Despite the ongoing economic problems in the wider Eurozone, Knight Frank’s Italian team agreed a record number of sales in 2012/13, up by 50% year-on-year.
Sales volumes for prime homes in Italy strengthened as international buyers looked to take advantage of the long-term lifestyle benefits of buying a home in the country and away from attempts to achieve short-term investment gains, according to Knight Frank’s latest market insight.
Vendors are also taking stock of market sentiment when deciding on price. This has helped encourage prime second home buyers back to the market, many of whom perceive that available properties are now better value than the previous year.
Furthermore, we have also seen a general acceptance of the current, slow-changing economic landscape and an unwillingness on the part of buyers to delay purchases any longer.
Italy remains firmly on the radar of super-rich buyers, with a number of sales above €6m agreed in 2012/13, particularly in Tuscany, Umbria and Liguria.
Meanwhile, according to the Scenari Immobiliari research institute, second-home sales to overseas buyers increased 14% in 2012.
So far in 2013, Liguria and Venice have been Italy’s strongest prime markets in terms of price performance.
The full Italy Insight can be found here.