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Knight Frank: latest report on Italy’s second-home market

Knight Frank analizes the Italy’s second-home market

Knight Frank’s new Italy Insight report assesses what impact the country’s recent economic challenges have had on its prime property market.

Traditional sources of demand (US, UK buyers) while still evident are now joined by other HNWIs looking to make a lifestyle purchase, these include Scandinavian buyers (particularly Danes), Russian and Benelux nationals who are all increasing their market share.

As well as providing an economic update and analysis of Italy’s mainstream and prime markets, the insight report assesses what impact Prime Minister Monti’s IMU property tax will have on prime sales and ncludes a snapshot of current market conditions across Italy’s second-home hotspots: Rome, Venice, Tuscany and Umbria, Liguria, Sardinia and the Italian Lakes.

Unlike the UK, US, Ireland or Spain, Italy did not experience a housing market bubble prior to the financial crisis. Although official data reports that mainstream prices are only 10.5% lower than their peak in Q2 2008, most analysts acknowledge that mainstream prices have dropped by around 30% over this period.

For many international buyers, Italy’s established prime locations offer a more secure second home option without the risk that many emerging European markets present.

A weaker euro in the first half of 2012 made very little difference to the volumes of sales but interest from non-Eurozone buyers improved once the euro reached 1.20 against the pound.
Buyers from the UK, US, Belgium, Denmark, the Netherlands and Russia are the most active. The one issue that connects these buyers is their level
of wealth, many are increasingly internationally-mobile with multiple residences globally.

In late 2011 Mario Monti’s new government of technocrats embarked on a strict austerity programme. For the first time Italians now have to pay tax on all their properties, including their primary residence. The IMU tax, which also applies to non-resident second-home owners, is expected
to raise €10bn in 2012 but many Italians consider it to be unfair given it is based on a public register which relies on an outdated ‘cadastral’ rental value for each home.
We do not expect the IMU tax to have a significant impact on Italy’s luxury housing market for two reasons. Firstly, because the sums remain
relatively small. Homeowners are due to pay 0.4% of the cadastral value on a primary residence and up to 1.06% on a second home. Secondly, despite the IMU tax changes Italy’s purchase costs and annual property charges continue to compare favourably with some of Europe’s other prime second-home destinations.

Key findings

  • Enquiries for homes above €3m are strong, along with demand for properties in new developments priced below €1m
  • Italian prime property has performed better than its mainstream counterpart. Although prices have fallen by c.20% since their peak in 2008 the market is now gaining traction
  • A weaker euro in the first half of 2012 had little impact on sales volumes but has provoked interest from non-Eurozone buyers
  • The introduction of the IMU tax by Mario Monti, although a complex tax, is likely to have little impact on the luxury homes market

Focus on Liguria

The prime market in Liguria has seen a higher level of activity in 2012. New stock being brought to the market is not only of good quality but is
being realistically priced. In contrast to some of Italy’s other prime markets Liguria has seen prices hold firm with small price rises observed in the best locations such as Portofino, Bordighera and Alassio.
British, Danish, Swiss, French and Russian buyers are the most prevalent with many seeking homes within the €500,000 to €1.5m price bracket. Above this threshold the region finds itself competing with the neighbouring Côte d’Azur.

Click here to read the full version of the Italy Insight by Knight Frank

Fonte: Kate Everett-Allen, International Residential Research, Knight Frank – Oct 2012

To know more about Knight Frank please visit www.knightfrank.com or call Mr. Matteo Scandolera on +39 334 9323000 or come to our head office in Liguria: LiguriaHomes, Via Matteotti n. 24, San Remo – Western Liguria

What Knight Frank says about the luxury Italian housing market?

What Knight Frank Report says about the luxury Italian housing market?

This report summarises the key market trends observable in the luxury Italian housing market. The report provides expert insight from our international network, highlights recent market performance, buyer demand and features a selection of prime properties being marketed by Knight Frank.

The global downturn led to a renewed interest in core markets like Italy with international buyers returning from their searches in less established locations. Now is an opportune time for those seeking the dream property and lifestyle that only Italy can provide.

Italy’s most desirable regions continue to attract international lifestyle buyers searching for their dream holiday home. Buyers primarily come from the UK, Italy, Scandinavia, Germany, Russia and Benelux countries. US buyers have returned to the market but only tentatively due to their unfavourable exchange rate.

Although the global economic downturn saw prices in parts of the country fall by around 20%, there have been few forced sales, and where vendors have been realistic in setting prices, properties are selling in reasonable timeframes. The top end of the market (€5m-plus) has been slow in comparison, with buyers in this range being more cautious than others on price.

Italy is still widely considered to be a strong, established, core market.

The first half of 2011 is likely to see relative price stability across the regions with the potential for a slight decline. The only vendors to experience significant price falls will be those who have not yet reduced their asking prices.

Italy is a myriad of destinations, each with their own unique charm and character.

Buyers are predominantly driven by their desired lifestyle – they seek the long-term enjoyment of a second home rather than a short-term investment opportunity.
For them, the importance lies in the architecture, the climate, the al fresco culture, the food and wine, the bustling cities and wonderful vistas. The country also represents a safe and trusted destination with good transport links and a solid infrastructure.
Buyer interest was reinvigorated on the back of the global recession, as those searching in less established locations turned to what are seen as the trusted core markets, such as Italy.

Transaction volumes increased in 2010 as buyer confidence returned. Buyers do however remain price-sensitive as a result of the large number of properties available in most areas.
Many vendors now understand the need to be realistic on price. But buyers should not expect to find many ‘fire sales’, merely pricing that reflects the current market.

Search Property in Liguria

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(from: Knight Frank)

Demand for homes in Liguria is reaching an all time high among foreign buyers. The competition for Ligurian properties is driving prices up, and attracting homeowners who will spare no expense in finding the perfect Italian getaway.

10 good reasons to invest in properties in Liguria

For anyone new to investing that may not have decided on which sector they should invest their money into, below are the top 10 reasons why property should be considered as one of their investments.

Region Liguria is situated in a very strategic position in Italy and has one of the most beautiful and diverse natural landscapes in the country thanks to its unique micro-climate.  The combination of the two make it an excellent location for property investment.

Liguria Homes has come up with 10 reasons why you should consider investing in the Ligurian property market:

  1.     Liguria is one of the top holiday destination in Italy and renting out a property here with a good return is very easy
  2.     Properties in Liguria are a profitable investment and a good hedge against the inflation too
  3.     Their starting capital value is revalued all the time
  4.     Properties in Liguria have both high yields and low-risks so that no other region could be able to compete with them
  5.     They are real and tangible and they don’t change their stuff in accordance with the economic situation too
  6.     Their value can change, but in the last 60 years it is always increased
  7.     Properties in Liguria are suitable for all the “portfolios” because of their flexibility and adaptability
  8.     A property in Liguria is “cashable” in short time
  9.     Fly to Nice, only 2 hour flight time from all the european countries with direct flights during ALL year
  10.     Ligurian people are the most friendly, welcoming and outgoing people you could wish to meet

These are only 10 simple reasons, but, believe me, there are millions…

To Search Investment Properties in Italy or to ask for more information about Liguria Properties, please visit: www.liguriahomes.com

Foreign Buyers Spare No Expense in Liguria

From: Italymag.co.uk

Demand for homes in Liguria, Umbria and Tuscany is reaching an all time high among foreign buyers. The competition for Ligurian properties is driving prices up, and attracting homeowners who will spare no expense in finding the perfect Italian getaway.

Expatriates are willing to pay enormous sums for a Ligurian address. According to entrepreneur Martin De Rosa, Germans spend an average of 300,000 Euros and 76% of British buyers look at buildings in the 300,000 to 500,000 euro price range. The Russian buyers put other foreign homeowners to shame, willing to put down over 900,000 for the perfect Ligurian home.

Property values have risen throughout Italy in spite of the global economic downturn, and 61% of real estate agents expect the housing market to get even better in the next two years. The thriving market is attracting buyers who are willing to pay up to 17,000 Euro a square meter for properties in Ligurian towns like Santa Margherita Ligure.

The increased interest in the region may signal a trend of foreign buyers moving away from major cities and preferring to purchase homes in smaller villages.

Record-Breaking Blue Flags

As prices hit record highs, Liguria has achieved a record number of Blue Flag beaches. In fact, the award-winning beaches play a major role in increasing the desirability of property in the region.

Blue Flags are awarded around the globe by the Foundation for Environmental Education. The sought-after distinction is bestowed according to a range of environmental indicators such as water quality and protection of nature.

In 2011, Liguria was awarded the most blue flags out of all the regions in Italy, so those seeking a prestigious coastal location can head east or west to find decorated beaches.

In the Western Riviera, blue flags were awarded to Camporosso and Bordighera in the province of Imperia. In the province of Savona, Albissola Marina, Albisola Superiore, Bergeggi, Celle Ligure, Finale Ligure, Loano, Noli, Spotorno, Savona-Fornaci, and Varazze were the most decorated beaches.

While
 in the Eastern Riviera, Chiavari, Lavagna and Moneglia were the recognised coastal towns in Genoa. Lerici and Ameglia-Fiumaretta in La Spezia were also awarded blue flags.

Location, Location, Location

It is unsurprising that foreign buyers are willing to pay high prices given Liguria’s incomparable location. The small region is bordered by the sea, the Alps and the Apennines.

Liguria is home to the famous Mediterranean seaside towns of Cinque Terre and Portofino.

In addition to beautiful beaches, the region is best known for its fresh seafood cuisine and as the birthplace of pesto.

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All the properties on the market in Liguria are on www.liguriahomes.com

Italy’s Blue Flag Beaches: Liguria top region again

Italy has 233 top beaches, two more than last year, in 125 municipalities. The figures emerge from the 2011 Blue Flag table, which certifies the services and environmental friendliness of coastal and lakeside resorts, as well as the cleanliness of the water.

Blue Flags are international distinctions, created in 1987 and awarded every year in 41 countries with patronage and support from UNEP, the United Nations Environment Programme, and the World Tourism Organisation.

LIGURIA’S TOP SLOT – Liguria again tops the regional table with 17 flag-winning resorts. Equal second with 16 are Marche and Tuscany while Abruzzo on 14 has one more than last year. Campania is unchanged on 12 and Emilia Romagna has one more flag this time with nine. But Puglia lost two flags and is now on eight. Veneto has six blue flags and Lazio slips back to four, leapfrogged by Sicily with six and Calabria on five. Sardinia secured blue flags for all five resorts taking part in the scheme. Friuli Venezia Giulia and Piedmont both confirmed last year’s two resorts while Molise and Basilicata have one flag apiece. This year, a resort in land-locked Lombardy joins the line-up, Gardone Riviera on Lake Garda.

In Liguria these are the 2011 Blue Flags: Camporosso, Bordighera (Imperia); Loano, Finale Ligure, Noli, Spotorno, Bergeggi, Savona, Albissola Marina, Albisola Superiore, Celle Ligure, Varazze (Savona); Chiavari, Lavagna, Moneglia (Genoa); Lerici, Ameglia-Fiumaretta (La Spezia)

Blue Flags for Marinas & Small Boat Harbours

The Blue Flagis an annual environment award to Small Boat Harbours or Marinas that have focused on good management of facilities and services regarding the environment and nature, as well as provide information to their users about the environment. To be eligible for this award, the Small Boat Harbour or Marina has to fulfil a number of criteria related to education, information and environmental management, safety, services and water quality.

Even for Marinas, Liguria again tops the regional table with: Portosole in Sanremo, Marina degli Aregai (Santo Stefano al Mare),  Marina di San Lorenzo, Porto di Imperia, Marina di Andora, Porto Luca Ferrari in Alassio,  Vecchia Darsena di Savona, Cala Cravieu in Celle Ligure, Marina di Varazze, Porto Internazionale Carlo Riva in Rapallo , Marina di Chiavari, Marina di Porto Venere, Porto Bocca di Magra (Ameglia) and Porto Lotti in La Spezia.

The Blue Flag Programme for marinas and beaches is run by the non-governmental, non-profit organisation FEE (Foundation for Environmental Education). Today, Blue Flag has become a truly global programme with an ever-increasing number of countries participating in the programme.
The Blue Flag programme promotes sustainable development in freshwater and marine areas.
It challenges local authorities and beach operators to achieve high standards in water quality,environmental management, environmental education and safety. Over the years, the Blue flag programme has become a highly respected and recognised eco-label working to bring together the tourism and environmental sectors at local, regional and national levels.

To know more: www.blueflag.org/ 

Skiing in Riviera: Limone Piemonte

It is amazing to know that just 50 min drive from Sanremo, you can find one of the most fascinating ski resort of North Italy: Limone Piemonte

80 km of runs, 16 ropeways, a wonderful conch which links the 3 valleys and offers both begginers and experts the chance to choose their level of difficulty: this is the Riserva Bianca’s visiting card in Limone Piemonte province of Cuneo.
This ski area, already gives the so called “Regione delle Alpi del Mare” (low Piemonte, Liguria di Ponente and Costa Azzurra) a decidedly convenient and easy tourism: obviously close at hand for the three above stated areas, it gives people the chance to ski in a resort at competative prices and where the runs (although some ski lifts are still to be totally completed), give great satisfaction for those who love skiing in a place where the environment is both fascinating and wild.
There is no doubt about the beauty of the scenery at the Riserva Bianca: all you need to do is spend a day in the conch of Limone Piemonte to realize the uniqueness of the place. In winter it nearly always has natural snow and a temperature which allows you to ski in comfort, unlike some of the other known resorts in the Alps.

As far as the quality of the runs is concerened it has been approved not only by the fact that the  Isolde Kostner, Olimpic Champion national French and Italian teams trained at the Riserva Bianca last year, but also by a statement made to the papers by the champion Isolde Kostner after training: «The impression I have after these days of training is unquestionably positive. Even though the runs are not yet at the level of the major national and international ski resorts, Limone offers extraordinary runs which can easily compare with first class resorts such as val d’Isère. I really believe that if Limone adapted their structures to the modern skiing and snowboard demands of the times it would be in the running to compete with even the most established resorts ».

www.riservabianca.it