In the top five of the Italian cities that offer the most exclusive residential properties, Rome tops the charts with luxury property prices in the historic center that can reach up to 20.000 euros per square metre. Next we find Venice, where prestigious properties can cost up to 15.000 euros per square metre, Milan with prices up to a maximum of 13.000 euros, on a par with Verona, and finally Florence, where properties on the Lungarno cost up to 8.200 euros. per square metre.
This is the overview of luxury real estate in Italy, which emerges from an analysis conducted by Engel & Völkers, a group active in the luxury residential property brokerage sector. The data used to draw up the ranking are based on real estate properties brokered by the company and transactions recorded on the market in the first half of 2016.
Rome: up to 20.000 euros per square metre
With a population of around 2.9 million, Rome is the largest city in Italy. “The areas with the highest prices at the moment are Piazza di Spagna, Via Condotti and Via del Babuino,” said Marco Rognini, General Manager of the Engel & Völkers Market Center in Rome. “The highest prices even reach 20.000 euros per square metre. Almost 90% of interested buyers are Italian citizens and the highest demand is for free-standing apartments in historic buildings. Other selection criteria are: modern furnishings, lifts, parking and views over the roofs of Rome".
Venice: up to 15.000 per square metre
In second place, after the capital, we find Venice. In the first half of 2016, the most beautiful buildings located on the Grand Canal cost up to 15.000 euros per square metre. “The most sought-after apartments are the typical Venetian ones overlooking the Grand Canal, i.e. those with high ceilings, a roof terrace or balcony and, possibly, an elevator,” said Mauro Lozza, License Partner of Engel & Völkers in Venice . Here, the market is characterized by a high level of international demand and second homes are mainly purchased for investment. 70% of buyers are foreigners and mostly come from the United Kingdom, France and Germany.
Milan: up to 13.000 euros per square metre
In third place is instead Milan, the Italian center of finance and fashion, with an urban landscape that reflects a mix of historical and modern influences. The most prestigious neighborhoods are located in the city center, with prices up to a maximum of 13.000 euros per square metre.
In particular, the district that revolves around the Scala and that of the fashion district are the most expensive areas of the city. Exclusive areas can also be found in the Brera district (up to 10.500 euros per square metre) and in that of San Babila (up to 9.500 euros per square metre). 95% of investors are indigenous. “There is a great demand for buildings dating from the late XNUMXth and early XNUMXth centuries” said Roberto Magaglio, License Partner of Engel & Völkers Milan. “In particular, modern penthouses with a large living room, a panoramic terrace, parking and concierge service are the most popular”.
Verona: up to 13.000 euros per square metre
The most exclusive residential area of Verona is Piazza Erbe. In the first half of 2016, prices per square meter reached 13.000 euros, as in Milan. “Our customers are very interested in old properties, such as Art Nouveau villas. As far as owned apartments are concerned, the demand is mainly focused on penthouses”, revealed Stefano Bani, License Partner of Engel & Völkers Verona. “The best properties are those characterized by large terraces with good views, garages and historical details such as frescoes. Italian buyers dominate the local market, which corresponds to 80% of total transactions”.
Florence: up to 8.200 euros per square metre
The most exclusive areas of Florence are found along the banks of the Arno River, where the highest prices have reached a maximum of 8.200 euros per square metre. The most requested owned apartments are those of about 200 square meters and more, with a terrace or garden and private parking. Buyers are particularly attracted by the details, especially frescoes, high ceilings with wooden beams and terracotta floors. From an architectural point of view, it is the classical styles and the Renaissance palaces that are the most sought after. 40% of buyers are international. “Florence offers a high quality of life and slightly lower prices than cities like Rome and Milan. This makes it more attractive in the eyes of foreign investors,” said Winfried Mauthner, License Partner of Engel & Völkers Firenze.
