Italy: the privileged destination for high-end property investments
After the constant decrease of the real estate value that has characterized the recent years, following the global crisis of 2008, we are now approaching a period of readjustment towards higher values. This means that
After the constant decrease of the real estate value that has characterized the recent years, following the global crisis of 2008, we are now approaching a period of readjustment towards higher values. This means that Italy, which has always been the privileged destination for high-end property investments, is strengthening its attractivity. Our country confirms itself as the top destination for the acquisition of holiday homes especially for the Hollywood star system. Our lakes are, for example, one of the most desired destinations, also thanks to the George Clooney’s presence, owner of villa Oleandra and villa Margherita at Laglio on lake Como. Twilight star Robert Pattison has followed Clooney’s example and bought a mansion from the XIII cent. of 800 sqm surrounded by 1200 sqm gardens with pool, tennis court at Menaggio for five million euro.
The list of celebrities that have fallen in love with Italy and have acquired properties in different areas of our country is long and diverse. Veneto is one of the regions that attracts most interest. The oscar winning Leonardo di Caprio, for example, adored a penthouse of 350 sqm with a 250 sqm terrace overlooking the arena which he bought for approx. four million euros. Elthon John instead choose the beauties of Venice, acquiring a XV cent building on the Giudecca island. Many instead prefer less touristic and famous locations emphasizing the quality of life. George Lucas, the father of Star Wars, has completely renovated a XVI cent monastery a Passignano sul Trasimeno (PG), which he bought for almost six million euros. Colin Firth and wife Livia Giuggioli have chosen, as their summer residence, a property surrounded by olive trees, that the family personally looks after, on the hills of Città del Pieve (PG) in Umbria. Francis Ford Coppola, instead has returned to his family’s native area, the village of Bernalda (MT) where he bought Palazzo Margherita, a building dating from 1892.
The rural areas are the most attractive for international stars as Orlando Bloom, who is the owner of a farm land with animals at Giustiniana north of Rome. Also oscar winner Meryl Streep and Helen Mirren have chosen the countryside of the beautiful and trendy Puglia. The first owns a house in the heart of the natural regional park Costa Otranto at Tricase (LE), while the second one, with her husband director Taylor Hackford, has renovated a “Masseria” (typical construction of the area) of the XV cent in the countryside of Tiggiano (LE). Even actor Gerard Departdieu has selected the Salento region acquiring a property in the historic center of Lecce. Tuscany has been for years the preferred destination for foreigners specially Brits. In fact Sting bought the Palagio Estate at Figline Valdano (FI) in 1999 and since has created a company for the production of wine, oil and biological honey. In 2016 the general interest of the international clientele geared more towards seaside locations. Portofino was chosen by Robert Downey Jr. who just acquired a large villa first owned by a wealthy Russian businessman.
In fact, the rich Russians investing in Italy have decreased in the recent years, they are now at the fourth place after Americans, Asians and British. The trend has been compensated in 2016 by a 25% increase in the requests from the US, Asians especially Chinese, it has also been eased also by a devaluation of the euro compared to the dollar. In general, foreigners acquiring properties in Italy in the last year have rose 18%. As monitored by Wonderful Houses Italy, a real estate project created to present the most prestigious properties of Italy to an international public: “Chinese, in particular invest in historical building and luxury properties, apartments and stores in prime locations in the city centers” The objective of WHI is not only that of selling prestigious properties but also that of offering the Italian lifestyle so appreciated in the world.
Even if in 2016 the most requested destinations are those chosen by the VIPs, from the lakes to the Veneto region but it is also important to emphasis a return to the more “classic” touristic destinations. “The demand for seaside locations have highly increased in 2016” affirms Deborah Mascari, expert in international real estate and manager of WHI, who has received in the past year many requests from an international clientele for destinations as Capri and Portofino. Regarding the Italian cities top of the list is Milan. It is acquiring an important role in the European and international scene thanks also to its fame of most cosmopolitan city of Italy, Italian business capital and fashion center, reference for arts and culture