Courmayeur and Breuil Cervinia reign supreme in luxury real estate
The report. Engel & Völkers Italia, with Nomisma, photographs the market dynamics of the sector in the region In 90% of cases, buyers do not resort to a mortgage. Sales in the city centre in less than a month
Courmayeur and Breuil Cervinia stand out in the latest Market Report on luxury real estate by Engel & Völkers Italia in collaboration and with the scientific support of Nomisma.
If, in the North-West, Milan dominates with prices between 10,000 and 23,000 euro per square metre, reaching peaks of 27,000, even the Ligurian luxury of Santa Margherita and Portofino (top price at 25,000 euro/sq.m.) or Lakes Maggiore and Orta (which touch 8,400 euro/sq.m.) are no joking matter. But, as mentioned, it is the two resorts in Valle d'Aosta that deserve special focus: the dynamics characterising them seem to reflect the words of Muhannad Al Salhi, ceo of Engel & Völkers Italia: "The medium-high and high-end real estate segment in Italia is experiencing a significant growth phase," he writes in the Market Repor.t presentation, "sustained by national and international investments. Demand, continues Muhannad Al Salhi, "is divided between first homes, second residences and increasingly structured investments, with an international component that now accounts for 35% of buyers, confirming the value of fine real estate as a solid and strategic asset".
Narrowing the field to Valle d'Aosta, both Courmayeur and Breuil Cervinia are obviously faced with "very affluent customers who in 90% of cases do not need or do not feel the need to take out a mortgage," explains Chiara Pelizzoni of Nomisma. Another point in common between the two resorts in the Valle d'Aosta is the fact that the prestige and luxury segments together account for 80% of the market, according to the Market Report.
Still, in both cases there is a 10% year-on-year price increase in the premium segment, and an average budget available to buyers ranging from EUR 1.2 million to EUR 1.5 million.
As far as Courmayeur is concerned, the report speaks of a fast-growing market driven by "demand for new or refurbished-to-new, which is nevertheless faced with a declining availability of properties. Prices are thus fluctuating between 10,000 and 15,000 euro per square metre for the prestige segment and between 15,000 and 20,000 for the luxury segment. In addition, "demand comes from 90% Italians, mainly between 45 and 54 years old". As Chiara Pelizzoni also points out, sales times are extremely short: 'Even less than a month for properties in the centre and semi-centre and between three and six months in other areas. Eighty per cent of sales are related to second homes, 15 per cent to first homes and the remaining 5 per cent as investments.
