The real estate research centre Re/Max Italia has produced a report analysing the second home market in Italy. Let's find out what the tastes and trends are.
According to the main points in the report, the encouraging data of the amount of summer tourism in Italy are bolstered by positive trends in the number of people buying second homes, both for tourism and as investments. Especially noteworthy is the fact that 60% of tourists stay in rented or bought accommodation, as opposed to accommodation in a traditional hotel, a sign that the market for second properties is on the up.
The Re/Max Italia study surveyed 200 real estate agents distributed throughout the Italian peninsula to find out trends in the second home market to understand who is buying, where they buy and why.
Where do people buy their second home in Italy?
Real estate investment for rental purposes in Italian cities remains the main motivation to buy, with 27.3% of people who buy a second property with the aim of letting it out doing so in big urban centres. However, the pull of the sea is strong for those who buy second homes for vacation use, with 26.7% of buyers doing so in coastal areas. Other popular destinations are artistic cities (13.6%) and in mountain areas (10.9%).
What are the demand and prices for second homes?
Demand, supply and sales of second homes were stable in the first half of 2018 for most real estate operators, while prices for 31.67% of these are falling. This trend coincides with the opinion of 25% of those interviewed, who forecast more decreases for the second half of the year. 65.1% of the Italian real estate professionals questioned were more confident in predicting stable values.
It seems that the prices of second properties are negotiable. Specifically, the national average is that potential buyers negotiate a 12-15% reduction in the price of a second house in Italy in 35.1% of cases. In the south of Italy, this figure rises to more than 20%, in 34.5% of cases. Negotiations of less than 10% of the asking price are more common in central Italy, in 23.8% of cases.
How much does it cost to buy a second home in Italy and who buys?
74% of people who purchase a second home in Italy are Italian nationals, while the remaining 26% are from other countries. Of these, 77.7% are European investors, 7.7% from Eastern countries and 5.4% from the USA. The rest is divided between China (3.2%), South America (2.8%), India (1.7%), Canada (1%) and Australia (0.5%).
In terms of the profile of these buyers, the most common is families, making up 37.6%. After this come couples (31.3%), retirees (16.9%) and bachelors (14.2%). The average declared budget is 150-300,000 euro in 38.2% of cases.
What features do people want in their second home?
When it comes to second houses, there are things that buyers can’t do without, such as a private garden or terrace, which was requested by 13.4% of house hunters. The other most common characteristics of the property that people wanted were a quiet location (9.7%), proximity to shops and services (9.6%), privacy (9.5%), and a garage (9.3%).
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