Tag: luxury properties

Van Ogtrop acquired Tenuta di Forci in Lucca

30 November, Bebeez

The real estate complex named Tenuta di Forci in Lucca was sold by baroness Diamantina Scola Camerini to the Dutch investor Robert-Jan Van Ogtrop. The complex includes a 14th-century manor and 20 villas as well as 350 hectares between olive groves and vineyards. Van Ogtrop will sell some of its real estate assets to a selected market, while the complex will be renovated according to the eco-sustainability and regenerative agriculture criteria.

Source: Bebeez

Translator: Cristina Ambrosi

The limited supply of luxury properties boosts prices in Rome

17 February, Il Sole 24 Ore

Casa.it reports that Rome’s luxury real estate property market grew by 25% in 2020 despite the crisis. The majority of luxury houses concentrates in the old town and Parioli, Flaminio, Olgiata Giustiniana, Cassia Flaminia, Prati, Trieste, and Eur. Such areas generate 75% of the revenues for this specific segment.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi

Engel & Völkers: no crisis for luxury properties despite Covid-19

18 August, Wall Street Italia

The current pandemic doesn’t seem to have impacted the luxury property market as the demand and prices remain stable. Engel & Völkers confirms this trend with properties sold for over one million euro. In Rome, the group sold properties in exclusive areas such as Parioli and the old town for prices between 1,400,000 and 1,750,00 euro. In Courmayeur, Engel & Völkers completed two transactions for 2,790,000 and 3,500,000 euro, while on Garda Lake two villas were sold at over 1,500,000 euro. Another villa in Maremma (Tuscany) was sold by the group for 2,500,000 euro.

Source: Wall Street Italia

Translator: Cristina Ambrosi

Luxury market: Milan surpassed Rome

14 June, Il Tempo

According to the figures reported by Fimaa-Confcommercio, the average property price in Milan is 3,796 euro/Sq m, while in Rome is 2,825 euro/Sq m. Milan also has the highest prices: properties in CityLife, Porta Nuova, around Duomo and San Babila can cost up to 10 thousand euro/Sq m, while in Rome these are set at 8 thousand euro/Sq m.

Source: Il Tempo

Translator: Cristina Ambrosi

No crisis for luxury houses

10 December, Advisor Private

Luxury houses are more and more a safe haven asset. Such properties are exclusive not only for price reasons but also for a series of features such as the proximity to services and schools and the safety of the area. Luxury homes are still popular among Italians. These homes have to meet some specific requirements, as stressed by the report by Santandrea. The data are gathered from clients, real estate agents, developers and private banks. The survey was carried out in collaboration with Osservatorio Casa Doxa 2018, and it shows how the prime residential property market has endured the recession quite well in Rome and Milan, although with some differences depending on the area.

Milan is the most dynamic

Milan is the most active concerning the number of transactions. Brera is the fastest-growing area in the first half of 2018 in comparison with the same period of 2017. It’s followed by the old town and Magenta-Pagano-Castello which are still high on demand. Palestro-Duse is steady, while transactions in Quadrilatero are difficult due to the gap in the property value between seller and buyer. As a result, many potential buyers have moved to the rental market. Prices slightly increased in Quadrilatero (+0.2%), which is still the most expensive area. It’s followed by Palestro-Duse and Brera (prices are between 8 thousand and 9 thousand euro/Sq m). Property prices in Magenta-Pagano-Castello are stable at 6 thousand euro/Sq m.

Rome resumed growing

The trend is positive also for Rome. The demand rose in the first part of the year with the only exception of Flaminio and Salario-Trieste. The interest of buyers doesn’t correspond to an adequate offer which is still limited. Except for the old town, the number of transactions has risen, continuing the trend started in 2017. Prices slightly decreased from the previous semester (-0.2%), especially in Flaminio. The old town is still the most expensive area (10,500 euro/Sq m for new/renovated properties and 8,500 euro/Sq m for dated ones), followed by Aventino and Trastevere. In the other parts of Rome, prices are set between 6,800 euro/Sq m in Prati and 5,100 euro/Sq m in Flaminio. Prices for dated properties haven’t reported any significant variations: 4,500 euro/Sq m in Parioli and 4,900 euro/Sq m in Prati.

The outlook

In the second part of the year, transactions are meant to increase in Rome as well as in Milan, while prices will remain steady. Concerning the average time to sell a property, it takes about 5-6 months in Milan and 7 in the Capital (longer than the 6.3 months reported in the second part of 2017). The average discount in Milan is set at 10% and 13-14% in Rome.

The situation is varied for what concerns the rental market. In Milan, the demand concentrates in the old town and Brera, where there is still plenty of properties on offer, while the situation in Rome hasn’t changed much from the second semester of 2017. The demand is stable with an increase in Salario-Trieste. The average duration of leases has reduced both in Milan and Rome, little less than three months in both cases. Regarding discounts, they decreased by 9-10% in Milan and by 7-8% in Rome. Finally, the average prices further reduced in Rome (-0.6%) and Milan (-1%). The report shows how the number of lease contracts is expected to grow in Milan in the second part of the year thanks to the recovery of the demand. On the contrary, the rental market will not change in Rome. Moreover, the survey stresses the consistent growth of short-term rentals managed by privates or companies in Milan, with the consequent reduction in the offer for long-term leases.

The most requested property types

In Milan, the most popular houses have a surface between 180 and 230 Sq m, having decreased from the previous 180-250 Sq m reported in 2017. Properties generally have three bedrooms. Clients are mostly looking for new or renovated houses with a garage and a terrace. Concerning rents, the requested surface is smaller and set between 80 and 180 Sq m. The required number of bedrooms varies. Generally, tenants prefer new or renovated houses and apartments with high-quality furnishing.

In Rome, the average surface is comprised between 100 and 150 Sq m (with two or three bedrooms) in the old town and between 150-200 Sq m (three or four bedrooms) in Parioli. In Rome, the preference is for apartments to be remodelled, unlike Milan, in order to customise spaces according to the needs. In additions, clients require a garage, a terrace, and the position of the flat on the high floors. Concerning rentals, the requested surface is between 140-180 Sq m with two or three bedrooms. New or renovated properties are very popular.

The house as a safe haven asset

Italy has a tradition of investing in houses. This trend though has declined in the last few years due to the recession. However, this is not true for luxury houses. According to the report, they’re still seen as a life goal, a status symbol, a nest where to forget the stress of everyday life and express one’s personality.

For this reason, who buys a luxury property is not buying only a house but also “the pleasure of living”. The most requested features are functional spaces with plenty of light. Milan was the first to channel this need with City Life and Porta Nuova. Rome is behind for what concerns new real estate developments, and luxury properties concentrate in the old town. The report also shows how luxury properties have changed over the past decade. The reduction in the surface has also concerned this segment, translating in one shared space uniting kitchen and living room.

The kitchen is no longer a room to keep hidden, rather an open and accessible space, fully-equipped and highly-technologic, which also serves as a social place. The bathroom is the room that has changed the most. It has transformed into a place where to relax, featuring all comforts and precious and hi-tech materials. Moreover, the number of bathrooms in the houses has increased, and even the smallest homes have two.

The future of luxury

Finally, the report forecasts how the luxury residential market will evolve. Safety will be one of the main requirements. The location choice will be increasingly important, with the preference for quiet neighbourhoods with a good quality of life, and the presence of surveillance and alert systems.

Furthermore, energy efficiency will be crucial: heating, air conditioning, sound-proofing and domotics. At the same time, the house will have to be multi-tasking and adaptable to the different phases of life. As a result, furniture will be adjustable and objects multi-functional.

The social and urban environment of the property is becoming more and more critical, as well as the presence of services and the proximity to public transport.

Signature architecture is another emerging trend, with great attention to the building and its architectural style, although buildings designed by famous architects are already a distinctive characteristic of the luxury property market. Turn-key products will be increasingly popular, as they meet the need for simplification. As a result, utility and service bills will be included in the offer such as fibre internet connection, insurance, cleaning and laundry.

Source: Advisor Private

Translator: Cristina Ambrosi

The luxury property market is continuing to grow

27 October, Milano Finanza

The market is growing, according to the latest market report by Engels&Völkers, the leading company in the luxury sector, in collaboration with Nomisma. In 2017 the volume of property transactions amounted to 542,480, having increased by 4.9% from the previous year. In the next two years, the trend is expected to continue and to reach about 595 thousand transactions by 2020. The general real estate market in Milan and Rome followed different directions, but the luxury segment continued growing. Prices reached a peak of 15 thousand euro/Sq m in Milan, in Quadrilatero, and 12 thousand euro/Sq m in the Rome old town.

Milan confirms to be a very dynamic market, with an increase in the demand in Brera, Castello-Foro Buonaparte, Magenta-Monti-Pagano and Sant’Ambrogio. Rome suffers from the pre- and post-election political uncertainty. The most popular areas in the Capital are Parioli, Prati and Eur.

Source: Milano Finanza

Translator: Cristina Ambrosi

Milan is the most dynamic market

27 October, Milano Finanza

Milan’s residential market is giving signs of growth, both concerning number of transactions and prices. According to Emanuele Barbera, president of the Sarpi group, the preferred locations are those in the city centre or within the city walls, especially if located on the upper floors and in old prestigious buildings. “The general price increase is driven by the construction of high buildings and by the overhauling of some old buildings. Today, Milan is going through a phase of growth concerning the quality of construction, which also impacts the surrounding areas and the medium-quality properties”.

In this context, it’s clear that the city centre is the most sought-after area, with its prestigious buildings. The requests are for any property size, with the preference for big apartments over 200 Sq m. “There is great interest for those areas which had undergone requalification interventions or new developments such as the skyscrapers of Porta Nuova, Garibaldi, City Life, Isola, Porta Romana, Magenta, and Venezia”, clarifies Barbera.

The current average values depend on the location, the type of building, the floor and the dimensions. For newly-constructed properties or prime renovated properties in the city centre, the average price starts from 7 thousand euro/Sq m up to 10 thousand euro/Sq m. For dated properties and not renovated ones, the price can be even 30% lower. “In the external city ring in the C area, prices are comprised between 3,500 and 6,500 euro/Sq m, depending on the building and apartment conditions”, says Barbera.

For what concerns luxury properties, its clients certainly don’t have budget issues, but they want to find the perfect home. It means prime properties excellently-located, luxury buildings, large at least 200 Sq m and naturally featuring a terrace and a garage. “The buyers of this type of properties are generally under 50 coming from the finance or fashion world. There is a percentage of Italians looking for small apartments, up to 80 Sq m, for their sons, while foreigners represent about 8% of the clients”.

Source: Milano Finanza

Translator: Cristina Ambrosi

Prices skyrocketed for prime properties in Via Montenapoleone in Milan: 15 thousand euro/Sq m

26 September, La Repubblica

The areas in Milan reporting the highest increase in the demand are Brera, the area between Castello and Foro Bonaparte, Corso Magenta and Via Vincenzo Monti, as well as Pagano and Sant’Ambrogio. The luxury segment is thriving in Milan, according to the latest reports on the residential market by Engel & Völkers and Nomisma. Both surveys indicate Milan and Rome as the top cities where the demand for prime properties is booming. As the reports read, “Milan confirms to be a very dynamic market, where the times to buy or rent a property have shortened, resulting in a very liquid market”.

In the past semester, the market registered prices between 7 and 12 thousand euro/Sq m for renovated properties, and between 6 and 9 thousand euro/Sq m for houses to be renewed. The most expensive houses are those in Quadrilatero, with peaks of 15 thousand euro/Sq m. Chinese are among the buyers, especially in the central areas. But also “Brexiters” (those who have left London due to Brexit) are a significant group in Magenta and Brera”.

Luca Dondi, Nomisma Ceo, explains: “In the first part of the year, the Italian property market has further improved, despite the current unfavourable macroeconomic context”. But the growth is not homogeneous. “There are significant differences concerning property type and geographical area”. According to the report, “Milan’s luxury market is experiencing a positive trend, resulting in an increase of transactions, but not of prices”.

Source: La Repubblica

Translator: Cristina Ambrosi

The property market is in good shape: offer +0.9% and prices are rising

26 September, Il Giornale

The numbers of the market of prime properties are relieving. Roberto Magaglio, License Partner for Engel & Völkers in Milan, confirms this view: “the market is in good shape. After so many years, we’ve finally arrived at a breakthrough”. As Luca Dondi, Nomisma Ceo, explains, “In Milan, despite all the adverse external conditions, transactions have grown, the demand has increased by 4-5 times. This is an element that supports the positive perspectives for the future”.

The 2018 Market Report by Engel & Völkers presented yesterday in Milan shows a progressive growth of the demand and the dynamic trend of the offer: +0.9% from 2017, meaning 5,496 transactions more. The growth concerns all the urban areas, not only the city centre and the upscale neighbourhoods, which registered a concentration of Chinese investors and “Brexiters”. In the first part of the year, the price range for renovated properties was comprised between 7 and 12 thousand euro/Sq m, falling to 6-9 thousand euro/Sq m for properties to be renewed.

Concerning the location and quality criteria, Magaglio highlighted that the whole sector went through some major changes. When both factors, good location and good quality, are present, prices tend to be higher. Moreover, there has been an increase in purchases for investment by private and institutional investors. Private investors are mainly represented by wealthy families from southern Italy that buy a house for prestige or for the sons moving to the city to study, as well as foreigners attracted by the 100-thousand-euro flat tax.

If the 2013-2014 period reported negative results, now the figures are more reassuring. The rental market is also optimistic. Marco Sorbara, Engel & Völkers commercial director in Milan, added that “the rental market for prime properties showed positive results, and there are solid bases for a breakthrough”.  As with the property purchases, also rentals are driven by foreign tenants and clients from southern Italy. The main factor is the confirmed trust in real estate investments and the economic stability of a qualified and efficient demand.

As a result, one of the requirements when renting is the working distance. The duration of rents has reduced. Sorbara adds: “People are not looking to rent for 4+4-year solutions, the maximum duration is 18-36 months. The demand for rentals by the month or the week has grown, thanks to all the temporary clients coming to Milan to attend events”.

Source: Il Giornale

Translator: Cristina Ambrosi

Milan’s luxury real estate market is growing

26 September, La Verità

The luxury market is growing, although with some differences between Rome and Milan. While the latter is dynamic, the former is at a standstill. The picture emerges from the Engel & Völkers and Nomisma market reports. “The demand supports the transaction increase, but not the rise of prices”, said Luca Dondi, Nomisma Ceo.

In the first quarter of 2016, the transactions in Milan were 5,496, +0.9% from 2017. The trend is positive thanks to Chinese investors and other investors that are trying to diversify their investments due to Brexit. The average values are set at 7,000-12,000 euro/Sq m for renovated properties, with peaks of 15,000 euro/Sq m in Quadrilatero. In Citylife, the average price is 11,400 euro/Sq m, while this drops to 4,000/6,000 euro/Sq m in the west of the city. It takes maximum two months to sell a quality property.

In Rome, the best areas are the old town, Parioli, Prati and Eur. The capital is the first market in terms of number of transactions, although these (7,077) registered a slowdown in the first quarter of 2018 (-1.9%). “The trend has improved in the second part of the year, and now the figures are positive”, said Marco Rognini, general manager for the Rome market centre for Engel & Völkers. The price range is wide. In the old town, the price for renovated houses is comprised between 5,000 and 12,000 euro/Sq m. The times to sell properties vary from seven-eight months in Euro to two months in Parioli.

Source: La Verità

Translator: Cristina Ambrosi