Venice market dominated by international investors
07 May 2016, Lucy Racheva Read the original article…
Venice has long attracted not only international tourists but also global property investors.
70% of property buyers in Venice are international investors.
A quarter of foreign investors in Venice are British citizens, followed by the French (20%) and Germans (10%). A further 15% involve buyers resident in the Netherlands, Argentina, the USA, Thailand and Switzerland.
Most buyers acquire real estate as a capital investment and often generate income through tourist rentals. Less is the percentage of buyers acquiring residential property in Venice for their own private usage.
The number of top properties on offer in good and very good locations is only limited.
The most desirable residential addresses are located on the islands (there are 118 islands).
The top addresses are along the Grand Canal. Apartments on the upper levels of buildings lining the Grand Canal, with views both of the waterfront and famous historic buildings, command the highest prices - ˆ8,000 to ˆ20,000 per sq.m.
Apartments with views over Rialto Bridge, those in proximity to the St. Mark’s Square or in Lido di Venezia are also in high demand.
On Venice’s mainland the price level for residential properties is more moderate.
Thanks to the high level of international demand, the low interest rates in Europe and the tourism, the prices of real estates in Venice have risen continuously over the last 20 years and have remained stable even after the financial crisis. The prices will continue to rise in future according to the forecasts.
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