Real estate: a boom in luxury properties in Italy in 2023

The year 2023 has undoubtedly been significant for the luxury real estate market in Italy. This trend was confirmed by the international agency Italy Sotheby’s International Realty, which recorded a total transaction volume at the level of400 million eurosand ended the year with an increase in revenue of15%compared to the previous year. The strongest impetus for growth was the acquisitionPalazzo Raggian architectural masterpiece of the early 18th century, located in the very heart ofRome. This site underwent a meticulous restoration transformation, sparking unprecedented international interest. In less than two years, it was sold29 apartmentsand the total amount of transactions exceeded71 million eurosThe renovation was carried out with respect for the historical aspects of the building and was organized by Green Stone, the first Italian multi-channel investment company specializing in residential real estate.

Comments from the managing partner

"The year 2023 confirmed our stable growth dynamics, with a total transaction volume exceeding..."400 million euros,30 thousand requestsand a real estate portfolio exceeding3 billion euros“— noted Clemente Pignatti Morano, managing partner of Italy Sotheby’s International Realty. “Major cities likeRome andMilan have become the main drivers of revenue growth, but there is a growing interest in regions such asLake MaggioreandTuscany", it also attracts the attention of investors."

Other growth regions

In addition toRome andMilan, other geographical areas that significantly contributed to the annual revenue growth areTuscany, where the figures increased by13%Naples, Capri, and the Amalfi Coast, which together showed11%The largest increase in revenue was observed in the following locations:

• Lake Maggiore (+150%)
• Tuscany (+117%)
• Sicily (+51%)

It's interesting that customers in this market segment also include buyers from the USA, the United Arab Emirates, and the United Kingdom. The luxury rentals department at Retreats noted30%The increase in the number of inquiries highlights the ongoing interest in exclusive offers in our country. Thus, 2023 has become a significant and promising year for the Italian luxury real estate market, opening new horizons for investors and clients worldwide.