Tuscany properties

Italy, Real Estate Market Evolution: A New Era of Opportunities for Buyers

By Columbus International,11 July 2024

The real estate sector is undergoing a significant transformation, ushering in a new era of opportunities for prospective homeowners and investors alike. Recent data from the Italian Revenue Agency reveals a market rebalancing that is fostering greater price flexibility and buyer-friendly conditions.

Fabiana Megliola, head of the Tecnocasa Group Research Office, reports an increase in the average discount to 8.3%, marking a shift from the recent period of intense market activity to a more reflective phase. This transition is creating a fertile ground for buyers to negotiate more favorable terms and secure better value for their investments.

A closer look at different property categories unveils intriguing market dynamics:

Used Properties: With an average discount of 8.5%, these offer the most room for negotiation. This presents an excellent opportunity for buyers to acquire properties at competitive prices and invest in custom renovations, potentially increasing long-term value.
Renovated Homes: Offering a 7.5% discount, these properties strike a balance between move-in readiness and value for money.
New Constructions: At a 4.5% discount, these remain attractive for those seeking modern, ready-to-use living spaces with minimal immediate maintenance needs.

Investors stand to benefit significantly in the current market, with discounts of up to 12% on investment properties. This trend could stimulate the rental market and provide more housing options in urban areas.

The market is also becoming more attuned to diverse buyer preferences. Ground floor apartments now come with more substantial discounts (8.5%), catering to those prioritizing accessibility or outdoor space. Top floor units, with a 7.7% discount, continue to appeal to buyers seeking views or added privacy.

While sales have slowed in the first quarter of 2024, this should be viewed as a market normalization rather than a downturn. This cooling period allows buyers more time to conduct due diligence, evaluate multiple options, and negotiate optimal terms.

In conclusion, the Italian real estate market is evolving towards a more balanced and sustainable model. The current landscape offers a unique confluence of factors – price flexibility, diverse property options, and a buyer-friendly environment – making it an opportune time for both personal home purchases and strategic property investments. As the market continues to adapt, it promises to better align with the changing needs and preferences of a new generation of property owners and investors.

Source: Il Sole 24 Ore

Tuscany Leads Italy in Value of Auctioned Vineyards in 2023

By Columbus International,13 May 2024

While not ranking first in the number of vineyard lots sold at auction nationwide, Tuscany stands at the top for the overall value, exceeding 24 million euros. Umbria and Sicily follow in terms of value. A decline has been observed over the past five years, when 142 Tuscan vineyards were auctioned: “Good news for the market.” Third at the national level for the number of auctioned vineyards, although fortunately the numbers are in a marked decline, but first in value, confirming its high-quality production. In 2023, 27 lots were sold in Tuscany, taking the bronze medal of a podium topped by Sicily with 48 and Puglia with 34. However, when considering absolute value, our region has no rivals: 24,589,990 euros, leaving Umbria far behind with nine million and 267 thousand euros. These are the figures emerging from the analysis conducted by the AstaSy Analytics Study Center of Npls Re_Solutions. Overall, last year in Italy, 244 vineyard lots went under the hammer, for a total value of 66,648,711 euros. The calculation is straightforward: those in Tuscany represent 11% of the total but account for over 36% of the value. The ranking with Tuscany and Umbria in the top two positions is confirmed by judicial procedures: the properties currently for sale at the highest value are related to the Courts of Pisa and Spoleto.

In particular, in the municipality of Crespina Lorenzana (Pisa), there is an agricultural company spanning 484 hectares, of which 24 are vineyards, valued at 11.4 million euros, with a varied production including Chardonnay, Vermentino, Sangiovese, Cabernet Sauvignon, Syrah, Trebbiano, and Merlot grape varieties. The last survey by the Astasy Study Center on the sector dates back to 2019, the pre-pandemic period. At that time, the vineyards that went to auction were almost five times the current quantity (1142). About 40% were concentrated in Tuscany (more than 450), where the price of vineyards in foreclosure amounted to over 100 million euros. According to analysts, the decrease in auctioned properties represents “a positive decline, testifying to a sector, the wine industry, that is regaining strength and determination.”

“Analyzing it from a real estate perspective, the vineyard sector is as interesting as it is peculiar and challenging,” explains Massimiliano Morana, CEO of Npls Re_Solutions, who warns: “It is an appealing type of property that can offer profitable investment opportunities, but it requires in-depth knowledge of the wine sector, including agricultural practices, winery management, and market trends. It is important to consider the challenges and specific characteristics of the sector before embarking on this type of investment: the costs associated with managing a vineyard, including labor, equipment, phytosanitary treatments, and maintenance, can be high.”

Anticipating Three New Luxury Hotels in Florence

By Columbus International,17 April 2024

The timeless beauty of Florence continues to enchant tourists from around the world. But it’s not just visitors who are drawn to the Renaissance city; international hotel chains are also making their move, investing in buildings both in the historic center and in the surrounding neighborhoods.

According to Il Tirreno, three new luxury hotels will open their doors within a year, bringing an added touch of sophistication to the Tuscan city. One of these is the Anglo American Hotel Florence, located on Via Solferino and belonging to the renowned American Hilton group. The prestigious hotel opened its doors in early April, occupying a magnificent 19th-century palace. With a total of 118 rooms and suites, along with a charming inner courtyard, this historic structure has already hosted prominent figures such as Leo Tolstoy, Carla Fracci, Rudolf Nureyev, and Maria Callas. Among its amenities are a modern gym and two meeting rooms capable of accommodating up to 70 people.

Among the other hotels scheduled to open within the next two years is the former “Alla Querce” boarding school, located on Via della Piazzuola in the Cure area. With a usable area of over 13,000 square meters, this complex, composed of buildings dating back to the 16th century, will be transformed into a luxury hotel. The South African hotel group “Leeu Collection” has chosen this structure to host the first Italian branch of the L’Auberge Resorts Collection. The property will be managed by Dan Friedkin, owner of Roma FC, and will offer 61 rooms, 20 suites, and an exclusive 210-square-meter suite, for a total of 82 rooms. Among the services offered will be an outdoor pool, a wine tasting room, a spa, a fitness center, an art gallery, and a boutique, as well as outdoor spaces that include a vast garden spread over five levels with a restaurant, bar, and event areas.

Another structure undergoing redevelopment is the former Villa di Camerata, located on Viale Righi at the foot of Fiesole. This complex, owned by the State Property Agency, was sold between 2019 and 2020 and will soon reopen as the first Baccarat Hotel in Italy in 2025. With 5,400 square meters of building space, the property will host 75 rooms, a spa, two pools, a rooftop terrace, and various options for bars and restaurants. Finally, renovation work continues at the Hotel Palazzo Ricasoli on Via delle Mantellate, which will soon shine again as one of the gems of Florentine hospitality.

The Allure of Living Abroad: Exploring Real Estate Opportunities for Americans

By Columbus International,15 March 2024

In recent years, the allure of living abroad has transformed from a distant dream into a tangible reality for many Americans. Fueled by various factors such as a robust U.S. dollar, increased accessibility through direct international flights, and the adoption of flexible hybrid work models, markets around the globe have witnessed a surge in interest from American buyers. However, before embarking on the journey of international homeownership, there are several essential considerations to ponder.

One of the critical factors influencing the decision to purchase property abroad is the cost per square foot, which closely mirrors the familiar adage of “location, location, location.” For instance, in Italy’s Como province, the average price per square foot stands at $147. However, prime waterfront properties in sought-after regions like Lake Como command significantly higher prices, exceeding $1,000 per square foot. Such disparities underscore the importance of thorough research and financial planning when venturing into the international real estate market. While the prospect of purchasing an existing property may be enticing, many expats opt for building anew or embarking on renovation projects to achieve their desired level of luxury.

Despite the initial challenges and delays in return on investment, the appeal of customizing one’s living space to suit individual preferences outweighs the convenience of turnkey properties, especially in markets where supply is limited. According to the 2023 U.S. Residential Real Estate Study by WSJ Intelligence, Europe and the Caribbean emerge as the top two regions where American buyers contemplate purchasing homes. Among European destinations, Italy holds particular appeal, with Tuscany standing out as a favored choice. Motivated by factors ranging from retirement to a desire for a change in lifestyle or a vacation home in the heart of Europe, American buyers are drawn to Tuscany’s picturesque landscapes, rich history, and cultural heritage. Moreover, for many American buyers, acquiring property abroad serves as a pathway to permanent residency, particularly among retirees.

The concept of “golden visas,” which grant permanent residency to property owners, gained traction during the pandemic. As such programs evolve and some expire, prospective buyers must navigate the intricacies of residency requirements to ensure a seamless transition to their new global home. In recent years, Tuscany has emerged as a hotspot for international real estate investment, witnessing a remarkable surge in inquiries from American investors. The region’s timeless allure, characterized by rolling countryside, vineyards, and historic towns such as Florence and Lucca, has captivated the imaginations of buyers seeking a slice of Italian paradise.

From quaint villas with picturesque vistas to charming apartments nestled in bustling city centers, Tuscany offers a diverse range of options to suit varying lifestyles and preferences. In conclusion, the dream of living abroad is no longer confined to the realm of fantasy for many Americans. With favorable market conditions, evolving work dynamics, and a renewed appreciation for quality of life, the prospect of owning property in international destinations like Tuscany has never been more attainable. However, thorough research, careful planning, and an understanding of local regulations are essential prerequisites for turning this dream into a fulfilling reality.

New Gems of Italian Hospitality in 2024: From Florence to Capri, Here Are the Unmissable Hotels

By Columbus International,3 January 2024

Among the New Year’s resolutions, the enthusiasm for exploring new places and enjoying a bit more luxury during travels is inevitable. Tourist destinations in Italy are enhancing their offerings, with historic hotel groups and smaller boutique hotels ready to welcome tourists with high-quality services, pampering, and captivating designs.

Here’s an overview of the most anticipated hotels in Italy in 2024.

Florence: Collegio alla Querce, a Garden Hotel with a View of the Duomo
Auberge Resorts Collection expands to Florence with a complex that encompasses three 16th-century buildings, complete with original chapel and theater. In the former preparatory school, a new hotel with 61 rooms, 20 suites, and a 210-square-meter master suite has been created. Guests can enjoy baroque gardens overlooking the Duomo on one side and lush Chianti vineyards on the other. The heart of the hotel is an internal garden illuminated by a skylight, adorned with lemon trees, and featuring an impressive fireplace. Collegio alla Querce offers a complete experience with a restaurant, a glass-enclosed garden room, a bar, a cigar lounge in the former admissions office, and a poolside bar offering unique wood-based cocktails.

Florence: Anglo American Hotel Florence, Charm, and Sustainability
Hilton’s Curio Collection presents the new Anglo American Hotel Florence in the historic center of Florence. The structure reflects the city’s majestic charm and places particular emphasis on sustainability, with the restoration of original architectural features. The hotel’s outdoor courtyard hosts a Tuscan menu inspired by local flavors and traditions.

Milan: Max Brown Missori, Milanese Style and ’70s Vibes
The Dutch boutique hotel group Max Brown makes its entrance in Italy with a 64-room hotel in Milan, Max Brown Missori. The mission to infuse the cheerful and refined style of Sircle Collection was entrusted to interior designer Saar Zafrir, who, in collaboration with the in-house design team, renovated and redesigned the property drawing inspiration from ’70s vibes. Most of the original furniture has been restored, while others have been donated to local charities. Max Brown Missori aims to be a welcoming and charming place for travelers wishing to immerse themselves in Milanese life like true locals. For this reason, Italian-made details like colorful SMEG kettles will be incorporated, along with items from around the world, such as a Crosley turntable in each room, and communal spaces designed to encourage social moments (e.g., a basketball court). With many rooms overlooking the Garage delle Nazioni, the hotel also offers a lively ground-floor area ideal for meetings, rest, or work.

Milan: Calimala, a Surprise in the Shadow of the Madonnina
Born in Florence, where it boasts one of the best rooftops in the city, Calimala opens a second hotel in Milan, near Porta Venezia at Via Melzo 7. This will be a 90-room hotel with a gym, 2 rooftops, a bar, a restaurant, and a pool. Little is known yet, but if the style mirrors that of Florence, we can expect interiors dialoguing between historic structures and modern furnishings.

Rome: Casa Monti, an Artistic Residence Celebrating the Dolce Vita
The Leitmotiv family-managed group will debut in spring in Rome with Casa Monti. The new hotel will pay tribute to the Rione Monti, with its craft shops, wine bars, and contemporary art galleries. The five-star hotel will consist of 36 rooms, a restaurant, an aperitif bar, a terrace, and a spa with a panoramic view of the city. The design is by Laura Gonzalez, conceived as an artistic residence open to the world and the city, celebrating the sweet life, inspired by the muse of Rome and its neighborhood. Casa Monti draws from a vibrant community and celebrates eccentricity and pleasure. A color queen, Laura Gonzalez was the right person to interpret that feeling of relaxation and nonchalance that the world envies us.

Rome: Romeo, Between Zaha Hadid and the Sixteenth Century
The Romeo collection, launched in 2023, is making giant strides to become one of the benchmarks of Italian hospitality, thanks also to renowned international architects. The project for the new hotel in Rome is signed by Zaha Hadid Architects and is nestled in a distinctly Italian sixteenth-century palace not far from Piazza del Popolo, once the residence of the Serroberti-Capponi family and now ready to offer dream stays. The studio has had the opportunity to reinterpret its “no stairs-no texture” motif here in an entirely new way: the use of Italian marbles and precious woods creates a new dialogue with the city of Rome, expressed in the 74 rooms and suites, with magnificent views and original frescoes restored to their former glory. The hotel also boasts Il Ristorante, a gastronomic venue directed by Alain Ducasse, the world’s most starred chef. Romeo Roma also has a courtyard with an indoor and outdoor pool, from which you can admire the archaeological ruins. The offer is completed by site-specific installations by renowned contemporary artists, a rooftop lounge bar, and La SPA Sisley Paris.

Rome: Corinthia, Michelin-starred Cuisine under the Frescoes
Corinthia also announces a new opening in the Eternal City, scheduled for summer, in Piazza del Parlamento. The former headquarters of Banca d’Italia, built in 1904, welcomes with an imposing entrance into the two-story lobby. Ensuring hospitality excellence, from food to room service, will be Carlo Cracco. With such a name, it was imaginable that the cuisine would play a central role, and indeed, the ground floor is animated by a restaurant surrounding the garden. The interiors were created by G.A Design, and there are 60 rooms and 21 suites, a rooftop, a luxury spa. The environments have been preserved with original chandeliers and classic marbles, renewed, however, with elements of a more modernist taste. The hotel’s Signature Suites will have private balconies with views of the elegant square and the city’s majestic monuments. Guests will also have access to a spa with a vitality pool, relaxation area, sauna, steam room, and treatment rooms. The Historic Suite, the hotel’s most exclusive, will feature marbles in all its parts (starting with the sculpted bathtub) and full-wall windows.

Rome: J.K. Place Residence Club, a New Way to Stay in the City
A great mystery also surrounds this boutique hotel that will open inside a noble 17th-century Roman palace, once the seat of the architecture faculty, a short walk from Piazza di Spagna. The hotel will be accompanied by the Residence Club consisting of 15 new apartments on Via dei Prefetti, designed by the Florentine architect Michele Bonan. Each Residence will have a butler and a private concierge service, while among the common areas there will be a restaurant, a private lounge, and a state-of-the-art gym, open to both club members and guests staying at J.K. Place Roma.

Capri: Grand Hotel Quisisana, a Rich History Update
Since 1860, the Grand Hotel Quisisana has been synonymous with the splendor of Capri, its sea, and its exclusive clientele. Originally built in 1845 as a sanatorium (as the name suggests), the hotel is rich in history and features a Liberty-style theater designed by Giò Ponti in 1929. Over the years, figures like Ernest Hemingway and Jean Paul Sartre have crossed the marble lobby and admired the beauty of the park. The sun-drenched bedrooms are the quintessence of maritime leisure, with bright floors and furnishings emphasizing the view. For the 2024 season, there are many novelties, starting with the Colombaia restaurant, offering Italian-inspired cuisine and an extensive wine list. An outdoor pool, tennis courts, and new rooms will also be inaugurated. Equally important is the completion of the transition to solar water heating and the production of 100kw, the largest private solar production in Capri.

Source: Elle Decor

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.