-2016, a growing number of small, rural towns in Italy have been selling abandoned, dilapidated homes for €1 to international buyers, in an effort to repopulate the towns.
New tax measures boost demand for Southern Italian homes; including the island of Sardinia.
Sardinia, Lake Como and Tuscany are clear leaders in popularity amongst foreign buyers.
And the majority of buyers consider Tuscany as their main area of interest with 53% considering they are planning to purchase a property here in the next 6 months, according to research published by James Edition.
Tuscany also provides the most value where the average price per square meter is 2nd lowest amongst our regions at €3,286.
Second Home Market Review for Italy – Tuscany
Second Home Market Review for Italy – Tuscany
With longstanding popularity among travelers and expats, Tuscany offers verdant landscape, Chianti and Montepulciano wine galore, wonderful regional cuisine, as well as luxury.
Home to famous artwork such as Michelangelo’s David in the capital of Florence and Duccio’s Maesta in Siena, plus seven UNESCO-designated sites, the culturally rich area and leisurely pace of life attract an abundance of investors and second-home seekers.
The fifth-largest territory of Italy’s 20, Tuscany lies central north of the country, with Rome three hours south.
Alongside rolling countryside filled with vines, the area also boasts 400 kilometers of Mediterranean coastline, as well as an array of attractive towns and villages such as Pisa, Lucca, and Arezzo.
Residencies in Tuscany off a wide variety, and range from grand castles and rustic farm ranches to waterside villas and city apartments.
At the peak of the upscale market, €35,000,000 buys affluent investors a historic 31-bedroom villa in the hills of Florence with 19 bathrooms, sitting in seven hectares.
The median price of €1,390,000 will purchase you an array of residences, from a nine-bedroom farm ranch in Larciano and a four-bedroom villa close to seaside Versilia, to a two-bedroom apartment in Florence
Second Home Market Review for Italy – Top Neighborhoods Tuscany
Tuscany is one of the best regions to live in Italy if you enjoy Italian culture, as it’s one of the best examples in the country.
It’s well located for travel in Italy and neighboring countries, is home to Florence and other famous towns, and has great weather. I
One of Tuscany’s main draws is its great location in Italy. It’s slightly north of the centre and has a large stretch of Mediterranean coastline. But within a short distance, you’ll find rolling hills and vineyards, so there’s something for everyone.
There are hills and mountains that create their own climate, and what a great climate it is. It still gets warm in the summer but nowhere near as hot as southern Italy. The hottest summer days might reach around 30C, while in winter it only drops to around 11C.
Coastal areas are more temperate and hilly areas get a lot of rain in the winter.
The food and wine opportunities in Tuscany almost don’t need mentioning. It’s home to famous wine varieties like Chianti and some of Italy’s best food adventures.
Top Neighborhoods Tuscany – Florence
Florence, capital of Italy’s Tuscany region, is home to many masterpieces of Renaissance art and architecture.
One of its most iconic sights is the Duomo, a cathedral with a terracotta-tiled dome engineered by Brunelleschi and a bell tower by Giotto.
The Galleria dell’Accademia displays Michelangelo’s “David” sculpture. The Uffizi Gallery exhibits Botticelli’s “The Birth of Venus” and da Vinci’s “Annunciation.”
The ‘Cradle of the Renaissance’ and home to the most famous artists and thinkers this city is littered with buildings of cultural importance.
Florence breathes taste and style but also is a favorite amongst many expats, you can expect prices here to be the highest in the region.
Top Neighborhoods Tuscany – Siena
Siena, a city in central Italy’s Tuscany region, is distinguished by its medieval brick buildings.
The fan-shaped central square, Piazza del Campo, is the site of the Palazzo Pubblico, the Gothic town hall, and Torre del Mangia, a slender 14th-century tower with sweeping views from its distinctive white crown.
The city’s 17 historic “contrade” (districts) extend outward from the piazza.
Located in the central part of Tuscany, the medieval city of Siena has a long history and carries many cultural traditions which date back to 13th century when the city became popular in banking.
Homes in this area include many stately castles and villas just outside the main city center.
Top Neighborhoods Tuscany – Lucca
Lucca is a city on the Serchio river in Italy’s Tuscany region.
It’s known for the well-preserved Renaissance walls encircling its historic city center and its cobblestone streets.
Broad, tree-lined pathways along the tops of these massive 16th- and 17th-century ramparts are popular for strolling and cycling. Casa di Puccini, where the great opera composer was born, is now a house museum.
The city of 100 churches, Lucca has also become a favorite amongst international clients as its proximity to the west coast of Italy make it a favorite for lower costs of living, slower pace, and less tourists.
Second Home Market Review for Italy – Sardinia
Second Home Market Review for Italy – Sardinia
Off the western side of Italy lies the large Mediterranean island of Sardinia.
A place with strong family values, mountainous terrain, and beautiful coastlines with pristine water, there’s also a powerful sense of community.
With a laid-back pace, big respect for elders, and a healthy work-life balance, residing in Sardinia offers relaxation coupled with outdoor experiences.
One of the world’s five Blue Zones, where people statistically live the longest, the isle boasts warm year-round weather and local wine (‘cannonau’), rich in antioxidants.
The capital Cagliari sits in the south, while scenic Parco Nazionale del Golfo di Orosei e del Gennargentu is eastwards. Nuraghes (Bronze-age rock structures) are dotted about, including Su Nuraxi in Unesco-designated Barumini.
Primarily located in the northeast and south of the island, properties in Sardinia range from estates and houses to villas and apartments.
A price tag of €24,000,000 will obtain investors and home seekers a prestigious six-bedroom waterside villa in luxurious Porto Rotondo, complete with a private beach and pool.
For the median amount of €1,650,000, you’ll find a large terraced house in Porto Cervo with panoramas to Cala Di Volpe (the ‘bay of the fox’) – part of a renowned residential complex, enjoy three bedrooms and a garden complete with a Jacuzzi.
Second Home Market Review for Italy – Top Neighborhoods Sardinia
An enchanted oasis of semi-wild nature: white sandy coves, wind sculpted rocks, a crystalline sea that takes on hundreds of shades, from the darkest blue to the purest green and a Mediterranean scrub with intense scents: this is how Sardinia appears in all its beauty, a true iconic Mediterranean destination.
A land of millennia old traditions and home to the world’s longest-living men making it one of only five Blue Zones in the world, yielding an unusually high number of locals living to be over 100.
The secret has a lot to do with the air they breathe, the sun they enjoy and the food they eat.
This is the Sardinian Style of living longer and living better.
And relocating to Sardinia is the ultimate fashion to a more sustainable lifestyle.
Choose to be lucky enough to live in Sardinia, start creating your longevity plan and engage in your personal discovery of life-giving qualities
Relocation to Sardinia is the ultimate fashion to a more sustainable lifestyle.
A land of millennia old traditions and home to the world’s longest-living men making it one of only five Blue Zones in the world, yielding an unusually high number of locals living to be over 100.
The secret has a lot to do with the air they breathe, the sun they enjoy and the food they eat.
This is the Sardinian Style of living longer and living better.
Choose to be lucky enough to live in Sardinia, start creating your longevity plan and engage in your personal discovery of life-giving qualities.
The History of Blue Zones
Dan Buettner, Blue Zones founder, is a National Geographic Fellow and multiple New York Times bestselling author.
He has discovered five places in the world, which he calls blue zones, where people live the longest, and are healthiest.
Sardinia is the region of the world with the highest concentration of male centenarians, people living over 100.
Top Neighborhoods Sardinia – Porto Cervo
Porto Cervo is an Italian seaside resort in northern Sardinia.
It is a frazione of the comune of Arzachena, in the province of Sassari.
Created by Prince Karim Aga Khan and various other investors, Porto Cervo is the main centre of Costa Smeralda.
It has a resident population of 421 inhabitants.
Considered one of the world’s most exclusive resorts in the main center or Costa Smeralda, its home of some of the world’s biggest mega yachts.
Designer boutiques, luxury spas, fine restaurants and exclusive nightspots abound.
Top Neighborhoods Sardinia – Olbia
Olbia is a coastal city in northeast Sardinia, Italy. It’s known for the medieval San Simplicio basilica, and for cafes dotting central squares like Piazza Matteotti.
On the palm-lined waterfront to the east, the Museo Archeologico di Olbia has exhibits ranging from Nuragic artifacts to Roman warships.
The hilltop Nuraghe Riu Mulinu is an archaeological complex with views of the Gulf of Olbia.
A beautiful city, ranked in the top 6 best places to live in italy; the center is brightly colored with many piazzas, restaurants, and shops.
It’s a large city, although it doesn’t have the usual feeling of hustle and bustle that comes along with it; if you are a frequent traveller it does provide direct access to Europe with its private airport.
Top Neighborhoods Sardinia – Cagliari
Cagliari is the capital city of the Italian island of Sardinia.
It’s known for the hilltop Castello, a medieval walled quarter situated high over the rest of the town.
Architectural highlights include the 13th-century Cagliari Cathedral. Housed in a former arsenal, the Museo Archeologico Nazionale di Cagliari displays bronze objects, Roman ceramics and artifacts from the Nuragic age to the Byzantine era.
The capital of Sardinia and it’s largest city, it has a deep history dating back 5,000 years.
With all the amenities a city can offer, you can expect busier times in the summer but also direct access to transportation and other parts of Europe.
Second Home Market Review for Italy – Lake Como
Second Home Market Review for Europe – Lake Como
Lake Como – aka Lario – sits glistening in Lombardy, 75 kilometers north of Milan, and is the third biggest after Garda and Maggiore.
The spectacular expanse of water covers 56 square miles and is one of the deepest lakes in Europe – ideal for those seeking an outdoorsy experience.
Perched at the foot of the Alps, homeowners in the picturesque area rejoice in breathtaking scenery and luxury waterside living.
Historic towns and villages such as Bellagio and Menaggio mingle with the bustling cities of Lecco and Como, meaning those after a laidback atmosphere or a faster pace of life are equally catered for.
A popular holiday destination, Lake Como also appeals to affluent second home seekers looking for waterfront gems.
Dotted around the unique inverted ‘Y’ shaped lake are a host of enchanting homes, from striking villas and grandiose houses to penthouse condos.
At the top end costwise for €20,000,000 is a classic 12-bedroom villa with a private beach on the shores of Moltrasio.
The median price in Lake Como is about €1.600.000; that will buy you something in the region of a three or four bedroom lake-facing villa with a pool.
And if you fancy a residence near George Clooney’s property in Laglio?
There are several on the market for varying prices.
Second Home Market Review for Italy – Top Neighborhoods Lake Como
Lake Como, in Northern Italy’s Lombardy region, is an upscale resort area known for its dramatic scenery, set against the foothills of the Alps.
The lake is shaped like an upside-down Y, with three slender branches that meet at the resort town of Bellagio.
At the bottom of the southwest branch lies the city of Como, home to Renaissance architecture and a funicular that travels up to the mountain town of Brunate.
Living in Como, Italy, is a great choice for those who want an outdoor lifestyle with plenty of culture peppered throughout.
It’s close to Lake Como, Milan, and the Alps, which gives you the best of everything Italy has to offer in one region.
The city of Como is in Lombardy, an administrative region in northwest Italy.
Lombardy is also home to Bergamo and Brescia, two more popular northern Italian towns.
Top Neighborhoods Lake – Como
Como is a city at the southern tip of Lake Como in northern Italy. It’s known for the Gothic Como Cathedral, a scenic funicular railway and a waterfront promenade.
The Museo Didattico della Seta traces the history of Como’s silk industry, while the Tempio Voltiano museum is dedicated to Italian physicist Alessandro Volta.
Just north are the lakeside gardens of the palatial Villa Olmo, as well as other stately villas.
This city on the southwest of the lake has a walled medieval center and sits close to the Italian-Swiss border, combining urban living with scenic outlooks.
Stroll along the lakefront, hop on a boat, or head to Circolo Golf Villa d’Este for a round.
Top Neighborhoods Lake – Cernobbio
Cernobbio is a comune in the province of Como, Lombardy, northern Italy.
It is located about 40 kilometres north of Milan and about 2 kilometres northwest of Como, on the border with Switzerland and near the Lake Como.
The highest peak is the Monte Bisbino, at 1,325 metres.
Westwards 10 minutes from Como you’ll find this small picturesque town, home to Bernasconi and Erba – villas of rare beauty.
Located at the foot of Monte Bisbino, lakeside Cernobbio is the starting point for La Via dei Monti Lariani footpath.
Top Neighborhoods Lake – Tremezzo
Tremezzo is a comune of some 1,300 people in the Province of Como, in the Italian region Lombardy.
It is located on the western shore of Lake Como between Mezzegra to the southwest and Griante to the northeast, and about 20 kilometres from Como.
Part of Tremezzina alongside Lenno, Mezzegra, and Ossuccio, this town on the western banks counts Villa Carlotta and its glorious gardens as a point of interest.
Also, Star Wars scenes were shot at nearby Parco Civico Teresio Olivelli.
Top Neighborhoods Lake – Bellagio
Bellagio is a village on a promontory jutting out into Lake Como, in Italy.
It’s known for its cobbled lanes, elegant buildings and Villa Serbelloni Park, an 18th-century terraced garden with lake views.
Nearby are the Tower of the Arts, a venue for exhibitions and performances, and the Romanesque San Giacomo Church.
Close to rocky Loppia Beach, the Museum of Navigational Instruments displays sundials and compasses.
The ‘Pearl of Lake Como’ and a place of renowned beauty, this hotspot lies midway between the southernmost branches of the lake and is notable for exquisite water-facing villas such as Serbelloni and Melzi.
Second Home Market Review for Italy – Pro Tips
Find a great Italian real estate lawyer, network with tope real estate agents, get your codice fiscale, open a bank account with an Italian bank and have an international mobile phone.
If you are planning to purchase a property in Italy or want to open an Italian bank account, you will need a codice fiscale.
The codice fiscale is a number issued by the Agenzia della Entrate (the Italian Revenue Agency) of the Ministry of Economy and Finance of Italy. You will need to fill in a form and show your passport to complete the application.
It’s best if you have an Italian bank account to transfer money for your property purchase, as the notary may insist on a banker’s draft from an Italian bank.
Note, most banks require customers to do “mobile banking”.
Basically, the Italian banks want to reduce cost with a one to many model and require customers to do the vast majority of banking through their mobile phone versus building, staffing and maintaining local branches.
You can add an International SIM card but then there is the complexity of plans and losing one phone shuts down your domestic and international operations immediately.
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