Over the centuries, artists such as Botticelli, da Vinci and Michelangelo have been instrumental in shaping Tuscany’s capital city of Florence. Its impressive architecture and rich art collection attract both tourists and investors alike. In Florence and the surrounding areas, the maximum price reached for a property in 2018 is as much as 20 million euros. International buyers tended to gravitate towards areas such as Pian dei Giullari and Poggio Imperiale in the hills around Florence, where high prices were achieved. “The most sought-after homes are country houses offering privacy and exclusivity, with large gardens and swimming pools. In the capital itself, investors often buy historic freehold apartments adorned with frescoes. Most of these are then renovated and rented out,” says Suela Musmuca, Licence Partner of Engel & Völkers Firenze Michelangelo. Due to the growing interest from abroad, real estate prices can also be expected to rise in the coming years.
The historic city of Siena is located in the heart of Tuscany. In 2018, clients of Engel & Völkers tended to acquire properties as second homes or retirement residences, and were attracted above all to the city centre or the immediate vicinity. As well as properties in Siena, investors showed interest in freehold apartments in the historic small towns of San Gimignano and Pienza. Country estates in the Sienese Hills were also favoured. Investors search for apartments as well as large-scale farmhouses with a swimming pool, olive groves or vineyards in areas such as Chianti and Valdorcia, in order to renovate them and consequently rent them out. “In the last 12 months we have seen an increase in international buyers from China, South Korea and the USA. As demand for properties grows, so are prices also on the increase,” says Annalisa Caparelli, Licence Partner of Engel & Völkers Siena. Luxury real estate prices peaked at 20 million euros. Over the coming years, the company expects a rise in buyers from the Far East.
Castiglione della Pescaia – Argentario
In the province of Grosseto, also known as “The Tuscan Maremma”, there are two particularly sought-after towns: Castiglione della Pescaia and Monte Argentaio. Both are located on the Tyrrhenian coast and offer premium properties surrounded by hills, the sea and the archaeological villages. “These exclusive locations offer a host of sporting opportunities, as well as picturesque panoramas and beaches. Domestic buyers sought homes on the coast here, while international investors – especially German nationals – showed an interest in rural villas with swimming pools and sea views,” says Fabrizio Pasquini, Managing Partner of Engel & Völkers Castiglione della Pescaia - Argentario. Roccamare and Punta Ala, both areas located close to Castiglione della Pescaia and Monte Argentario, are highly desirable among actors, aristocrats and successful entrepreneurs. Houses here have reached top prices of up to 8 million euros, whereas apartments commanded prices per square metre of up to 8,000 Euros. Alongside British, Russian, German and Austrian buyers, prospective investors from China and the Arab countries are also expected for the coming year.