The luxury segment operates on a different wavelength from the traditional real estate market in Italy, with trends that often defy general norms. Moreover, each city has its own unique dynamics, influenced by local events such as Milan's Expo 2015 or Rome's Jubilee this year. To delve deeper, idealista/news interviewed Domenico Scilipoti, Managing Director of Wonderhome – Italian Luxury Real Estate. With 20 years of experience in Italy’s prime market, particularly in Rome, he shared his perspective on the industry.
Have you always worked in the luxury segment? Could you share your professional journey?
I’ve been in real estate for about two decades, always focusing on premium properties. Over the years, I’ve honed my expertise, professionalism, and the empathy needed to guide clients towards the ideal housing solution. I specialise in selling and letting prestigious homes in Rome’s historic centre and the most exclusive neighbourhoods across Italy. Today, I am proud to manage a portfolio of high-profile clients.
What is the philosophy of your real estate agency?
Wonderhome is a niche company operating throughout Italy. Our philosophy is straightforward: the client is at the heart of everything we do. We tackle any challenges linked to renting or selling luxury properties and provide top-tier services. In a rapidly evolving market, Wonderhome’s team caters to discerning clients seeking exclusive homes tailored to their needs.
How does the luxury real estate segment differ from the traditional residential market?
Luxury properties cater to a highly demanding clientele and remain a robust sector. Such properties typically boast large spaces, outdoor areas, breathtaking panoramic views, and prestigious locations.
Has the Jubilee had an impact on Rome’s luxury market? If so, to what extent?
Jubilee-related investments, the arrival of renowned hotel brands, and international funds have driven demand for premium properties in Rome, pushing prices higher in prestigious areas.
Recent data shows 17,159 property transactions in the first half of 2024, with notable interest in areas involved in Jubilee projects. Additionally, the Jubilee has significantly influenced residential rentals. The surge in short-term rental properties, such as B&Bs and holiday homes, has disrupted the rental market. Finding flats in central areas like Prati, the Vatican, and San Giovanni has become nearly impossible. Without government intervention to regulate these developments, central Rome may lose its resident population.
Does the saying “luxury knows no crisis” apply to real estate?
Absolutely. The prime market is resilient, unaffected by interest rate fluctuations on mortgages. Investing in luxury real estate continues to grow as a trend, with Rome and Milan leading the way.
Who are the typical buyers and sellers in Rome’s luxury market?
My clients are often managers, entrepreneurs, and footballers who either live in Rome or plan to move here for work or family. Buyers seek something exclusive and beautiful, while sellers are usually looking for larger properties, often with terraces or outdoor spaces and parking.
Are luxury property buyers in Rome predominantly international or Italian?
Rome’s high-end properties have always attracted international buyers, drawn by the city’s architectural and cultural splendour. Most foreign investors come from the US and Northern Europe, seeking second homes.
Luxury real estate also captures the attention of Middle Eastern funds, American private equity firms, European insurers, and Chinese financiers. Wealthy individuals from the US, Asia, and the UK are also drawn by Italy’s favourable flat-tax regime, offering a fixed €100,000 annual tax for investors.
What is the most sought-after property type?
In the mid-range market, three-bedroom flats are the most popular, offering a balance of affordability and functionality. For luxury buyers, penthouses with terraces are in highest demand, followed by high-floor apartments with outdoor spaces.
What is a deal you fondly remember?
In February 2022, I facilitated the sale of two significant properties – a luxury flat in Piazza Cavour and a stunning house in Via Boezio, both from the same owner. Within 24 hours of meeting the seller, I secured full-price offers for both properties. It was a highly satisfying experience, proving that professionalism, integrity, and personal rapport always pay off.
How is Italy’s luxury market performing, and which areas are most popular?
The last two years have seen significant growth in luxury transactions, with a 9% increase. Approximately 70% of buyers are international, while 30% are Italian.
In Rome, penthouses in central areas like Pinciano can reach €12,000–€15,000 per square metre. Prati and Piazza Cavour are also highly sought-after, though penthouses there are scarce. Meanwhile, Milan’s market is thriving, with prices averaging €12,000 per square metre, sometimes reaching €24,000 in the Quadrilatero district.
What makes a property truly luxurious?
Penthouses and terraces are the key features of luxury properties. Post-pandemic, preferences have shifted towards larger spaces, terraces, gardens, and a heightened focus on privacy. Panoramic views, natural light, architectural style, and neighbourhood prestige are also crucial. In certain areas, parking spaces are highly valued.
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