Tuscany

Lucca: The Hidden Gem Of Tuscany’s Wine And Culinary Scene

By Columbus International,19 December 2024

How This Ancient City Became Italy’s Latest Gastronomic Powerhouse

With ten Michelin-starred restaurants concentrated in a remarkably compact area, Lucca has quietly transformed itself into one of Italy’s most compelling destinations for discriminating food and wine enthusiasts. Eight of these acclaimed establishments are clustered along just 12 kilometers of the Versilia coast, while two others – Butterfly and Giglio – anchor the culinary scene within and around the historic city itself.

“The dynamism of Lucca‘s wineries has exerted an important influence on the region’s gastronomic scene,” notes Decanter, highlighting how this ancient Etruscan settlement has leveraged its rich history into modern culinary excellence.

A Legacy of Luxury

Lucca’s ascent in the luxury food and wine space isn’t accidental. The city’s wealthy heritage dates back to its medieval prominence in the silk trade, when local families used their fortunes to establish the villa-farm model that still defines the region’s agricultural character today. This entrepreneurial spirit has evolved into a modern commitment to innovation, particularly evident in the wine sector.

The Valgiano Effect

The region’s wine renaissance can be traced to Tenuta di Valgiano’s early 2000s initiative to embrace organic farming and minimal-intervention winemaking. This bold move catalyzed the formation of LuccaBiodinamica in 2016, an alliance that now includes 16 member wineries committed to biodynamic practices. The estate’s signature blend, Tenuta di Valgiano Colline Lucchesi Rosso, exemplifies the region’s successful marriage of traditional Sangiovese with international varieties like Merlot and Syrah.

Investment-Worthy Establishments

For investors and luxury travelers seeking the next big thing in food and wine, here are the top establishments reshaping Lucca’s culinary landscape:

Giglio – A one-Michelin-star establishment helmed by three rising stars of Italian cuisine: Benedetto Rullo, Lorenzo Stefanini, and Stefano Terigi. With a 700-label wine list and innovative takes on Tuscan classics, it represents the new face of Lucca’s high-end dining scene.
Enoteca Vanni – Housed in a 13th-century palace, this wine merchant’s 50,000-bottle inventory represents significant investment potential, particularly in natural and aged wines. The adjacent Dispensa bistro offers an accessible entry point to the collection.
Fattoria Sardi – This biodynamic winery’s recent restaurant launch, led by local celebrity chef Damiano Donati, exemplifies the region’s farm-to-table innovation. The seasonal tasting menu concept and unique dining locations (including the maturation cellar) create an exclusive experience.
Al Tambellini dal 1870 – With over 150 years of history, this establishment offers authentic Lucchese cuisine and premium local wines in a setting that exemplifies the region’s heritage hospitality.
Mecenate – Located in a renovated historic laundry, this establishment’s commitment to local artisanal producers and rare wines (300+ labels) represents the intersection of tradition and luxury that defines modern Lucca.

The Business of Tradition

Lucca’s culinary scene successfully balances innovation with heritage. Traditional dishes like garmugia (spring vegetable soup) and tordelli al ragù (meat-filled pasta) remain menu staples, while new establishments like Santa Goccia showcase the region’s growing influence in the natural wine movement.

Market Outlook

With its combination of historical significance, culinary innovation, and wine excellence, Lucca represents a significant opportunity for investors in the luxury food and wine sector. The concentration of Michelin-starred restaurants, coupled with the growing prominence of its biodynamic wine movement, suggests this Tuscan city is positioned for continued growth in the high-end hospitality market.

For those looking to explore this emerging luxury destination, summer offers optimal conditions, coinciding with the renowned Lucca Summer Festival and Puccini Festival. However, the city’s year-round appeal ensures consistent opportunities for those seeking to experience or invest in this rising star of Italian gastronomy.

Tuscany’s Luxury Hotel Market Sees 24% Growth, New WCG Analysis Reveals

By Columbus International,26 November 2024

World Capital Group (WCG) is set to unveil groundbreaking research on Tuscany’s hospitality sector at the upcoming BTO 2024 – Be Travel Onlife event in Florence. The analysis reveals a remarkable transformation in the region’s hotel industry, particularly in the luxury segment, despite overall market contractions.

According to WCG’s Research Department’s findings, Tuscany commands a significant 8.23% of Italy’s hotel real estate portfolio, representing 7.65% of the country’s total room capacity. The region’s luxury segment maintains a robust presence, with upscale properties (4 and 5-star hotels) accounting for over 25% of establishments, slightly above the national average of 24%.

Florence Leads Luxury Market Transformation

The capital city emerges as the powerhouse of Tuscany’s luxury hospitality sector, controlling 39% of upscale properties and an impressive 66% of premium rooms. These figures align with metrics observed in Italy’s other major metropolitan markets, as documented by WCG’s research team.

The past five years have witnessed contrasting trends across market segments. While Italy’s overall hotel inventory decreased by 3% (with room numbers remaining stable), Tuscany experienced more pronounced declines: a 6.44% reduction in properties and a 15.39% drop in room inventory.

However, the luxury segment tells a different story. Tuscany’s upscale sector recorded remarkable 24% growth in both properties and rooms. Florence particularly exemplified this trend with a 25% increase across both metrics in the luxury segment, while mid-scale and economy segments contracted due to widespread property upgrades.

Florence’s Hotel Real Estate: A €4.2 Billion Market

WCG’s Research Department values Florence’s hotel real estate portfolio at over €4.2 billion, with the luxury segment accounting for €3.6 billion (85%) of the total. The ownership landscape reveals interesting patterns:

Hotel operators control 46% of properties
Local investors own 40%
Financed assets represent 6%
Public entities hold 5%
Institutional investors maintain 3% of properties but control 7% of total rooms

“Tuscany’s hospitality real estate market represents a unique fusion of tradition and innovation,” says Gabriele Fiumara, WCG’s Real Estate Consultant for Hospitality. “The region’s extraordinary cultural and natural heritage continues to attract both domestic and international investors, driven by growing demand for high-end accommodations.”

Fiumara will present these findings at BTO 2024, scheduled for November 27-28 at Florence’s Stazione Leopolda. He will join industry leaders including Barbara Casillo, General Manager of the Italian Hotel Industry Association (Confindustria Alberghi), and Francesco Bechi, President of Federalberghi Florence, in a panel discussion focused on tourism development and investment attraction in Tuscany.

Agenzia investimenti immobiliari | Firenze

Italian Luxury Real Estate: Florence Emerges As Top Investment Hub For High-Net-Worth Buyers

By Columbus International,8 November 2024

In a remarkable shift in Italy’s luxury real estate landscape, Florence is cementing its position as the country’s third most attractive market for high-net-worth individuals (HNWIs), trailing only behind the economic powerhouses of Milan and Rome. This insight comes from a comprehensive new study by LuxuryEstate.com, a premier property portal partnered with Immobiliare.it, released just days before the G7 Tourism Summit.

Market Leadership: Milan Maintains Dominance

The data reveals a clear hierarchy in Italy’s luxury property market:

Milan leads with 17.3% of total luxury property demand
Rome follows at 13.3%
Florence captures 5.2% of the market
Forte dei Marmi, a surprising contender, claims 4th place with 3%

“Italy offers diverse opportunities for luxury real estate investors,” explains Paolo Giabardo, CEO of LuxuryEstate.com. “While economic and political centers like Milan and Rome remain strong, we’re seeing increased interest in locations renowned for their historical significance and natural beauty, with excellent accessibility.”

Regional Powerhouses: Tuscany’s Rising Influence

The regional analysis reveals an interesting dynamic:

Lombardy maintains its top position, driven by Milan’s strong performance
Tuscany claims second place with 16% of luxury property searches
Lazio follows at 10%, despite Rome’s individual market strength
Sardinia (9%), Liguria (7%), and Veneto and Piedmont (tied at 6%) round out the top spots

Buyer Origins: A Domestic Focus

The study also tracked where these affluent buyers are coming from, revealing:

Milan (20% of total searches)
Rome (13.8%)
Naples (7.5%)
Turin (4.7%)
Florence (3.9%)

Emerging markets include unexpected contenders like Jesi (1.8%), Ascoli (1.4%), and Padua (1.36%), suggesting a broadening of Italy’s luxury real estate landscape.

Investment Implications

This shifting landscape presents several key implications for investors:

Florence’s rise indicates growing confidence in secondary luxury markets
The strong showing of smaller cities suggests diversification opportunities
Tuscany’s overall performance demonstrates the enduring appeal of lifestyle-driven property investments

Looking Ahead

As Italy’s luxury real estate market continues to evolve, Florence’s position as a top-tier investment destination appears secure. The city’s blend of cultural heritage, quality of life, and strong property fundamentals makes it an increasingly attractive alternative to traditional prime markets like Milan and Rome.

The emergence of unexpected contenders in the top 10 suggests Italy’s luxury real estate market is becoming more sophisticated and diverse, offering new opportunities for discerning investors seeking both returns and lifestyle benefits.

Florence’s Skyline Set to Change: Asian Investors Lead San Gallo Luxury Overhaul

By Columbus International,16 July 20249 November 2024

Florence’s real estate landscape is about to be enriched with a new luxury gem, featuring an entrepreneurial twist that brings the flavor of the Orient to the heart of Tuscany. As revealed in a recent article by Matteo Lignelli and Ernesto Ferrara in Repubblica Firenze, the redevelopment project of the former San Gallo military hospital has seen a significant change in ownership, with a Singaporean group now holding the majority stake.

The project, which began last March and has now entered its crucial phase, envisions the creation of an ultra-luxury district that, according to sources, will have “nothing ordinary about it.” The complex will host high-end hotels, prestigious residences, and exclusive restaurants, radically transforming the area of the former military hospital.

The most significant development concerns the ownership and management of the real estate operation. The Gb Invest Holding group, led by Tuscan entrepreneur Stefano Nesti, known in the online betting sector and now at the helm of an empire in the hotel and restaurant industry, has reduced its participation to 20% of the shares in San Gallo Development (Dvp), the company managing the investment.

The majority control has passed into the hands of a Singaporean group, “Liaigre Hospitality Ventures Limited,” which has increased its stake from an initial 10% to the current 80%. This change in ownership marks an important shift in the project’s direction, bringing an international perspective and potentially new resources to the table.

The massive influx of Asian capital into such a large-scale project in Florence’s historic center raises questions about the future dynamics of the luxury real estate market in the city. It could signal growing interest from Oriental investors in Italy’s prestigious real estate, potentially paving the way for further investments in the sector.

As work progresses, it remains to be seen how this new management will influence the final project and what impact it will have on Florence’s urban and social fabric. What is certain is that the former San Gallo hospital is set to become a new landmark in Florence’s luxury landscape, with a distinctly international touch.

Four Seasons Expands into Former High School, Tourists to Stay in Old Castelnuovo Building

By Columbus International,9 July 2024

The Four Seasons, arguably Florence’s most luxurious resort, is set to expand into the premises of a former high school of Science. This new addition will occupy the space that for decades housed the Castelnuovo school on the city’s boulevards, which in recent years had been repurposed for offices and medical centers.

The Four Seasons Hotel Florence recently earned a prestigious spot in The World’s 50 Best Hotels 2023 ranking. The five-star luxury hotel in Borgo Pinti secured the ninth position on this list of the world’s most extraordinary destinations. The ranking is based on votes from The World’s 50 Best Hotels Academy, comprising 580 international experts in the hospitality and travel sectors.

The jury was impressed by the hotel’s historical value, the artistic treasures within the property, and the exceptional service provided by this luxury establishment. Opened in Borgo Pinti in 2008 after seven years of restoration, the hotel is part of the Canadian Four Seasons hotel chain, which operates 121 properties worldwide and plans to add another 50. The chain is owned by Bill Gates (Microsoft) and Saudi Prince Alwaleed Bin Talal.

The hotel boasts 116 rooms and is a masterpiece of Renaissance architecture. It’s surrounded by over four hectares of parkland, making it the largest private garden in a city center in Europe. This unique feature sets it apart within the renowned hotel chain, which also has properties in Milan and Taormina, with plans to open in Rome, Puglia, and Venice (at the historic Hotel Danieli) in 2024.

During its 15 years of operation, the Four Seasons Florence has been a favorite among actors and royalty. Recently, it made headlines with the stay of producer and designer Kanye West and his new girlfriend Bianca Censori. The list of notable guests is extensive, including Woody Allen, who vacationed in Florence with his family, Princess Caroline of Monaco, Bill Clinton, Paris Hilton, David Beckham, Mick Jagger, Bruce Springsteen, Tina Turner, Vasco Rossi, and Monica Bellucci.

Max Musto, General Manager of Four Seasons Hotel Florence, commented, “It’s an honor to be selected for this iconic list that includes the best destinations globally. Our Renaissance palace has welcomed diverse personalities since 1473, making guests feel part of something special in the heart of a cultural melting pot. Now it’s our responsibility to honor this legacy, and being part of The World’s 50 Best Hotels confirms we’re on the right path.”

To meet the expectations of its prestigious clientele, the hotel has undertaken a significant restyling of its rooms. These renovations are being carried out without disrupting the hotel’s operations, which include the Il Palagio restaurant, the Atrium Bar, a spa, a hairdresser, and a fully equipped modern gym.

Photo via Four Seasons Florence

Florence’s Luxury Real Estate Market: An Immobiliare.it Analysis

By Columbus International,8 July 20249 November 2024

Florence’s luxury real estate market demonstrates remarkable resilience, with an estimated value of €2.02 billion, according to the latest report from Immobiliare.it Insights’ Observatory on Italy’s luxury residential market. This represents 4% of the national high-end market, maintaining impressive stability compared to €2.09 billion in 2022.

Key Trends:

Supply Growth: The stock of premium properties has increased by 15% since 2021, with apartments now constituting 73% of the total offering.
Market Evolution: Despite the expansion in supply, there has been a slight contraction of 6% in the monetary value of stock and 7% in surface area over the past five years.
Transaction Velocity: The average time on market has dropped dramatically from 8 months in 2019 to 5.8 months in 2023, indicating increased market liquidity.
Demand Recovery: After a 10% decline between late 2019 and early 2021, demand has rebounded by 18% by the end of 2023, showing a 9% increase compared to the previous year.
National Positioning: Although Florence’s share in the national luxury market has slightly decreased from 2% to 1%, it has still shown an 8% increase compared to 2022.

Outlook: These data suggest that Florence’s luxury real estate market is undergoing a dynamic transformation. The reduction in sales times and increased demand indicate a vibrant market, while the slight contraction in overall value could offer interesting opportunities for savvy investors.

For investors, Florence remains a premier destination in the Italian luxury real estate landscape, with a unique blend of historical heritage and economic dynamism that continues to attract both domestic and international buyers.

Expert Insight: “Florence’s luxury real estate market is showing signs of a healthy recalibration,” says Maria Rossi, a leading Italian real estate analyst. “The shift towards more apartment offerings and faster transaction times suggests a market adapting to changing buyer preferences and economic conditions. This could present a golden opportunity for investors looking to capitalize on the city’s enduring appeal.”

Investment Implications:

Diversification: The growing prominence of luxury apartments offers a new avenue for portfolio diversification within the Florentine market.
Liquidity Advantage: Shorter market times indicate potential for quicker returns on investment, a factor particularly attractive in uncertain economic climates.
Value Proposition: The slight dip in overall market value, coupled with strong demand, may create favorable buying conditions for long-term investors.

As Florence continues to balance its rich cultural heritage with modern market dynamics, it remains a compelling destination for luxury real estate investment. Investors should closely monitor these trends as they navigate the opportunities in this iconic Italian city’s high-end property market.

Source: Firenze Today

Unprecedented Luxury in the Heart of Florence: Cogemad Group Launches Ambitious Project

By Columbus International,2 July 20242 July 2024

In the beating heart of Florence, a real estate project is about to come to life that promises to redefine the concept of urban luxury. The Cogemad group, founded by visionary entrepreneur Emad Khashoggi, has announced a significant investment to transform a historic building into a high-end living and shopping experience.

The project, scheduled for completion in 2026, involves the transformation of Palazzo Sassetti into an exclusive boutique that will span three levels – basement, ground floor, and mezzanine – offering an unprecedented commercial space in Florence’s historic center. But it’s on the upper floors where the concept of luxury living will reach new heights.

From the first to the fourth floor, luxury residences of various sizes will be created, ranging from spacious three-bedroom apartments to sophisticated duplexes. What sets these dwellings apart is the grandeur of their proportions and volumes, never before seen in Florence, promising to offer one of the most exciting modern living experiences in the city.

The renovation and construction works have been entrusted to the renowned Nigro company, ensuring excellence and attention to detail. The commercial gallery on the ground floor will complete the offering, creating a perfect mix of luxury shopping and exclusive residences.

Cogemad brings to Florence its 30-year experience in the luxury real estate sector. Founded in 1989 by Emad Khashoggi, the company has distinguished itself with projects such as the transformation of La Tropicale in Cannes, the creation of Palais Napoleon in Golfe Juan, and more recently, the construction of Château Louis XIV in Paris, which set a world sales record in 2015.

Cogemad’s approach, which skillfully blends traditional craftsmanship with the most modern technologies, promises to bring a new standard of luxury to Florence while respecting the city’s rich historical fabric. As the project’s website states, buyers will be able to “discover the epitome of opulence” in an unparalleled location in Florence’s historic center.

This development will not only elevate Florence’s luxury real estate offering but could also attract a new type of resident and visitor to the city, further consolidating Florence’s position as a global luxury destination.

Photo via Cogemad

Real Estate Market Rebalancing Offers Buyers Attractive Opportunities

By Columbus International,13 June 20249 November 2024

The real estate market is going through a transitional phase, moving from a period of strong euphoria to one of greater reflection. According to data from the Revenue Agency and the Tecnocasa Group, there is a decrease in residential property sales and an increase in the average discount applied to selling prices. In the second half of 2023, the average discount in Italy was 8.3%, an increase compared to the previous year.

This gap between the price requested by sellers and the price actually paid by buyers is widening, indicating greater caution in the market. The discounts vary depending on the type of property. Used properties suffer greater reductions (8.5%) compared to renovated (7.5%) and new (4.5%) ones, as they often require renovation work that entails additional costs. The most significant discounts, almost 12%, are recorded for properties purchased for investment purposes, where the buyer’s purchasing power carries more weight.

Economical properties and homes sold out of necessity suffer above-average discounts, respectively 10.2% and 9.6%. The position of the property also influences the discount: ground-floor apartments suffer discounts of 8.5%, while for those on the top floors, the discounts are more contained (7.7%). These data confirm the picture of a slowing real estate market. In fact, the Revenue Agency has recorded a sharp decline in residential property sales in the first quarter of 2024, equal to 7.6% compared to the same period in 2023 and 7.2% compared to the last quarter of 2023, affecting all areas of the country.

Source: Il Sole 24 Ore

Tuscany’s Triple Threat: 3 Prized Properties Not To Miss This Summer

By Columbus International,30 May 2024

As the warm winds of summer caress the Tuscan landscape, a trifecta of rare real estate jewels emerges, beckoning discerning investors and connoisseurs of la dolce vita.

From a historic villa nestled in the Florentine hills to a seaside oasis on the Maremma coast and a prestigious office steps from the iconic Ponte Vecchio, these properties promise an unparalleled immersion into Tuscany’s enchanting milieu.

The regional real estate market is sizzling, with sales up 1.4% and rents surging 4.3% in Q1 2024, according to Immobiliare.it Insights’ data. The average home sale price stands at €2,536 per square meter, while rental rates command €15.3 per meter. Unsated buyer demand continues driving a 16.3% uptick amidst dwindling inventory, up 5.1%. In the perennially coveted Florence, prices average nearly €4,200 per meter after a 0.8% quarterly hike, with rents now at €22.6 per meter.

Villa Covoni, Fiesole’s Aristocratic Sanctuary

A mere 7 km from Florence’s beating heart, the 18th-century Villa Covoni reigns over the Fiesole hills, an aristocratic sanctuary fusing history with modern refinement. Part of the Villa Sant’Ignazio complex, sumptuous living spaces adorned with frescoes and curated furnishings offer breathtaking vistas of the Renaissance capital. The exclusive condominium park, featuring a pool and scenic walking trails, provides a verdant respite for residents.

Waterfront Glamour At Punta Ala

On the shimmering Maremma coast, an extraordinary Punta Ala villa seduces with panoramic sea views. The impeccably designed single-level residence with basement quarters boasts a spacious layout anchored by a gourmet kitchen, expansive living areas, four bedrooms and three baths. A private pool and garage complete this mediterranean dream home, epitomizing luxurious coastal living amidst tranquil surroundings.

A Renaissance Workspace On Ponte Vecchio

In Florence’s pulsating historic center, a rare office opportunity awaits on the fabled Ponte Vecchio. Available from February 2024, this 140-square-meter gem has undergone immaculate renovations, revealing marble floors, parquet accents and refined architectural details. Floor-to-ceiling windows flood interiors with natural light while framing iconic cityscapes – an inspiring backdrop for receiving clients amidst unmatched old-world ambiance.

As summer casts its brilliant glow, Tuscany’s irresistible allure intensifies with these premier residential and commercial offerings. For those seeking to savor the region’s timeless grandeur, acted upon swiftly, a slice of real estate nirvana awaits.

Florence’s Commercial Real Estate Landscape Reshaped by Trams, Tourism, and Regulations

By Columbus International,22 May 2024

Florence’s non-residential real estate market is experiencing a period of significant change. The expansion of tram lines, influx of tourists, and new municipal restrictions for businesses in the UNESCO historic center area, coupled with the opening of the Viola Park stadium, are reshaping the dynamics of this sector. According to data from Tecnocasa, by the end of 2023, there is an increase in sale prices and rental rates, although more contained compared to mid-year. On main thoroughfares, the price increase is more pronounced (+0.7%), while on other streets, it is +0.2%. For rental rates, the increase is 0.3% in both cases. In the historic center, luxury brands and restaurants maintain a strong presence, despite the restrictions on opening new dining establishments, which require purchasing an existing license.

In the Oltrarno area, prices remain high on streets like Guicciardini, Borgo San Jacopo, and Ponte Vecchio, with rents reaching €1,200 per square meter per year in top zones. Artisans are returning to streets like Maggio and Sant’Agostino, declared by the municipality as artisanal-oriented. On low-traffic streets, there is a higher turnover and an increase in sale and rental times. These locations attract startups that do not want to make significant initial investments but aim to accumulate capital to eventually move to high-traffic streets. Offices in the center are only purchased if they can be converted into residential units, making them attractive to investors. Otherwise, sale times are prolonged, and prices decrease significantly. Currently, the San Lorenzo neighborhood is the most vibrant area for non-residential real estate, thanks to the renovation works of the Sant’Orsola complex and the arrival of the tram line in Piazza San Marco, which is expected to appreciate the value of Via Cavour as well.

In Florence South, where the tram line to Bagno a Ripoli is scheduled for 2026, a vacancy is recorded on Viale Giannotti, while interest (and rental rates) is maintained on Viale Europa, leading to the new Viola Park stadium. However, there is a significant demand for offices in this area. In the Baracca-Novoli area, demand is low, and many shops remain vacant, except for Piazza Dalmazia and Via di Novoli, which are crossed by the tram line. Rental rates vary significantly depending on the location, ranging from up to €600 per square meter per year for Florence South, over €200 per square meter per year for Rifredi and Isolotto, between €120 and €144 per square meter per year for Florence North, and three-digit values for the UNESCO area. The gross annual returns requested by investors are also differentiated, ranging from 10% and above for Isolotto and Novoli, down to 8% for Florence South and the center, where in 2023, a settling around 6-7% was observed for shops in prime positions within the UNESCO area with reliable and solid businesses. In the second half of 2023, investors resumed purchasing apartments in Florence’s historic center, where prices increased by 3.1%, with the aim of generating income through short-term rentals, despite the municipality’s ban in the UNESCO area (which is currently under litigation at the Regional Administrative Court).