Stunning art and architecture, beautiful countryside and coastlines, warm temperatures all year round and fabulous food and wine – Italy certainly has much in its favour. So who is buying there at the moment and which towns and areas are most popular? LuxuryEstate.com has found that requests from investors searching for high-end property in Italy have come from a variety of different countries. The biggest spenders are coming from the UAE with a budget stretching as high as €5.9 million and they are primarily attracted to properties in Taormina, Florence and Rome. British buyers are looking to spend an average of €3.4 million for Italian property with the most requested towns being three of the country’s most popular touristic places: Taormina, Portofino and Capri. UK investors’ budget for these seaside localities ranges between €6 million and €10 million with these high property prices being due to a supply and demand mismatch. Lynne Davie of Beauchamp Estates, Florence, says,
“House prices in Italy are stabilising: 2014 saw the first indicators of recovery since the economic crash in 2008 and there has been steady positive movement since, with increases in sales activity. While prices are increasing in many countries in continental Europe, in Italy prices are still lowering, all be it marginally: the largest price adjustments in many properties have already been made and took place in 2012-14. As a result, Italy currently offers some of the best real estate value in Europe, with prices set realistically and vendors ready to sell.
“There is currently a range of good value property on the market, particularly in areas traditionally popular with international investors, such as Lake Como and Tuscany. For international buyers, holding funds outside the Euro zone, the currently favourable exchange rate has also improved the value proposition. However, house prices are forecast to rise by the end of this year.”
Ms Davie advises that, whatever the reason for investing in Italian property, it’s important to remember that buyers need around 10% of the purchase price to cover fees such as stamp duty, legal costs and agents fees.
“However, the cost of ownership in the country is low,”
she says,
“especially if compared to other countries, as there is no capital gains tax after five years and no inheritance tax. Italy has also been fêted in recent times for making the purchase process less bureaucratic and less complicated for overseas investors, combined with a reduction in the fiscal burden of property taxes. For example, should you buy a house in Italy and decide to rent it out using a ‘regulated contract’ (locazione a canone concordato), you will benefit from a 25% discount on property taxes.”
Resplendent rentals Venice Prestige has over 30 years’ experience of Venetian property as well as helping clients plan their ultimate Venetian discovery.
The company specialises in letting high-end properties in Venice for a weekend, a month, an important event, a celebration or special holiday. Ann Marie Doyle, owner and director of Venice Prestige says,
“We only represent properties which we are sure will be of interest to our discerning international clientele: for location, style and furnished to exacting standards. Venice is small and intimate, comprising almost entirely Grade I listed historic property – significant both nationally and internationally, with an intrinsic value and importance. With no room for extra development, it continues to be a fabulous and desirable place in which to own and let property: whether a pied-à-terre, a piano nobile floor, or indeed a whole palazzo.”
Villa Le Torre, Tuscany (Above)
This private estate with farmhouses and 26 hectares of land is in an ideal location only 30 minutes from Florence. The property has been restored to a high standard with great attention to detail and respecting the original features of Tuscan farmhouses. The main house has spacious and elegant rooms with handmadÅe terracotta floors and ceilings with wooden beams and terracotta tiles. The estate is accessed via an elegant tree lined, private road surrounded by woodland, providing privacy and security. Its well-maintained garden includes a swimming pool, while the main body of the property centres around a large external courtyard. This consists of a main farmhouse, former barn, two-storey farmhouse divided into three independent units, a storehouse, small farmhouse and machinery storage.
£6.5m / €7.5m / $8.4m
Beauchamp Estates
www.beauchamp.com
The Marchesa at Palazzo Contarini Polignac, Venice
This magnificent second piano nobile apartment is in one of the most beautiful palaces on the Grand Canal in Dorsoduro close to the Accademia bridge. Its spectacular 200m² grand salon can seat up to 24 for dinner and has a wonderful balcony with superb views. The Palazzo has recently been carefully restored and great care has been taken to enhance and preserve the features of the 18th century interior, including the exquisite rococo and neo-classical stucco-work depicting scenes from classical mythology. The apartment has two main huge salons, a further private dining room, six double bedrooms, seven bathrooms, a main kitchen plus second smaller kitchen. There is a further bedroom accessible from the main apartment, ideal for a nanny or au pair.
£12,975 / €15,000 / $16,800 per week
Venice Prestige
www.veniceprestige.com
The Guardi at Palazzo Molin, San Marco, Venice
Contemporary two-bedroom, three bathroom designer apartment with high ceilings and an open plan kitchen. Palazzo Molin is a new restoration complete with integral air conditioning, state-of-the-art lifts, home automation systems, a private water gate and concierge services. It has original Venetian features such as terrazzo flooring and marmorino walls combined with walnut travertine marble bathrooms, designer lighting, original artworks and beautiful contemporary furniture by Georgetti and Minotti. The apartment is light and spacious with canal views from both bedrooms and the huge living room. The main central space combines a comfortable large sitting area with an elegant dining area for four.
£2,800 / €3,250 / $3,640 per week
Venice Prestige
www.veniceprestige.com
Villa Chianti, Tuscany
Located in the heart of the world-famous Chianti wine territory, this country estate is immersed in a green park, yet just a short drive from Siena and Florence. The property is comprised of two villas, Il Villino which was built in the 19th century by the famous architect Giuseppe Poggi, and a guest house, Le Scuderie, originally dating from the 18th century and recently renovated as a comfortable annex. The two villas include a private swimming pool overlooking the valley and are surrounded by an enormous private park, gardens, olive groves, vineyards and fruit orchards totalling approximately two hectares.
£3.7m / €4.3m / $4.8m
Beauchamp Estates
www.beauchamp.com
The Palazzo, Grand Canal, Venice
Chosen as a setting for Sophia Loren during the 1955 Venice Film Festival and dating from the 15th century, this fabulous palazzo offers grand and impressively styled reception rooms – the main ‘portego’ room being almost 20 metres in length. Each of the three main reception rooms look directly on to the Grand Canal and across to the Aman Hotel, famed for hosting George and Amal Clooney. With five bedrooms and four bathrooms, this 200m², third floor apartment is decorated in classic Venetian style. Within a beautifully quiet area of Sestiere di San Marco, it includes a water gate, boat mooring, private lift, terrace and courtyard entrance.
£5.1m / €5.9m / $6.6m
Venice Sotheby’s Realty
www.venicesothebysrealty.com
Relax
Borgo Egnazia’s central location in Puglia, Italy makes it the perfect base to explore the history and culture of this beautiful region. Baroque architecture, caves, Neolithic sites, and stunning traditional hilltop villages are all within easy reach. A visionary interpretation of a typical Apulian village, Borgo Egnazia, an International Hotel Awards’ winner, is entirely built from limestone, crossed by flower-filled alleys and surrounded by century-old olive groves. Offering a living experience of Puglia all year round, it perfectly embodies a contemporary take on the utter simplicity and authenticity of this area while providing every comfort and a superior service throughout its 63 suites, 92 casettes and 29 villas. Amenities include a rich portfolio of restaurants, including the gourmet experience of Due Camini, sports facilities, indoor and outdoor pools, tennis courts and the 18-hole San Domenico Golf Club, a classic link course embellished by Mediterranean flora, ancient olives and sea views. Borgo Egnazia also offers Vair, an ‘alchemic psycho-spa’ focusing on inner beauty. Vair is the Apulian word for vero (meaning true) and Vair Spa’s vision places inner beauty as the ultimate aim of its wellness treatments. Qualified therapists provide a range of traditional spa treatments as well as naturopathy, psychosomatic medicine, physiotherapy, aromatherapy, psycho cosmetics, cromotherapy, Kneipp hydrotherapy, Wellness-Life Coaching and Yoga Iyengar.
www.borgoegnazia.it
