Engel & Völkers Private Office Market Report 2026 Crowns Italy as Top Destination for Global UHNWIs
Quality of life is rewriting the rules of global luxury real estate. According to the inaugural Engel & Völkers Private Office Market Report 2026—a study conducted across 160 international advisors—Italy has positioned itself at the top of ultra-high-net-worth individuals’ (UHNWIs) preferences, recording the most significant increase in requests from foreign buyers in the luxury segment, outpacing competitors like France, the United Arab Emirates, and Spain.
When Lifestyle Trumps Square Footage
The most revealing finding? UHNWIs are redefining the very concept of residential luxury. Lifestyle improvement has surpassed every other metric as the primary purchase motivation, relegating even considerations of security, geopolitical stability, and climate resilience to second place.
But there’s more: buyers are now willing to forgo larger square footage to secure an authentic and fulfilling living experience. A quiet revolution transforming the market from within.
“We’re witnessing an epochal shift,” explains Stuart Siegel, Global Head of Engel & Völkers Private Office. “Luxury real estate buyers are prioritizing quality of experience over quantity of space. And the Italian dolce vita lifestyle—with its slower, community-oriented rhythms—perfectly embodies this new vision.”
The New Coordinates of Luxury: Nature, Privacy, Authenticity
The numbers confirm the trend: 55% of global Private Office advisors identify outdoor living as the most sought-after element in luxury real estate, followed by privacy and security (15%) and access to culture and authentic experiences (8%).
No longer museum-villas for display, but spaces designed to be lived in: panoramic terraces, private gardens, pools immersed in the landscape, direct access to nature. Contemporary luxury speaks the language of daily experience, not ostentation.
Italy: Where Prices Rise and Demand Explodes
In the top 10% segment of global real estate values, while markets like France, Germany, and Canada show signs of slowdown, Italy—alongside Spain—registers steady price growth, driven by continuously expanding international demand.
The key to this success? Not property size, but high-value intangibles: strategic locations, breathtaking landscape contexts, privileged cultural access, deep territorial integration.
The fiscal framework also plays its part: the flat tax regime for new HNWI residents makes Italy particularly competitive for those considering strategic relocation of their tax residence.
Tuscany: Where True Luxury is Beauty
If there’s one place that embodies the new paradigm of global luxury, it’s Tuscany. Over the past 12-18 months, the region has experienced a surge in acquisitions by American clients, attracted to properties that tell millennia-old stories.
“My clients seek historic villas, vineyards, olive groves, expertly restored farmhouses,” recounts Annalisa Caparelli, Private Office Advisor in Siena. “Properties with a deep connection to the territory’s tradition and culture. From my clients, I’ve learned a fundamental lesson: true luxury is beauty. Not the constructed kind, but the kind that welcomes you every morning when you open the windows.”
It’s the antithesis of ostentatious luxury: investments that prioritize authenticity, historical-cultural context, harmonious integration with the landscape. The new status symbol? A Tuscan vineyard, not a Manhattan penthouse.
The Future of Luxury is a Lifestyle Choice
“In a world characterized by growing geopolitical uncertainties, economic instability, and disruptive technological transformations, the desire to live well has become the true driver of luxury real estate investment decisions,” observes Siegel.
Italy responds to this demand with a unique offering: the perfect balance between extraordinary cultural heritage, human-scaled life rhythms, still-vibrant sense of community, and that ineffable—yet immediately recognizable—concept we call beauty.
“Our commitment is to continue meeting the sophisticated expectations and lifestyle aspirations of an increasingly demanding global clientele,” concludes Jawed Barna, Group CEO of Engel & Völkers. “Because Italy today doesn’t simply represent a prestigious real estate destination. It’s a contemporary luxury model, founded on three enduring pillars: authentic beauty, cultural depth, and well-being that transcends the material.”
In a global market where everything can be bought, Italy sells what cannot be replicated: a way of life.
Source: Idealista
