Venice Property Market Performs Strongly
News Posted On: 30 March 2012
Interest in Venetian property is still strong amongst foreign buyers, according to Knight Frank. Over the past 10 years around 65% of properties sold in Venice have been bought by foreign buyers, with the majority being at the higher end of the market.
However there are now fewer US buyers purchasing property in Venice, as the majority is bought by the French. Russian, Middle Eastern and eastern European buyers have also increased, and the Swiss and the British are still amongst the top foreign buyers.
Italian cities have seen price growth of 72% since 2000, and in spite of the recent economic downturn, prices have only fallen by 8% since their peak during the second quarter of 2008.
Last year the property market was relatively stable, although the luxury homes market saw a slight decrease in prices towards the end of the year which resulted in increased buyer activity. A typical property in a prime location can achieve anything between €6000-€9000 per square metre, while those near to the Grand Canal or other major landmarks can achieve anything from €10,000-€12,000 per square metre.
Property within the San Marco area is rare, and achieves the highest prices. The areas of Castello, San Polo and Santa Croce offer greater value for money, but the Dorsoduro area is becoming increasingly sought-after. Most purchasers are lifestyle buyers rather than investors, and a typical apartment with two bedrooms and two bathrooms can cost anything between €800,000 and €2 million.
The Venetian market will always suffer from undersupply, and is likely to become increasingly sought-after as it offers relatively good market value in comparison with many other European cities.
View property for sale in Italy
Written by Les Calvert
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