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Foreign demand for luxury Italian real estate growing: 14% of Germans looking for houses worth more than €1 million

by Emiliano Sgambato

A recovery in the Italian real estate market is giving added impetus to a sector that has felt the impact of the economic crisis less than others: luxury. This is a segment where foreign demand has made a decisive contribution in these years of crisis. The latest figures from Gate-away.com, a portal specialized in real estate brokering for foreign users, show that requests for houses worth more than €1 million are up 67% since the start of the year.

In the first 10 months of the year, Germans have shown the most interest in luxury property: almost 14% of requests from Germany have a budget of more than €1 million. They are followed by the US (13.1% with a budget over €1 million), Switzerland (10.2%), Britain (9.1%) and France (7.4%). Closing off the top ten are Belgium (6.6%), the Netherlands (5.43%), South Africa (2.2%), Sweden (2%) and Canada (1.9%).

“The report confirms what was shown in our spring figures regarding the luxury segment,” said Simone Rossi, director-general of Gate-away.com. “It is interesting to note that the rate of growth in specific requests for quality property, now at 67%, widely exceeds the general rate of 52%, which for us is already a positive figure in itself. It's even more positive for those who want to sell a house to foreigners,” he said.

But what are the favorite regions for people looking for a second house of luxury in Italy? According to Gate-away.com, Tuscany is in first place, followed by Lombardy, Liguria, Puglia and Sardinia.

“The choice tendency differs however if you explore search trends with respect to specific cities,” said Gate-away.com. “Ostuni is always leading, followed by Bellagio and Rome. More in general “there is a preference for coastal areas and lake environments, with Lake Como gaining constant interest from investors.”


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