It is unlikely that the luxury property sector in Italy will experience a crisis after the coronavirus pandemic, mainly because this sector affects a target of buyers with high spending availability. Let's have a look at where to find the best luxury homes in Milan, Rome and Naples, as well as finding out what potential buyers are looking for.
What clients look for in a high-end property
When buying a luxury property, the clientele is concerned about location, size (at least 150 square metres), privacy and finish. The demand for outdoor space has always been a necessity, and nowadays in the wake of the coronavirus pandemic, even more so.
Other elements that increase interest are privacy and advanced security systems, as well as aspects with attention to the smallest detail especially in new buildings, such as features that are considered high-tech, energy efficient and spaces dedicated to relaxation and welfare, such as a fitness room. Period buildings with traditional frescoes, exposed beams and impressive staircases are always attractive, even more so if they overlook squares or monuments.
With all of this in mind, let's have a look at the opportunities that can be found in Milan, Rome and Naples:
Luxury property for sale in Milan
The Garibaldi-Moscova-Porta Nuova area is among the most sought-after area in Milan, seeing various real estate interventions that have also attracted many international investors.
In Brera, the number of sales is significantly lower than the demand for purchase, as it is difficult for those who own a property in this area to give it up. The low number of luxury properties available here results in very high prices that can reach peaks of 14 thousand euros per square metre for a new property, compared to an average of around 7000 euros per square metre for a property in need of renovation.
Corso Italia is an area of the city which is experiencing a new youthfulness and leads the area from Crocetta to Missori, where maximum prices of 8,500 euro/m2 can be reached, in Piazza della Guastalla and in Piazza Mondadori, via Quadronno.
The whole Pagano area is also very popular and registers increasing values (averaging between 7,000-9,000 euros/m2) and reduced sales times. The area underwent a revaluation after the completion of City Life, a residential, commercial and business district of the city.
Luxury property for sale in Rome
In central Rome, those looking for their first home almost always focus on large properties, possibly with outdoor spaces and views of important and historic squares. The presence of a lift, panoramic views, outdoor space and brightness are much appreciated. These properties have a maximum price of 14-15 thousand euros/m2, prices which can be reached in Piazza di Spagna for example.
In Piazza del Popolo and Via del Babuino, the average prices are 8000-9000 euros/m2. In other areas of central Rome, prices drop on average to 5000-6000 euros/m2 to reach values of 7000-8000 euros/m2 for luxury properties located in Via Veneto, Trevi Fountain and Piazza Navona.
Around the Pantheon and the Jewish Ghetto, prices are around 8,000 euros per square metre for properties that need to be restored with peaks of 10,000 euros per square metre for homes in good condition.
In Parioli there is also good demand for luxury homes by professionals and entrepreneurs who spend between 600,000 and one million euros on buying a property. Demand is oriented towards villas, portions of villas or penthouses. The minimum size is 200 square metres and the presence of a garden or habitable terraces is important.
Luxury property for sale in Naples
Via Petrarca, Via Catullo and Via Orazio are the areas of Naples where it is possible to buy prestigious properties with panoramic views over the gulf. Generally, those looking for this type of property almost always request outside space (terrace or garden), a panoramic view and at least one parking space. When all these features are found, peaks of 7500-8000 euros/m2 are reached.
In the Caravaggio-Manzoni area, real estate values are lower because it is less residential. There are some important condominium developments with prices around 3000 euros/m2, with peaks of 5000 euros/m2 depending on the panoramic view. There are few new buildings, meaning the majority of projects involve renovations.
Experts point out that after the blockade due to COVID-19, the luxury real estate market in Italy has restarted, but a slowdown is being felt due to the downward negotiations of potential buyers.
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