The theme of quality of life is increasingly shaping global real estate investment trends and the migration patterns of ultra-high-net-worth individuals (UHNWIs). This is the key finding of the inaugural Engel & Völkers Private Office Market Report 2026, based on insights from 160 Private Office advisors operating internationally. In this context, Italy stands out as the market experiencing the strongest growth in demand from international buyers in the luxury segment.
- A new concept of residential wellbeing
- Italy tops international UHNWIs’ property preferences
- Rising luxury prices and growing international demand
- Italy: the preferred destination for the ultra-wealthy
- Tuscany and historic villages: luxury as a cultural experience
- Lifestyle as a strategic driver of wealth migration
- Italy’s role in the new global luxury landscape
- Luxury outlook for 2026
A new concept of residential wellbeing
The data clearly show that major fortunes are redefining the very notion of residential wellbeing: improving lifestyle is now the primary motivation behind cross-border property acquisitions by UHNWIs, followed by downsizing, and considerations related to security, stability, and climate resilience. “It is noteworthy that luxury property buyers are increasingly willing to forego larger spaces in order to prioritise choices aligned with a more fulfilling lifestyle,” highlights Stuart Siegel, Global Head of Engel & Völkers Private Office. This trend reflects a growing focus on the lived experience, emphasising privacy, exclusive settings, recreational activities, and a direct connection with nature.
This preference for an outdoor lifestyle is also reflected in the most sought-after property features: 55% of Private Office advisors globally identify outdoor living as the defining feature of luxury real estate, followed by privacy and security (15%) and culture and experience (8%).
Italy tops international UHNWIs’ property preferences
Italy continues to rank at the top of international UHNWIs’ property preferences. According to Engel & Völkers Private Office’s global advisors, the country has recorded the highest increase in demand from international buyers over the past year, surpassing France, the United Arab Emirates, and Spain.
This outcome comes as little surprise to industry insiders, given Italy’s increasingly clear positioning as a preferred destination for those seeking quality of life, stability, and a lifestyle-oriented approach to housing. “The Italian lifestyle of la dolce vita resonates strongly with buyers looking for a slower, community-focused way of living,” observes Stuart Siegel.
Rising luxury prices and growing international demand
In the global luxury segment—the top 10% of property values—prices have remained generally stable or increased over the past year. Within this context, Italy and Spain emerge as the European markets where advisors report value growth, while France, Germany, and Canada show a softer trend.
Italy: the preferred destination for the ultra-wealthy
For Italy, rising prices are accompanied by the highest net increase in international buyer inquiries, setting it apart even from other Mediterranean markets. Advisors emphasise that value growth is driven less by property size and more by qualitative factors: location, landscape context, access to culture, and integration with the local environment.
The report also highlights that Italy’s tax framework—even with inheritance taxes—remains competitive for HNWIs due to a limited flat tax regime, enhancing the country’s appeal for those considering a change of residence.
Tuscany and historic villages: luxury as a cultural experience
Among the most sought-after Italian regions, Tuscany remains a symbol of the new international luxury. According to Annalisa Caparelli, Private Office Advisor in Siena, over the past 12–18 months many US clients have purchased properties in the region, attracted by quality of life and homes deeply connected to their local context: historic villas, vineyards, olive groves, and residences embedded in the cultural landscape.
“Many choose properties with a strong link to local tradition and culture. From my clients, I’ve learned that true luxury is beauty,” says Caparelli. This perspective reflects a profound shift in the concept of high-end real estate, increasingly associated less with ostentation and more with the daily experience of living.
Lifestyle as a strategic driver of wealth migration
The Private Office outlook indicates that lifestyle factors will continue to drive global wealth migration in the coming years. In an international environment marked by geopolitical uncertainty and technological change, residence becomes both a strategic tool and an expression of identity.
“In a world of growing risks, the desire to live well ultimately drives luxury property purchases,” explains Siegel. Italy, with its balance of cultural heritage, human-paced living, and sense of community, fully meets this demand.
Italy’s role in the new global luxury landscape
For Engel & Völkers Private Office, the Italian case exemplifies how quality of life is becoming the main factor attracting UHNWIs, surpassing even the purely financial performance of property assets.
“We will continue to meet the refined expectations and distinctive lifestyle ambitions of a truly demanding global clientele,” concludes Jawed Barna, Group CEO of Engel & Völkers. In this context, Italy is not only a prestigious property destination but a model of contemporary luxury founded on beauty, culture, and enduring wellbeing.
Luxury outlook for 2026
Looking ahead, Engel & Völkers Private Office experts agree that lifestyle factors will remain decisive in global wealth migration. “In a world marked by increasing risks, uncertainties, and technological transformations, it is the desire to live well that ultimately guides luxury property decisions,” notes Siegel. This vision is shared by Jawed Barna, who reaffirms the Private Office’s commitment to meeting the sophisticated expectations and lifestyle aspirations of a highly selective international clientele.