Real estate2023: Italy remains attractive to Americans, Germans, and British. Younger potential buyers are emerging.

The year 2023 has shown how attractive Italy is to foreigners, especially Americans, Germans, and English people, who want to buy a second home in our country. According to the annual report compiled by the portal Gate-away.com, which specializes in overseas real estate, 2023 is closing with a positive balance, although there is a slight decrease in demand from foreign buyers (-6.42%). In the context of today's real estate crisis in Italy, which indicates a decline in transactions, the foreign segment remains key for real estate agencies.

“The peak in requests occurred mainly in April and August, although activity was also high in February and March,” comments Simone Rossi, co-founder of Gate-away.com.

"The average value of the assessed real estate is around 530,000 euros, but we have noted an increase in inquiries for properties priced up to 100,000 euros, which accounts for 40.78% of the total number of inquiries. This may confirm our view that foreign investments in Italian real estate are not only attractive but are also becoming increasingly diverse."

A new trend is the age of users who utilize the Gate-away.com portal for their inquiries, which may open up new interesting prospects. Among more than 1.8 million unique visitors, the majority belong to the age group of 45 to 54 years old - this is a younger audience compared to previous years when the age group was 55-64 years. The data on potential buyers aged 25 to 44 is particularly interesting, as they represent a growing market segment and are completely changing the motivations of foreigners searching for housing in Italy: they are looking not only for a retirement home but also for the opportunity to work remotely in their dream country.

Who are the potential foreign buyers? Americans rank first by nationality (28.82%), followed by Germans (11.53%) and British (9.05%). The top 10 most active countries include Italy (requests from foreigners in the country), Canada, and France (which has increased by 2.68% compared to 2022), the Netherlands, Switzerland (which has grown by 21.22%), Belgium, and Sweden. It is worth noting the increase in interest from Israel in 2023 (+39.62%), a figure that is confirmed and likely not influenced by events in the Middle East.

Which places are most in demand among foreigners? Ostuni, Chianni (which has risen in the rankings by 143.42% compared to 2022), and Scalea are the most popular cities according to a study by Gate-away.com. They are followed by Fivizzano, Lucca, Carovigno, Nice Monferrato, Noto, Todi, and Tropea. The list of preferences changes when considering the provinces: Como (4.75%), Perugia (4.46%), Lucca (4.37%), Brindisi (3.86%), Sassari (3.82%), Imperia (3.43%), Cosenza (3.39%), Massa-Carrara (3.18%), Chieti (2.94%), and Pisa (2.87%). Preference trends are reflected in the regional ranking. Compared to 2022, Tuscany (18.52%), Lombardy (9.28%), and Liguria (8.42%) occupy the top three positions in the top 10 regions of 2023, compiled by Gate-away.com. They are followed by Sicily (8.16%), Piedmont (7.74%), Apulia (7.68%), Abruzzo (6.63%), Umbria (5.94%), Sardinia (5.68%), Calabria (5.48%), Lazio (4.42%), and Marche (3.61%).

A special mention should be made of Sicily, Abruzzo, Sardinia, Calabria, and Molise, which demonstrated a significant increase in interest in 2023 compared to 2022. Furthermore, while Lake Como ranks first among the regions, followed by Salento, Lunigiana, and Valle d'Itria, the highest growth is occurring in Maremma (+6.53% year-on-year) and especially in the Alps, where the maximum growth recorded is +67.07% year-on-year.

TYPES OF REAL ESTATE

- 74.65% of inquiries on the Gate-away.com portal are aimed at purchasing a residential house, but the portal also noted an increase in the "apartment" category (+7.48%) and "palace" (+22.38%). The majority of inquiries are directed towards fully restored and habitable properties (63.84%), although the number of inquiries for properties needing restoration has also increased (+16% year-on-year in 2023).

PRICE RANGES

- 40.78% of inquiries are related to properties priced up to 100,000 euros; 24.78% are from 100,000 to 250,000 euros; 16.79% are from 250,000 to 500,000 euros; 9.65% are from 500,000 to 1 million euros; and 8% are over 1 million euros.

News for 2024: Gate-away.com has launched the campaign "Accessible to Everyone Abroad," aimed at informing and simultaneously dispelling certain beliefs that are often ingrained among real estate professionals. On the new YouTube channel, short videos about real estate will cover key topics on the latest market trends and buying-selling strategies, revealing secrets and sharing best practices for success in the real estate field.