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Buyers are back in Chianti

12 July, Il Sole 24 Ore

The market is slowly recovering, and it has never lost its charm in the eyes of foreigners. On the contrary, it attracts international buyers looking for investments outside their countries, such as the Chinese. “For the first time in ten years, I can see the Tuscany market of holiday houses recovering, especially concerning the Chianti region”, said Bill Thomson, head of the Italian residential market for Knight Frank, who has been living and working in Italy for the last 30 years.

Thomson continues: “The holiday house segment, and not only in Tuscany, was overrated. In 2008 we started noticing a fall even before Lehman Brothers defaulted. Since then, the market in Chianti (the region between Florence and Siena) has lost up to 50% of its value”. The dynamism of the market hasn’t translated into a price increase yet, but an increased interest can be deduced by the growing requests and visits to the properties and real estate websites.

What are the reasons for the crisis? Besides the obvious difficulties encountered by the domestic and international real estate since 2008, the local market has been mainly impacted by the prices, as these were too high in comparison with other parts of the world, where it was possible to buy bigger and more beautiful properties spending the same amount. Thomson continues: “Our clients look at the whole world. If Chianti becomes too expensive, they move to France, where houses are sold only if the price is aligned with the market. Selling is only a matter of price”.

In its highest price range, the survey focuses on wineries with beautiful villas attached, costing up to 20 million. Villas just outside the city are also very popular, but only if they’re renovated. There have also been many researches for five-star hotels, both in small and large towns. “We’ve been noticing a steady stream of capitals towards Italy from all over the world – said Thomson – Buyers come for a large part from Asia and the Middle East, but we’ve also registered a return of British”.

The favourite destinations in Chianti are those close to Florence, like Impruneta, Greve and Panzano, and around Siena such as Gaiole and Radda.

According to Scenari Immobiliari, the average prices in some touristic and hill locations have increased by 2% from June 2017. There’s a sharp difference with the places on the hills in the rest of the country, where prices have decreased by 1.3% in the same period. Impruneta is at the top of the chart, reporting a +3% variation for the last 12 months and prices between 2,050 and 4,700 euro/Sq m, the highest value among the tourist destinations in the area.

Gaiole and Greve in Chianti have kept a positive trend in the last year as well as in the previous five years. According to Scenari Immobiliari, Greve registered a 2.3% increase in June 2017, with prices comprised between 1,750 and 3,600 euro/Sq m, returning to the values of 2013. Greve proves to be the most convenient destination along with Boggibonsi and Tavernelle Val Pesa, with prices starting from 1,700 euro/Sq m. Gaiole has increased by 1.6% in 2017.

The other destinations have decreased from 2013, with negative peaks reaching 4.2% for Tavernelle Val Pesa.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi