The market for residential real estate in Venice continues to develop positively. The number of transactions in 2018 rose by 4.3 percent compared to the previous year. The upward trend is due in part to the continuing low interest rate policy in Europe and the growing demand from international buyers. “Some 70 percent of property purchases are currently made by clients from abroad,” said Giacomo Argenio, Office Manager at Engel & Völkers in Venice.
Venice encompasses 118 islands in the lagoon and also forms part of the mainland. Premium properties in prestigious locations on the Grand Canal fetched top prices of up to 20,000 euros per square metre in 2018. The canal runs through several districts including Dorsoduro, San Polo and San Marco. In these areas, freehold apartments in historic palazzi with high ceilings and ornate embellishments are particularly sought after. Properties overlooking the water and the Rialto Bridge are extremely demanded by international search clients.
One of the highest priced districts in Venice is the artist quarter of Dorsoduro with its numerous museums, the promenade Fondamenta delle Zattere and churches like the Santa Maria della Salute. Exclusive renovated properties with views on the Grand Canal sold here for as much as 20,000 euros per square metre. Buyers are looking for real estate in Dorsoduro for use as primary residences, second homes, or as capital investments.
The district of San Polo is particularly popular with buyers for its exclusive Venetian palaces overlooking the Grand Canal. From here, most islands and the mainland can be easily reached. Prices for top residential properties here reached up to 15,000 euros per square metre. Like Dorsoduro, San Polo is a desirable neighbourhood with both national and international buyers.
Its central location makes San Marco particularly popular for tourists. Search clients here are focused primarily on real estate as capital investments. Prestigious residences with views of the St. Mark’s Square and the tower, the Grand Canal and the San Marco Basin are especially asked for. Sale prices for residential property here reached up to 15,000 euros per square metre.
According to Engel & Völkers, the high level of demand will see residential property prices in Venice continue to rise in the coming months. “Interest from national and international clients in stable investments in Venice’s most sought-after locations will remain high in 2019. The districts of Canaregio and Castello are increasingly attracting investors,” said Giacomo Argenio.
(Image source: Engel & Völkers Venice)