The recent revival is driven more by international interest than by domestic demand.
A significant portion of this investment comes from new investors who had not previously considered the Italian market, while traditional investors continue to show strong interest in it.
Financial Market
Over the past two years, investment in construction has been the primary driver of growth in the Italian economy. Around one-third of GDP growth during the periods in question can be credited to the construction sector.
In 2022, the construction industry saw substantial growth, with an increase of approximately 12.1% in real terms, reflecting gains across all segments of the sector. This notable growth comes on the heels of an exceptional 20.1% rise in production levels in 2021, allowing the sector to largely recover to pre-COVID levels following a 6.2% decline in 2020.
Investment
Interest in Italy is strengthening. Tourist numbers are on the rise driving up investment returns for holiday accommodation.
From the world-famous vineyards of Tuscany to art-filled cities and picture-postcard coastlines, everyone’s love affair with Italy remains strong and there is a real sense that buyer confidence is increasing.
British aristocrats developed a taste for Italian living after Thomas Howard, the 14th Earl of Arundel, embarked on a journey to Padova in 1612, inadvertently starting the trend of the ‘Grand Tour’ of Europe. However, it was Federico Fellini’s beautifully crafted film La Dolce Vita, released in 1960, that truly transformed Italy’s image abroad. The film, which showcased the glamorous lifestyles of movie stars, partygoers, and contemporary aristocrats in Rome, is credited with reshaping the international perception of Italy.
There is considerable interest from the US, Europe, and even some Australians. Americans are particularly attracted to the Chianti wine region and seek proximity to Venice and Florence for their international airports and cultural offerings. British clients also have a strong preference for Tuscany, as they appreciate the familiar and predictable appeal of the region.
For those interested in coastal properties, the classic favorites remain popular: Portofino on the Italian Riviera, the ever-desirable sandy beaches of Forte dei Marmi, and island living in Sardinia (especially Porto Cervo) or Sicily. High-budget buyers are often drawn to the allure of owning a wine-producing estate in Chianti or, further south, among the picturesque hills of the Val d’Orcia.
Escape the vibrant cities and immerse yourself in the serene countryside of Tuscany and Umbria, where time appears to stand still amidst rolling hills and sunlit vineyards.
In Tuscany, there is a variety of options to suit every taste—from the picturesque views of the Val d’Orcia to the enchanting sunsets along the coast. These rural getaways offer more than just a residence; they serve as a refuge for the spirit.
