Engel & Völkers is pressing forward on its course of expansion in Tuscany and is now brokering upmarket residential property in Florence with immediate effect. The Engel & Völkers Shop is situated at a central location on the Lungarno Guicciardini 25r – 27r in the renowned Palazzo Medici Soderini, on the banks of the Arno River and not far from the two famous bridges Ponte Santa Trinitá and Ponte alla Carraia.
“Tuscany as a whole is famous around the world and an important region within the network of Engel & Völkers. Florence is not only the capital of Tuscany but also the city with the finest artworks, as well as sensational villas and palaces par excellence. We are delighted that we can now make this market accessible to an even wider audience thanks to the international network of Engel & Völkers,” said Winfried Mauthner, Managing Partner of the Engel & Völkers Shop in Florence together with Suela Musmuca.
High demand from abroad in the premium segment
With the opening in Florence, the company is tapping into a strategically important market in a central location between the cities of Rome and Milan, each of which can be reached in around 90 minutes by train. Florence is regarded as the ‘Pearl of the Renaissance’ and draws visitors from around the globe, particularly due to its rich abundance of artwork, culture and architecture. The international demand for properties focuses above all on the premium segment. Foreign buyers come mainly from the United States, Germany, Switzerland, the UK, Scandinavia and France. More recently, the level of interest has also increased from the so-called BRIC countries of Brazil, Russia, India and China.
A villa in the surrounding area and an apartment in the old quarter as a second home
Particularly sought-after locations in the old quarter of Florence include San Niccolo, Oltrarno, Santo Spirito, Piazza del Duomo, Piazza della Signoria, Via Tornabuoni and Lungarni, and above all locations along the banks of the Arno River. Refurbished freehold apartments with terraces and views over the city or the Arno are in especially high in demand. In prime locations in the old quarter, prices per square metre of between 5,000 and 10,000 euros are being paid for exclusive freehold apartments. Other desirable locations for investments in high-end real estate are Pian de Giullari, Bellosguardo – Marignolle, Fiesole, Settignano, Chianti Fiorentino and Impruneta in the region surrounding Florence. Highly popular properties here include those in hillside positions that afford views overlooking the city or the picturesque scenery. Historic palaces and villas dating from the 14th to 16th century with authentic frescoes and grand Renaissance gardens are especially desirable. Top residences in this category cost between 2.5 and 8 million euros.
A current trend being observed by Engel & Völkers is the increase in the number of owners of grand villas close to the city who are looking for a small apartment in the centre of Florence as a second home.
The lower segment of the market underwent a slight fall in prices due to general economic turbulences in Italy, whilst prices for homes in prime locations remain at a stable high. “Prices for the best freehold apartments will most probably continue to rise as well, especially at desirable addresses in the old quarter, as demand for them is growing and they remain few in number,” said Suela Musmuca, commenting on the future development of the market.