Rome comes in first place in the ranking of the most expensive residential addresses in Italian metropolitan areas. The ranking compares five major Italian cities in which Engel & Völkers is represented. Besides Rome, the analysis also looked at Venice, Milan, Verona and Florence. The data used in the ranking is based on residential property brokered by the company and transactions recorded on the market during the first half of 2016.
Rome: up to 20,000 euros per square metre
With a population of approximately 2.9 million, Rome is the largest city in Italy. “The highest priced addresses are currently Piazza di Spagna, Via Condotti and Via del Babuino,” said Marco Rognini, Managing Director of the Engel & Völkers Market Center in Rome. The highest property prices in the city ranking were recorded here in the first half of 2016, at up to 20,000 euros per square metre. Almost 90 percent of interested buyers are Italian citizens. The highest demand is for the historical buildings. Other popular criteria include modern fittings, an elevator, parking, and views overlooking the rooftops of Rome.
Venice: up to 15,000 euros per square metre
In second place after the Italian capital comes Venice in the Engel & Völkers ranking. During the period under consideration, as much as 15,000 euros per square metre were fetched for freehold apartments on the upper levels of buildings located on the Grand Canal. Freehold apartments in classic Venetian properties overlooking the water are especially sought after. Residential properties with high ceilings, an elevator, a roof terrace or a balcony are in high demand. “The real estate market in the ‘City of Bridges’ is characterised by a high level of international demand and high prices for second homes and capital investments,” said Mauro Lozza, Managing Partner of Engel & Völkers in Venice. 70 percent of buyers here are based abroad. The majority of these buyer groups are of British, French or German nationality.
Milan: up to 13,000 euros per square metre
Milan is Italy’s centre of finance and fashion, with an urban landscape that reflects a mix of both historic and modern influences. The most prestigious neighbourhoods are located at the centre of the city. With prices per square metre of up to 13,000 euros, the Scala quarter around the famous opera house and the Quadrilatero della Moda quarter are currently the most expensive areas of the city to live. Exclusive addresses are also found in the Brera district (up to 10,500 euros per square metre) and the San Babila district (up to 9,500 euros per square metre). Domestic buyers account for 95 percent of investors on Milan’s property market. “There is a large demand for buildings dating from the late 18th and early 19th centuries,” said Roberto Magaglio, Managing Partner of Engel & Völkers in Milan. Modernised penthouses upwards of 200 square metres in size are especially desirable. Other frequent search criteria include a large living area, a roof terrace and parking. Turn-key properties or properties offering a concierge service are also extremely sought after.
Verona: up to 13,000 euros per square metre
Verona is situated very close to Lake Garda and the beautiful rolling hills of the Valpolicella region. The most exclusive residential address in the city is Piazza Erbe. In the first half of 2016, the same top prices per square metre were reached here as in Milan – at 13,000 euros. “Our clients are very interested in older properties like art nouveau villas. In the freehold apartment segment, demand centres on penthouses,” revealed Stefano Bani, Managing Partner of Engel & Völkers in Verona. In addition, popular amenities include large terraces with beautiful outlooks, garages and historic detailing such as frescoes. Italian buyers dominate the local market, accounting for 80 percent of all transactions.
Florence: up to 8,200 euros per square metre
The prime locations in Florence are found along the banks of the river Arno. On the Lungarno Corsini, top prices in the first half of 2016 reached 8,200 euros per square metre. Here in the largest city in Tuscany, freehold apartments spanning 200 square metres or more with a terrace or a garden and parking are in high demand. Interested buyers are particularly attracted by features and details including frescoes, high wood-beamed ceilings and cotto floors. In architectural terms, classical styles and Renaissance buildings are most sought-after. 40 percent of property buyers in the city are international clients. “Florence offers a high quality of life and more moderate property prices than in cities like Rome and Milan. That makes the city especially popular with foreign investors,” said Winfried Mauthner, Managing Partner of Engel & Völkers in Florence.
Engel & Völkers is operational in 32 countries worldwide. The company has been represented in Italy since 2004 and is now based in more than 35 different locations.