Restored Palazzo in Venice as a second home for local and international property buyers

16 Mar 2016, Lucy Racheva   Read the original article

The real estate market in Italy has always been attractive at an international level, especially the popular cities like Venice, which is famous for canalside palazzi, high-quality art and glamour festivals.

The prices of property in Venice have been always remained stable, without falling, even throughout the crisis. Until now, the majority of buyers of luxury housing in Venice were from France, Great Britain, Germany and the United States. However, the interest of Italians returned to the domestic market, when the country's economy has been improved. Unlike the Brits, the rich Italian customers prefer to have a second home in their own country.

Several palaces were put up for sale by Venetian authorities to increase revenue during the recession in Italy.

As an example is Palazzo Molin - a restored palace from the XV century, located on the main square "San Marco", just a few steps from the opera "La Fenice".

The palace is located at the intersection of Barcaroli and Fuseri channels. Thus, the building provides direct access to the waterways of the city and can be easily reached directly from the airport by water.

The building of the palace has an exceptional significance of gothic facades and the overall architecture. The building now contains the latest technology, from air conditioning to integrated music systems.

Palazzo Molin offers 17 stylish suites. The apartments vary in size and specifications. Each apartment features a unique design by an Italian company Culti. All apartments are with high ceilings, and some of them offer a place for galleries. The internal design of the apartments can be added or changed as desired.

Apartment prices range from ?595,000 to ?4.9 million, and the sizes varies from 104 sq.m to 545 sq.m.

Some of Palazzo Molin buyers are from France, Malaysia, the UK and Italy. Such people are buying apartments, mainly as a second home, for entertainment, art exhibitions, parties.

Venice is a very social place, where the owners of a second home usually stay for months and then rent the properties out when they are not there.

Typical yields for a palazzo property are between 3% and 5%.

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