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Russian and Chinese buyers are looking at the jewels of Piedmont
02 August, La Stampa
Many wealthy international buyers fell in love with Piedmont, and its territory ended up buying here villas, historic buildings and even castles for six-digits amounts. Prices are undoubtedly high, but not exaggerated if we consider the luxury of these properties, the dimensions and the beauty of the landscape.
The most bizarre example is the villa on the lake in Pallanza which was bought by a wealthy Russian who owns the network for the transmission of liquid gas in the Baltic Sea. He never saw the property before signing the contract. The Fiaip vice president in Verbania, Alberto Actis, tells: “I was contacted by his commercial office. During the negotiations, we spot several helicopters flying over the area. Perhaps, he wanted to make sure the house existed. He couldn’t believe it was possible to buy pieces of art in Italy for so cheap”. The deal was sealed for 5.7 million euro. The house features elegant furniture and pieces art and design, 19th-century paintings and carpets. The Russian liked the area so much that he convinced other four friends to buy villas close to his. One of these villas was the house of the painter Ferraguti, and it went to an Uzbeki for approximately 1.2 million.
Buyers in Piedmont are mostly Europeans: Germans, Dutch, and Swiss, while Russians look at unique and prestigious properties. “Foreigners want to immerse in the Italian culture, living in old traditional houses”, Paolo Papi, Fiaip president for Piedmont, explains.
In Turin, short-term rentals are preferred over sales, and they do very well: 30% of the properties are rented to French, followed by Germans. One of the reasons is the demand coming from European professionals moving here for work. They focus on big apartments, up to 300 Sq m, in the area between Piazza Castello and Piazza Vittorio. A large-sized apartment along the Po river with terrace was rented to a German businessman that needed a base in the city once a week. Besides managers, there are also musicians and famous artists. For instance, an American woman from Los Angeles bought together with her Italian husband a penthouse apartment in Via Degli Artisti. Finally, the apartments in Via Riberi got the interest of a French group.
Monferrato is the favourite location of wealthy tourists from Northern Europe. For instance, the San Giorgio castle, on the market for 3 million euro, is currently under negotiation with Swedish buyers. Chinese are another story altogether, as they’re looking for whole castles to buy and convert into hotels. The objective is to cater to Chinese tourists offering them an inclusive package with accommodation and wine tastings. For this purpose, they have already identified two castles for sale with land and vineyard annexed amounting to 20-24 million euro.
Source: La Stampa
Translator: Cristina Ambrosi