Insightful Dynamics and Trends in West Liguria’s Real Estate Sector: Overview
From 2015 to 2023, the real estate landscape in West Liguria, Italy, displayed a compelling evolution in transaction dynamics, marked by a significant interplay between Italian and foreign buyers, and an increasing draw towards the area’s prime real estate, according to Matteo Scandolera, Managing Director of LiguraHomes Casamare.
Initially, the West Liguria market presented a balanced appeal to both Italian and international clients. However, there has been a notable shift occurred over time, with a steady increase in international transactions strengthening West Liguria’s growing position on the global stage.
At times out performing the rest of Italy in terms of proportion of international sales, Scandolera notes: “This rise speaks volumes about West Liguria’s desirability, driven by its lifestyle, culture, and investment potential. As the market has evolved, a stabilization in transaction distribution between Italian and foreign buyers emerged, reflecting a matured appeal across diverse demographics.”
Most recently, investment has been seen in new and improved Marina’s along the Italian Riviera coast. Premium marina operator D-Marin took over two new marinas, Marina degli Aregai, one of the largest in the Liguria with 961 berths and Marina di San Lorenzo with 268 berths. Both marinas have addition attractions, including restaurants and hotel.
In January 2024, it was announced that Marina Development Corporation (MDC), which is at the helm of the brand new Marina Cala del Forte in Ventimiglia, is partnering with Chastworth Schools to operate and manage the Borgo del Forte Campus, a large purpose-built international educational and sports campus.
Simultaneously, the redevelopment of San Remo’s old marina area is underway, promising to redefine the city’s waterfront. Porto Vecchio revitalization will include enhancing public spaces, improving marina facilities, and introducing commercial and recreational amenities.
“Such developments are designed to invigorate the area, making it a more attractive destination for residents and visitors alike, creating a positive impact on property values and investment opportunities”, Scandolera comments.
Market Expansion and Diversification: Facts & Figures
The West Liguria real estate sector not only exhibits growth but also a diversification that appeals broadly to a global audience. Our findings reveal a market that caters to varied preferences and investment scales, affirming West Liguria’s status as a key real estate hub.
LiguriaHomes Casamare’s analysis highlights a significant trend: the steady increase in investments from Italian buyers, with average expenditures rising from € 245,000 in 2015 to € 392,000 in 2023.
Foreign investors have significantly underscored West Liguria’s appeal on the global stage, with their investment levels notably surpassing those of domestic buyers. In 2023, the average expenditure by international investors reached € 686,000, highlighting their substantial contribution to the region’s real estate dynamics. “These figures not only celebrate West Liguria as a sought-after destination for discerning buyers but also affirm the dynamic nature of its real estate market”, Scandolera observes.
In 2023, the transaction data revealed a balanced market share between Italian (52%) and international buyers (48%), with the latter contributing significantly higher average investments. This discrepancy underscores varied market behaviours and preferences, suggesting a strong demand for more luxury properties among international clients, in contrast to the more moderate investments by Italian buyers.
Insightful Buyer Profiles and Intentions: Tailoring to Market Needs
The international buyer demographic in West Liguria is notably diverse, reflecting a broad spectrum of European and global interest. German and French buyers lead the 2023 international market share, with contributions from Russian and Swiss nationals, underscoring the region’s widespread appeal.
This diversity is further enriched by buyers from the United Kingdom, Norway, and the United States, alongside Belgian, Danish, and Monegasque nationals, each contributing to the rich tapestry of interest in West Liguria’s property market.
“The proximity of Nice International Airport significantly enhances West Liguria’s accessibility for our international clients, making it even more attractive,” states Scandolera. “Our commitment to serving international clients has been significantly bolstered through strategic alliances, notably our partnership with Hamptons International, one of the world’s largest property agencies and consultancies, and our membership with the US National Association of Realtors (NAR). These collaborations have been instrumental in widening our reach and enhancing our service offerings to a global clientele.”
In 2023, the motivation behind property purchases in West Liguria reveals a strong preference for holiday homes, indicating the region’s attractiveness as a leisure destination. The pursuit of primary residences by nearly a third of buyers underscores West Liguria’s appeal as a main living area, while a smaller fraction of transactions focused on investment purposes, highlighting the personal and experiential value placed on properties in this region.
The real estate landscape in West Liguria is further enriched by new developments and refurbishment opportunities, characterized by a commitment to excellence and sustainability. While new development may be limited, the quality units that do come to market in prime locations are distinguished by their use of premium Italian materials and adherence to the highest standards of energetic efficiency. These developments not only attract overseas investors and individuals seeking second homes but also underscore the region’s dedication to combining luxury with environmental responsibility. Additionally, there are opportunities to acquire and refurbish long-held Italian family holiday homes, traditionally popular among city-dwellers from Milan and Turin. These properties offer investors the chance to tap into the local heritage and lifestyle, embodying the enduring appeal of West Liguria while promoting sustainable living.
“As we move forward, LiguriaHomes Casamare remains dedicated to excellence, utilizing these market insights to refine our strategies and services. Our goal is to ensure that both Italian and international buyers discover unparalleled value and beauty in West Liguria,” Scandolera concludes, expressing our firm’s dedication to connecting clients with their dream properties, fostering a deep connection with the region through unmatched expertise and commitment, making LiguriaHomes Casamare the premier choice for real estate in the Italian Riviera.
About LiguriaHomes Casamare
Founded in 1991, LiguriaHomes Casamare is the largest locally owned and operated, independent real estate company in Liguria, with offices in San Remo, Bordighera, Ospedaletti, Imperia and Santo Stefano al Mare. With a strong presence in the region and a deep understanding of the local market, LiguriaHomes Casamare is committed to delivering excellence in every real estate transaction.
For further information, please contact:
Matteo Scandolera
LiguriaHomes Casamare