Industry

Luxury, foreigners choose Rome and Florence

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by Andrea Marini

3' min read

3' min read

Among the cities of Central Italy, Rome and Florence are at the top of the preferences of foreigners wishing to purchase luxury homes in Italy. This figure emerges from a survey conducted by LuxuryEstate.com, a leading real estate portal in the luxury sector and partner of Immobiliare.it. Looking at the national ranking, first place goes to Milan (chosen by 19%), then follows almost on a par with Rome (18.6%), and further behind are Florence (7.6%) and Venice (5.6%).

In Central Italy, the choices of foreigners looking for luxury homes are concentrated not only in Latium and Tuscany, but also, albeit more detached, in Emilia-Romagna and Umbria.

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In the analysis within individual regions, in Lazio 94% of searches are in Rome, followed at a very long distance by a location in the Castelli Romani such as Genzano di Roma (1.3%). Slightly less polarised is the situation in Tuscany: 50% of searches are in Florence, followed at a distance by Forte dei Marmi (6.4%), Siena (6.1%), Lucca (5.5%) and Pisa (2.2%). Forte dei Marmi, by the way, remains the most expensive location in Italy for seaside homes: 10,000 euro per square metre at a walking distance from the beach, which drops (slightly) to 8,681 euro per square metre if you walk more than 5 minutes from the sea.

The situation in Emilia-Romagna is even more balanced. Bologna has a 35.8% share of choices in the region, followed by Rimini (18.2%), Parma (12.3%) and Modena (8.3%). In Umbria, preferences are more distributed, with Perugia standing out, but only with 29% of the choices.

Looking at the origin of foreigners looking for luxury homes, in all regions the Germans top the list, with a percentage ranging from 18.1 in Umbria to 12.2% in Lazio. This is followed by the French and Poles. Americans and Brazilians stand out among the non-EU nationalities.

Looking at the type of house sought, in all regions the villa dominates, except in Umbria where the country house tops the list of preferences.

Also weighing on the choices of foreigners with a high spending budget for real estate is the distribution of the overall luxury market, 37.2% of which is concentrated in the Centre. In detail, Rome accounts for 8.4% of the total (second only to Milan with 13.7%), followed in Central Italy by Versilia (7.5%). At a distance are Florence and its surroundings (3.8%), the Romagna Riviera (1.1%) and Bologna (1%).

"Rome and Florence are undoubtedly two iconic cities," explains Paolo Giabardo, CEO of LuxuryEstate.com. 'Rome,' he adds, 'is the city of la dolce vita. When the American or Asian buyer thinks of Italy, he thinks of Rome. Here you buy a property that is almost eternal, like a palace that belonged to a cardinal or a prince 500 years ago'. The same goes for Florence: 'It is a city with a lot of appeal. The Uffizi and the Duomo are iconic in the minds of Europeans, Americans and Asians. But here the Italian lifestyle theme also comes into play, with its proximity to luxury and fashion brands. A discourse that in part also applies to Umbria on the tourism front linked to the Italian landscape and lifestyle'.

Foreigners who buy luxury houses in Central Italy do not do so either to put them to income (perhaps as luxury B&s) or to move there: 'The perception we have is that they use them more as second homes, as holiday resorts,' Giabardo concludes.

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