Second homes in Italy, more and more wealthy foreigners in search of the Dolce Vita

Analyzes of the Italian real estate market often do not take into account a determining factor: the perception of our country abroad. Indeed, we Italians are the first to complain about our country because, according to many, nothing works, there is no job, taxes are high, the politicians who govern us are incompetent, health care is poor, education is not up to date and so on.

But seen from the outside, Italy for many remains a dream, the most beautiful country in the world. And it is precisely for this reason that more and more wealthy foreigners are looking to Italy for the purchase of their second home: a magnificent place to spend their holidays, or even where to live for a few months, perhaps in a villa on Lake Como, or in an apartment overlooking the Duomo in the center of Milan.

The photography of the foreign market

The analysis comes from Coldwell Banker Global Luxury, which has collaborated with Censuswide, the Institute for Luxury Home Marketing and Wealth-X, joining forces to produce “The Trend Report“, a very detailed survey made possible also thanks to the help of Luxury Property Specialists from all over the world.

A mega survey that saw more than 2,000 US consumers with assets of over one million dollars, over the age of 18 and with a home in the United States worth over one million dollars respond. A very well-chosen sample, therefore, representative of a market segment – that of luxury – which really seems to be unaffected by crisis.

After all, it has always been known that prestigious properties are an investment. Indeed, the response of the interviewees is unanimous: luxury properties are the safest investment that can be made, resistant over time and very useful for diversifying the portfolio. So much so that 77% of them have made at least one real estate investment, while almost 65% have made two or more, in a much safer long-term vision than stocks, cryptocurrencies or pension funds.

A second research, conducted by the famous portal, showed that in 2021 the people who want to buy a second property in Italy after the Americans are the Germans, the British and the Dutch respectively. The most interesting type of home for them are historic homes, which have always been much loved by foreigners in search of the Dolce Vita.

international properties

After the forced stop due to the pandemic, global travel has restarted with more momentum than before. And so the Americans have returned to the attack on properties outside their territory: 67% of the sample analyzed by the survey is made up of people who already own a property outside their national borders, and the countries going for the most part, in addition to the “neighbors” Mexico, Costa Rica, Panama and the Dominican Republic, they also include Italy, Spain and France.

The favorite region remains Tuscany: excellent climate, enchanting landscapes, cities of art and a beautiful coast make the central Italian region the most loved by Americans looking for a second home.

According to Roberto Gigio, President and CEO of Coldwell Banker Italy, Italy is one of the “most attractive countries for foreign investors thanks to its flat tax, historically lower house prices than those of the United States and the exchange rate favorable“. Furthermore, there are specific programs for wealthy individuals who want to move their residence to Italy. And now that the pandemic has passed, Americans’ intentions are turning into purchases.

According to Gigio, the Americans look at Italy as a country for leisure and holidays, and not for business, and therefore it is the location that is decisive, and not other parameters such as the energy quality of the property or the its endowments.

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