Approximately 70% of the sales of residential property in Venice involves international buyers. The real estate market trend in the lagoon observes that British buyers stand out, making up the most numerous group with 25%, followed by, among the foreign investors, French citizens (20%) and Germans (10%).
Fifteen percent of all the transactions concern buyers who are residents in countries, such as Holland, Argentina, the United States and Switzerland. “The majority of the buyers purchase the real estate as investments and to generate revenue through holiday rentals,” explain the authors of the research. “The market is dominated by investors, only one-fourth of whom purchase the residential properties in Venice for private use.
In addition, among the most costly are the apartments with a view on the Rialto Bridge or in the immediate vicinity of St. Mark’s Square. Even the addresses along the Venice Lido are highly requested.”
The Venetian real estate market seems destined for a steady growth; the high level of interest by private buyers and foreign investors translates into the fact that the prices for residential real estate in Venice will continue to increase in the future. The number of properties being offered in good positions is limited. The low interest rates in Europe and the recovery of the Italian economy will be factors that contribute to a rise in prices in the coming years.”
Some plans to limit the access to tourists and to reduce the congestion in the heavily trafficked areas could make Venice even more desirable. Those who work in the area are more cautious in evaluating the prospects: “Areas like the Lido have suffered a decline in prices estimated at 40%, and a sharp turnaround is still not being seen,” explains Raffaele Dedemo, Fiaip. “Many properties are being offered on the market at prices far from the reality and end up remaining unsold for long periods of time.”