Italy is a world famous destination and offers so much: history, art, architecture, opera, fashion, wine and cuisine. As a country its economic and political position has seen some uncertainty in the last decade, which although has bottomed out in recent years, still finds the domestic market generally speaking fairly flat. However there are key micro-markets, which are not tied solely to the domestic scenario, attracting high level international clients. Such markets include The Lakes (Como, Maggiore, etc.), Portofino, Forte dei Marmi, Tuscany, Florence, Rome, Sardinia and of course Venice.
Unlike the UK and some other countries, Italy does not have a central registration point for recording property transactions, with sales data freely available. This makes assessment of the Italian property market challenging and assessment of local specialized markets difficult at best for investors and buyers. Working with an experienced and knowledgeable agent is essential, whether selling, buying or investing, particularly in Venice, which is genuinely like no other location in the world.
Venice has an enduring appeal and fascination – to own a part of this unique city, or to spend time in one of its many beautiful palaces has to be one of the most wonderful lifestyles possible.
Venice continues to be in high demand for historic properties – it’s a sellers market with buyers outnumbering properties for sale. We see many discerning French buyers, there has also been a return to the market of USA based clients and we are starting to see interest from Chinese buyers, who are increasingly open to investment in key European destinations that are outside capital cities.
On the rental front clients from the USA have been a significant majority, particularly for very high level properties, with a wide range of other nationalities present in the market. Venice is a unique world famous destination, hosting many key events throughout the year which attract international visitors, including the Carnival, The Art and Architecture Biennale and the International Film Festival. Consequently there is a high demand for accommodation through out the year.
The 2017 market was considerably more active for sales than 2016, encouraged in part by greater economic stability in the Italian economy, which started to show signs of growth in 2015. This, combined with the long term relative stability and resilience of the Venice real estate market, due to its nature and enduring appeal as a luxury destination, helped drive increased activity. A position which looks set to continue for 2018, with key buyer groups being French, American, Italian and Chinese.
The Venice rental market for short term (less than 1 month) lets remains strong, demand varying throughout the year, peaking with key events and seasons. Clients come from across the globe, with key markets being Europe and the USA. Within Europe there tends to be a stronger showing with clients from France, United Kingdom, Netherlands, Denmark and Italy. We are also seeing clients booking from Australia. At the upper end of the rental market the demand for exceptional property remains strong and is set to increase, as clients seek a more personal connection to Venice, which even the very best hotels are not able to provide.
Ann Marie Doyle, Director
Venice Sotheby’s International Realty and Venice Prestige