Americans, Germans and British are still the most enamoured with Italy and its property market. However in general the interest of house hunters from all over the world proves that Italy is still one of the most sought-after destinations as a second home overseas on a global scale.
According to Gate-away.com’s data for the first half of 2023, while Tuscany maintains its status as the preferred Italian region, it is the south – Calabria and Puglia – that is experiencing considerable growth in terms of requests, along with Sardinia and Sicily islands.
This phenomenon is indicative of a positive trend that is spreading throughout Italy and highlights how foreign buyers are inclined to carefully consider the opportunities that each territory can offer.
“For international would-be buyers in Italy, buying a house in the peninsula is not only an investment, but also a way to live and embrace a unique lifestyle. Enquiries received in the first half of 2023 confirm that the Italian real estate market remains attractive to foreign investors, who show a wide variety of preferences and a willingness to explore all Italian regions. This international interest represents an important opportunity for private individuals who want to sell their homes and for real estate agencies. Promoting local real estate at an international level therefore becomes crucial in order to fully seize the potential of this fast-growing market, especially in this situation of stagnation of the Italian domestic market’. Simone Rossi, co-founder of Gate-away.com
Where did exactly overseas buyers look for homes in Italy in the first six months of 2023?
Tuscany remains the favourite region for international investors with 18.8% of requests out of the total for the period. It is followed by Lombardy with 9.28%, Liguria (8.5%), Apulia with 8.04%, Sicily (8%), Piedmont (7.2%) and Abruzzo (6.4%). On the other hand, if we look at the growth compared to the same period last year, the islands prevail: Sardinia leads the way with an increase in requests of over 31% and it is followed by Sicily with +14.2%.
In terms of areas, Lake Como prevails in the period, followed by Salento, Itria Valley, Lunigiana, Chianti and Monferrato. In terms of annual growth, the best performing area is the Ogliastra area of Sardinia recording a +47% compared to the same period in 2022. This is followed by the Alps area with +57%, Gargano (+33%) and Lake Idro area (+23.3%).
Which Italian provinces and towns are the most sought after by international buyers?
Among the provinces, Perugia in Umbria recorded the best performance for the period with 4.64% of the total number of requests. It is followed by Como with 4.62%, Lucca (4.39%), Brindisi in Puglia (4.28%), Sassari in Sardinia (4.17%) and Imperia in Liguria (3.53%).
In terms of towns (comuni), the most searched for in the first six months of 2023 is Chianni in the territory of Pisa. It is confirmed at the top of the ranking ahead of Ostuni in Puglia and followed by Fivizzano which is also in Tuscani. In fourth position is Scalea in Calabria and Lucca in fifth place.
If we look at the growth compared to the same period last year, Portofino in Liguria prevails with a growth of +540%. This is followed by Coreglia Antelminelli in the territory of Lucca with +240%, Castellammare del Golfo in Sicily with +196% y/y, Parzanica in Lombardy with +200% and Palermo (+139%).
The nationalities most interested in the Italian property market
US citizens remain the most active in searches with 28% of requests. They are followed by Germany (12.4%), the UK (9%), Canada (4.8%) and France (4.6%). The countries growing the most compared to the same period in 2022 are Portugal with +106%; Chile (+73.58%) and Israel (+56%).
What property overseas buyers look for in Italy?
Non-Italian buyers looking for a home in Italy are characterised by its versatility and interest in a wide range of housing solutions. They do not limit themselves to look only at luxury homes, but are open to explore every price range available on the market.
The most sought-after homes are mainly flats (21.15% of the total), villas (15.84%), detached houses (10%) and country houses (9.29%). But there are also many requests for property categories that are typical of the Italian territory, namely the maso which is typical of Trentino Alto Adige region (+75%); masserie, traditional constructions of southern Italy and very common especially in Puglia (+31%), and lamie (rural constructions of Salento area of Puglia) with +290% of enquiries.
Demand is concentrated especially on fully renovated and habitable homes (63.66%) of about 120 square metres (53.9%) and with two bedrooms (26.59%) at least. Finally, although not representing a fundamental characteristic of the property, for international buyers the presence of a garden (56.8%) is a plus, but also swimming pool (21.2%) and land (30.2%).
And what about the price? Contrary to what one might think, it is the lower brackets that record the majority of requests: 0-100 thousand euro marks 39.5% of preferences. This is followed by the 100-250 thousand euro bracket (25.2%); 250-500 thousand euro (17.43%); 500-1 million euro (9.9%). 7.85% are looking for houses over EUR 1 million.
