The luxury real estate sector in Italy has not been affected by the economic crisis because it affects a high-income target audience, according to this snapshot of the Italian luxury real estate market by Tecnocasa.
Tecnocasa say that customers with a higher spending power and more money are attracted above all by the location, size (at least 150 square metres or 1,600 square feet), level of privacy and finishes of the luxury house they want to buy. They prefer at least two bathrooms, an outdoor space, a living area with reception rooms and large kitchens, plus double bedrooms with spacious walk-in closets and en-suite bathrooms.
Other things that add a certain "allure" to the top types of properties are how private they are and the advanced security systems they have. These include aspects that have been taken care of down to the last detail like state-of-the-art technology, the energy performance class and the number of spaces dedicated to relaxation and well-being, such as fitness rooms, which are all especially present in new builds. Period buildings, with their frescoes, exposed beams and fancy staircases are always attractive too, especially if they have views of squares or historical monuments.
Luxury property for sale in Milan
Brera is one of the top areas in Milan, where the most popular property type for a first home for families is a three-bedroom, historical apartment starting from 150 m2 (1,600 sq ft) and preferably with its own terrace. Also particularly desirable in Milan are the areas of Via Moscova, Corso Garibaldi, Via Varese, Via Volta and Via San Marco, where average prices are 7,000 euros/m2 (650 euros/sq ft) for properties in need of renovation; 8,000-9,000 euros/m2 (743-836 euros/sq ft) for homes in good condition; and 10,000-13,000 euros/m2 (929-1,208 euros/sq ft) for new builds. An exclusive property market has also developed in the stretch going from Crocetta to Missori, where prices reach up to 8,000 euros/m2 (743 euros/sq ft) in Piazza della Guastalla and an average of 6,000-7,000 euros/m2 (557-650 euros/sq ft) in Piazza Mondadori, Via Quadronno, Via Vigoni.
Luxury property for sale in Florence
In the area of Centro-Santa Croce, you can find properties with luxurious finishes and excellent quality, expensive Tuscan homes. A renovated flat costs around 5,000 euros/m2 (465 euros/sq ft) in the area around the Basilica of Santa Croce. There are similar prices for stately homes in Piazza d'Azeglio, where the apartments are particularly popular for their large size and valuable architectural features. The old houses that are located in the historic centre near the Duomo, in Piazza Repubblica and Piazza della Signoria, are characterised by high ceilings, plenty of space, statues and frescoes: these are noble palaces that in some cases go for 10,000 euros/m2 (929 euros/sq ft). For that amount, you can buy an apartment or renovated penthouse with an elevator. In Santa Maria Novella, luxury homes are mainly located in Piazza Goldoni, where transactions of used properties average about 3,700-4,000 euros/m2 (344-372 euros/sq ft). More elegant still are the properties in Corso Italia, where values for a renovated property are about 5,000 euros/m2 (465 euros/sq ft).
Luxury property for sale in Rome
In central Rome there is a good demand for luxury properties from both Roman buyers and customers from elsewhere. In these cases, having a lift, a panoramic view, some outdoor space and plenty of natural light are all fundamental characteristics that buyers look for. These properties can also get as high as 14,000-15,000 euros/m2 (1,300-1,394 euros/sq ft) in Piazza di Spagna. In Piazza del Popolo and Via del Babuino the average prices are 8,000-9,000 euros/m2 (743-836 euros/sq ft). In the other areas of central Rome, prices fall on average to 5,000-6,000 euros/m2 (465-557 euros/sq ft), up to 7,000-8,000 euros/m2 (650-743 euros/sq ft) for those located in Via Veneto, Fontana di Trevi and Piazza Navona. Around the Pantheon and in the Jewish Quarter it’s around 8,000 euros/m2 (743 euros/sq ft) for property that neds to be renovated, with peaks of 10,000 euros/m2 (929 euros/sq ft) for homes in good condition. The most popular streets are Via Cassiodoro, Via Tacito and Piazza Cavour, where there are mainly Umbertine style buildings with prices of 6,000-7,000 euros/m2 (557-650 euros/sq ft) for homes to be renovated.
Luxury property for sale in Naples
Luxury houses are available in the area of Petrarca-Orazio. The most popular features of these properties among buyers are large terraces and great views, which are found in small condominiums. Property prices can reach highs of 8,000-9,000 euros/m2 (743-836 euros/sq ft), but averages are around 6,000 euros/m2 (557 euros/sq ft). Recently, there has been an increase in the supply of larger flats of between 130 and 140 m2 (1,400-1,507 sq ft), sold by elderly people who leave the area to move to places closer to the centre like Chiaia and Vomero. In the area of Caravaggio-Manzoni, real estate values are more contained because they are less residential, more central and have fewer services available. There are important condos with prices of around 3,000 euros/m2 (279 euros/sq ft), peaking at 5,000 euros/m2 (465 euros/sq ft) depending on the views. In terms of new constructions in the area, the only available properties are in a converted hotel in Via Manzoni, where apartments are placed on the market at 8,000 euros/m2 (743 euros/sq ft).
Luxury property for sale in Verona
In Veronetta there are homes located in historic buildings built between the eighteenth and nineteenth centuries, with high, vaulted ceilings often embellished with frescoes which have values between 2,700-3,000 euros/m2 (250-279 euros/sq ft), with peaks of 3,300-3,500 euros/m2 (307-325 euros/sq ft) for properties located in especially prestigious areas. Also very coveted are the houses overlooking the Adige. The supply of homes for sale is very low and when they do come on the market can reach prices ranging beyond 3,000-3,500 euros/m2 (279-325 euros/sq ft).
Luxury property for sale in Turin
Via Lagrange, via Roma, via della Rocca and Piazza Bodoni are among the most prestigious streets to buy property in the city of Turin. Via Lagrange is the most important shopping street, where in fact there are the most recognisable national and international brands. In this area of the city you can buy houses dating back to the late eighteenth century and even homes built in the early decades of the 1900s. For renovated and refurbished stately homes, the cost is around 4,500 euros/m2 (418 euros/sq ft). Even in the area of via Della Rocca, you can find good quality historical homes for sale for between 3,500 and 5,000 euros/m2 (325-465 euros/sq ft). In this area it is easy to find fantastically elegant houses with coffered ceilings or barrel with exposed bricks, the perfect property for anyone looking to live in pure luxury in one of Italy’s best cities.
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The most exclusive places to live in Italy
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United States and Germany lead foreign interest in Italian luxury real estate
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Renting a luxury home in Milan: an evolving market
Despite the changes in the rental market in recent years, the luxury residential segment is holding its own in Milan. According to an analysis by Tirelli and Partners, rental demand for luxury homes in the Lombard capital differs and rents remain high mainly due to a lack of supply, which is unable to meet demand. Here are the main trends in the luxury rental market in Milan and the 2024 forecast.
Where to find luxury homes in Italy
Embark on an odyssey across Italy's rich cultural and geographical tapestry, seeking out the most exquisite luxury properties that offer more than just a home, but a lifestyle of elegance, tradition, and exclusivity. The allure of Italy's luxury real estate is not merely in its opulent designs and prestigious locations but also in the historical and cultural narratives that these properties embody. Whether it's a centuries-old villa in the Tuscan hills or a sleek penthouse overlooking the canals
Milan and Rome in the top 30 luxury residential markets
Prices for luxury residential in the world's largest cities will continue to rise in 2024. This is according to data from the Savills World Cities Prime Residential Index, according to which prime property prices in the 30 cities monitored are expected to grow on average by 0.6 per cent over the next 12 months, down from +2.2 per cent in 2023. Looking at prices, Milan and Rome are ranked 13th and 17th respectively in the top 30 luxury residential markets globally, and 4th and 5th in Europe.