Holiday homes continue to be a good business in Italy: prices in beach, lake and mountainous tourist areas are dropping. An analysis by Tecnocasa.
Holiday homes: Prices have dropped more than 30% in 10 years
According to the investigation office at Tecnocasa, in the first half of 2019 tourist property prices have continued to drop with regards to the previous semester: -0.3% in seaside areas, -1.9% in mountainous areas and -0.2% in lake areas. Compared to 2009, the total variation in house prices in seaside resorts was -37.5%. A similar percentage (-34.4%) is recorded for the mountains, while in seaside areas the drop was 25.6%.
Prices of holiday homes next to the sea
In maritime areas in the first half of 2019, Emilia Romagna (+2.3%) and Sardinia (+0.3%) obtained the best results in terms of property prices. On the other hand, Puglia recorded -1.6% and Sicily -1.4%. The presence of foreign buyers has been confirmed, especially in Liguria, Sicily and Campania.
Prices of holiday homes in the Italian lakes
In the areas of Lake Garda prices remained considerably stable (+0.4%): the side of Brescia finished without price changes, while the side of Verona recorded +0.9. For properties located in Lake Garda, an interest from German tourists buying properties has been confirmed. Foreigners are more and more interested in Lake Iseo which finished the first half of the year with a reduction in value of 1.7%.
Prices of holiday homes in mountains
In mountainous areas property prices have fallen by 1.9%. The strongest contraction was seen in Abruzzo (-6.3%), followed by the Aosta Valley with -2.4% while Piedmont was the region with a contraction of 1.0%. This was due in large extent to the evolution of property prices in smaller areas. The prices of the Trentino Alto Adige area remained stable.
Couples and families buy holiday homes
Who buys a holiday home? The main buyers are people between 45 and 54 years old (29.5), followed by those between 55 and 64 years old (27.7%) and those between 35 and 44 years old (20.1%). It is mainly couples (49.7%) and families (35.3%). In the first half of 2018 similar percentages were also recorded.
3-bedroom apartments are the most popular
The type of property favoured by those who buy holiday homes is the 3-bedroom apartment, followed by detached solutions and semi-detached with 25.9%. The 2-bedroom apartment is also popular with 25.3% of sales.
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