Tuscany

Italian Real Estate Market in 2024: Growth and Challenges Between Milan and Florence

By Columbus International,20 December 2023

What will be the fate of the Italian real estate market in 2024? There is a potential increase in property values, marking a departure from the relatively stable trends observed in 2023. This forecast stems from an analysis conducted by Immobiliare.it Insights, which identifies Milan as the city with the most expensive real estate transactions, while Florence stands out for having the highest rental prices.

Regarding sales, the report predicts a 6% increase in Catania, 4.1% in Verona, 2% in Milan, and 1.1% in Rome. For rentals, a significant increase is expected in Naples (+16.8%) and Florence, where an 18% rise is anticipated. Despite not experiencing the highest percentage growth, Milan will maintain its position as the city with the highest sales prices. In the Lombard capital, the purchase of a property is expected to average almost €5,500 per square meter, representing an increase of about €100 per square meter compared to current values. Positive fluctuations, around +3%, are also anticipated for Naples, Genoa, Bari, Venice, and Turin. The projected prices per square meter vary widely, ranging from €3,415 per square meter in Venice to €1,707 per square meter in Genoa. Additionally, both Bari and Turin are expected to surpass €2,000 per square meter by the end of the next year, marking a new development for both cities. The situation is different concerning rentals.

In 2024, Milan may lose its position as the city with the most expensive rentals. According to Immobiliare.it’s analysis, Florence is expected to approach €29 per square meter by the end of the following year, an increase from the current €24.5 per square meter. Milan, despite an increase to €25 per square meter, will be positioned behind the Tuscan capital but still on the rise compared to the current €24.7 per square meter. According to the report, in terms of sales volumes, both 2023 and 2024 deviate from the exceptional performance recorded in 2022, and the trend will return to a more regular pace, similar to what would have been expected in the absence of the Covid-related crisis.

European Developers Tap into Wine Enthusiasts’ Dreams with Turnkey Vineyard Retreats

By Columbus International,11 December 2023

In an extraordinary shift in the real estate market, European developers are redefining the concept of luxury for second-home buyers, offering “turnkey” vineyards that eliminate the challenges of wine production. Two notable developments, Tenuta di Forci in Tuscany and L’and Vineyards in Portugal, embody this emerging trend.

Introduction:

Philippe and Luisa Le Bourgeois, a Paris-based couple, are set to renovate a centuries-old structure at Tenuta di Forci, a vineyard and residential project located just outside the charming Tuscan town of Lucca. Meanwhile, Clifton Lewis Lyles and Serene Lewis Lyles, a couple from Northern California’s tech sector, are venturing into the world of winemaking with their private vineyard in the Alentejo region of Portugal. Their investment includes a two-bedroom, 2,500-square-foot villa under construction in the luxurious L’and Vineyards development, spanning 163 acres, with 15 acres dedicated to vineyards. This unique setting allows owners to become virtual winemakers. The Lewis Lyles duo, investing around $1 million in their new home, benefits from a convenient arrangement where they don’t have to worry about vineyard maintenance. Their focus is solely on naming their private vintage and designing a custom wine label.

Living in a Vineyard in Europe – A Rising Trend:

This trend is not confined to isolated cases. The allure of European villas, providing everything from furnishings to vineyards, has captivated second-home buyers. Developments like L’and and Tenuta di Forci are at the forefront, offering a blend of charm and vinicultural pleasure without the traditional burdens of harvesting and bottling. José de Sousa Cunhal Sendim, founder and CEO of L’and, describes their resort-like development as a wine-themed retreat with a hotel, vacation rentals, and real estate properties nestled among rolling hills and a picturesque lake. The development, offering homes ranging from 2,800 to 3,700 square feet, provides a holistic experience with amenities such as a restaurant, a lakeside cafe, a spa, and proximity to the historic city of Evora.

From Tuscany to Bolgheri – Expanding Vineyard Living:

Tenuta di Forci, part of the renowned Colline Lucchesi wine region in Tuscany, is transforming into a biodynamic winery, farm, and residential property. The Le Bourgeois couple, like the Lewis Lyles, sees their new home as a vacation retreat and a future retirement residence. With a focus on ecologically minded viticulture, the Forci estate offers not only the charm of Tuscany but also the option of private-label wines for owners. Le Ville Serristori, a turnkey vineyard development, is emerging in the celebrated Bolgheri region in southwestern Tuscany, about 20 miles along the coast from Livorno. Associated with the Super Tuscan revolution of the 1970s, Bolgheri has attracted Italy’s leading winemaking dynasties, including the Gajas of Piedmont and the Antinoris of Florence. Le Ville Serristori, just up the road from Antinori holdings, is the brainchild of Florence’s Fratini family, whose 3,000-acre coastal parcel was initially purchased as a private vacation compound in the late 1990s. It now includes a 90-acre residential development, where potential buyers can expect an interview with a Fratini family member before having an offer accepted. The family is marketing a group of six new homes with freehold lots on the estate, with prices ranging from $11 million to $16 million.

The price covers construction and landscaping. The first of the new homes, featuring luxurious marble finishes and a large outdoor pool, will be completed early next year. Each new home will be allotted just over an acre of a private turnkey vineyard. Five of the six have already been sold. Le Ville Serristori is connected to the family’s launch of its own Super Tuscan wine label starting this year, and estate homeowners can take advantage of the Fratinis’ brand-new winemaking facility, converted from an old farmhouse. Marked by a grand avenue of towering pine trees—a relic of the estate’s aristocratic ownership in the 19th century—the rustic development features rolling vineyards, vast farmland, and marine light, along with proximity to the village of Bolgheri, a pilgrimage site for wine enthusiasts worldwide. Homeowners can enjoy the Fratini family’s private beach access—a rarity in Italy. They can also make use of local restaurants operated by Bolgheri’s exclusive wineries. New homeowners are gifted a complimentary green Land Rover to navigate the rural setting, says Jacopo Fratini, CEO of the Fingen Group, the family’s real estate company. They can also look forward to a beach club. The cost of participating in the winemaking side of these developments varies. At L’and, new homeowners are entitled to 100 personalized bottles a year at no extra cost, says Cunhal Sendim. Later, they can pay anywhere from $8 to $24 a bottle. In Italy, says Serimm/Knight Frank’s Alessandro Deghé, the listing agent for both the Forci and Serristori estates, annual service costs for homeowners, including wine-related expenses, can run from $26,000 at Forci up to $108,000 in Bolgheri. La Melonera, a development in the south of Spain, offers larger lots and more obscure grape varieties. Located near Ronda, in the foothills of Andalusia’s Sierra de las Nieves mountain range, a 90-minute drive from Malaga and its international airport, the project takes its name from a nearly forgotten red grape called Rayada Melonera. Its turnkey vineyard also is producing wines from a host of lesser-known local grapes, which the developers came upon in a work by a 19th-century Andalusian botanist. Set over 460 acres, the estate has 29 listings between $3 million and $7.6 million. Three have sold. In January 2022, Soren Skou, 59, the former CEO of Maersk, the Danish shipping company, and his wife, Lene Skou, 59, a financial executive, bought a 10,225-square-foot La Melonera home with four bedrooms and four bathrooms, completed in 2017. It sits on a 13.8-acre lot and comes with its own portion of the estate’s vineyard.

Soren Skou wouldn’t comment on how much they paid, but cited a current listing on the estate, somewhat smaller than his, with an asking price of $4.1 million. He says he plans to tweak the existing interior by spending about $100,000 to create a new home office. Taking a more active role than many other turnkey-vineyard buyers, the couple and their three adult children join in a post-harvest blending session, when they get to fine-tune their personal cuvée. Wine-related service costs start at about $17,300, says Le Melonera founder Jorge Viladomiu. The charge includes 450 bottles of private-label wine. The couple, who live in Copenhagen, have decided to spend several months a year at La Melonera. They were initially drawn to the development by the minimalist architecture and by the chance to “stay at home, barbecue and enjoy life” on the large lot, says Soren Skou. But the turnkey-vineyard option helped seal the deal. “We thought having our own vineyard and our own wine would be fun,” he says. “And La Melonera makes it easy for us.”

Source: The Wall Street Journal

Real Estate and Luxury. New Owner for the Historic Villa Michelangelo on the Florentine Hills

By Columbus International,15 November 2023

New Owner for the Historic Villa Michelangelo on the Florentine Hills.

Villa Michelangelo, the only building remaining intact on the hills of Florence, known to have been the residence and workplace of Michelangelo Buonarroti, has a new owner, as reported by La Repubblica.

Built between the 14th and 15th centuries, the historic residence was recently acquired for 8 million euros by a foreign investment fund. Located in the upper part of Settignano, a short distance from the heart of Florence, the villa was originally owned by the Buonarroti family. According to Michelangelo’s biographies, after his birth in Caprese, he moved to the Florentine hill, where he was nursed with “milk kneaded with marble dust,” nurturing his early passion for sculpture. The residence, spanning four levels and approximately 900 square meters, still retains its original structure, including a square internal tower used as a guardhouse. The surrounding land, featuring a small orchard and a plantation of 200 olive trees on nearly a hectare, adds further value to the property. The villa boasts a main facade with two open arched external terraces, while on the ground floor, there is an uncovered terrace with three cross-vaults with semicircular arches.

The uniqueness of this sale follows shortly after the transfer of a prestigious Boutique Hotel in Florence, which was sold for 28 million euros.

Agenzia investimenti immobiliari | Chianti

Tuscany: The Ultimate Real Estate Dream for Foreign Buyers. Discover the Latest Trends and Insights!

By Columbus International,9 October 2023

Foreign buyers are making waves in the Tuscan real estate scene, ready to splash out an average of over 500,000 euros. Hailing mainly from the United States and Germany, they’re dreaming of homes, and if there’s a garden, even better!

Lucca province is their prime pick, accounting for the lion’s share of requests, with Pisa, Massa-Carrara, and Siena following suit. This captivating real estate portrait comes courtesy of Gate-away. Americans lead the charge, snapping up 29% of the real estate pie, followed by Germany at 14%, and the UK at 7.6%. Even Canada is joining the party, showing a 5.2% increase in interest. While apartments still hold the crown with 23.7% of the demand, villas are gaining ground at 12.7%.

A pool, garden, or some land to call their own isn’t a deal-breaker, but gardens take the gold with a whopping 69% preference rate. In the first four months of 2023, investments are hot in the sub-100,000 euro range, representing 33.9% of total requests. The 100-250,000 euro bracket is next in line at 23.5%, followed by 250-500,000 euros (18.3%), 500,000-1 million euros (14.6%), and over 1 million euros (9.5%). The average property sought? A cool 516,865 euros.

Tramway-Driven Renaissance: Florence’s Real Estate Market Thrives as New Lines Redefine Property Values and Urban Dynamics

By Columbus International,8 September 2023

One of the significant effects of the construction of the tram network is the surge in property values in Florence. The city’s real estate agencies are actively assessing which areas are more likely to experience an increase in property valuations. With the initiation of works for Line 3, Bagno a Ripoli and Gavinana are emerging as the primary contenders for this trend. Additionally, buildings along the future Line 4, extending to Campi Bisenzio, have garnered notable interest. Gianluca Testa of Immobiliare Punto e a Casa notes, “Individuals who previously didn’t consider areas like Statuto and Careggi have now witnessed a remarkable 10% increase in property value thanks to the tram project. It is expected that this effect will also extend to areas like Viale Spartaco Lavagnini and the entire south zone of Florence affected by the tramway.” In a city where property values have maintained significant stability over the last decade, the influence of the new tram lines is becoming increasingly evident in the real estate market. The Granducato Immobiliare agency asserts, “In the near future, the presence of the tram in popular areas like Piagge, Via Pistoiese, and Campi Bisenzio is expected to lead to a growth of up to 15% in property values.” Immobiliare Maraldi, an agency operating in Bagno a Ripoli, adds further details, “From the Pino stop to Viola Park, we expect a doubling of demand. However, there remains a concern related to the scarcity of available properties. As a result, many buyers are exploring areas like San Donato in Collina, Antella, Cellai, and Troghi, where properties can currently be purchased at 1500 euros per square meter.” Some investors are betting on Piazza Gualfredotto, while others are showing interest in Varlungo and Piazza Ravenna. However, these areas will have to contend with construction noise and potential traffic congestion, concerns for some residents of District 3.

As reported by Repubblica, the Tecnocasa Group explains, “The over one thousand days of construction work could cause congestion in the neighborhood. With less space and fewer parking spots, an increase in prices for parking spaces and garages is anticipated.” Immobiliare Maraldi emphasizes, “Some homeowners are already selling their properties between Via Kyoto and Via Kiev, partly due to concerns about construction noise and partly because they have not understood the mobility diversions.” This area has already witnessed an increase in prices of almost 1% in the second quarter of 2022 for entire buildings. Even just four used walls now start at a minimum of 3000 euros per square meter. Other areas affected by the new tram lines also testify to the increase in property prices. For example, Novoli and Statuto have witnessed a revival in property values over the last few years, with several industry operators reporting increases “ranging from 5 to 10% for homes available for sale and rent,” despite some areas experiencing prior devaluation. Take, for instance, the upper floors of Via Vittorio Emanuele. “Narrow streets and the constant flow of vehicles in front of homes do not help,” remarks Testa. Expanding our perspective, however, reveals that upscale four-room apartments now command prices starting at a minimum of 4000 euros per square meter.

The rise in interest rates on loans is applying pressure across the entire sector, resulting in increasing difficulties in obtaining bank mortgages for potential homebuyers. The fluctuating prices in the popular neighborhoods of Florence are also generating significant interest. Italiana Immobiliare Novoli reports, “In the last year, there has been an increase in prices of at least 20%.” Now, in front of a Via di Novoli tram stop, an 80-square-meter four-room apartment in need of renovation starts at 260,000-290,000 euros. District 5, in conjunction with Isolotto, has witnessed a revaluation of between 5% and 10% since the introduction of the tram, according to Attilio Annunziata of Dentrocasa. These estimates are corroborated by Italiana Immobiliare Isolotto, stating that “In the past three years, property rates along Viale Talenti and Piazza dell’Isolotto, just a stone’s throw from the tram, have risen by approximately 10%.

Arts and Real Estate. Rediscover Florence’s Hidden Treasures: The Cultural Associations Festival Returns

By Columbus International,3 September 2023

From the Complesso di Sant’Orsola to the Teatro del Maggio, from the Certosa of Florence to Villa del Poggio Imperiale, and all the way to Villa Tornabuoni Lemmi: Florence boasts thirty enchanting places, often unjustly overlooked by more traditional tourists, chosen for the third edition of the Cultural Associations Festival. This itinerant celebration, bringing culture to thirty of the city’s most fascinating locations, is scheduled from September 4th to 21st. Get ready for a series of events spanning history, art, literature, and music: a packed calendar featuring exhibitions, lectures, concerts, and performances that will not only entertain the public but also introduce them to the lesser-known side of the cradle of the Renaissance.

The Florence festival will kick off with a concert and a theatrical performance on September 4th, taking place on the captivating stage of Teatro della Pergola. Special guests include Eleonora Bellocci (soprano) and Elisabetta Sepe (pianist), along with Alessio Boni and Marcello Prayer, who will recite the verses of Alda Merini. In addition to guided tours of the spaces within Teatro del Maggio Musicale, Palazzo Ridolfi, and Villa Brewster Garden, the festival will be enriched by conferences dedicated to science, art, and cultural heritage: from meetings at the Complesso di Sant’Orsola to symposiums held at Villa Medicea La Petraia, and celebrations of Margherita Hack, with a series of events dedicated to her at the Fortezza da Basso, as well as events honoring Italo Calvino on the occasion of his centenary, at Villa del Poggio Imperiale. Notable initiatives include “From Residence to Final Rest” and “From House to House,” which will allow the public to get closer to some artists’ residences, such as the studio of the painter Carlo Adolfo Schlattler and the Villa La Pietra New York University.

In addition to the festival’s activities, organized by the Centro Associazioni Culturali Fiorentine APS, led by Antonia Ida Fontana, further events related to music and literature will take place for an entire month, from September 23rd to October 20th, during the “post-festival” period. Among these are “Pinocchio: A Myth” at the National Central Library of Florence and workshops at the Casa Museo Sigfrido Bartolini in Pistoia. “The gathering of associations […] provides the public with a multitude of stimuli aimed at social cohesion and the cultural growth of citizens, thus realizing the purpose expressed in our motto: Together to support culture,” says President Antonia Ida Fontana.

Source: Sky Arte