Luxury real estate: the revival of artificial cities

The new CEO of Engel & Völkers Italy, Muhanad Al-Salhi, provides an overview of the luxury real estate market, which is expected to continue growing in 2024. Among the most dynamic areas are cities rich in history, where there is often a demand for "unique properties" in Italian art cities or major tourist destinations.

This desire drives many international stars, as well as those looking to invest in the luxury real estate segment, which doesn't know the word "crisis." This is confirmed by the activity recorded among intermediaries in this industry. But what variables should be considered in 2024? And which cities could be the most dynamic? This was asked of the new CEO of Engel & Völkers Italy, Muhannad Al-Salhi, who has been actively working on the company's development plan in Italy since February.

The appeal of artistic cities

The appeal of some of Italy's artistic cities, such as Florence and Venice, will continue to boost the luxury real estate market. Buyers are often looking for "unique properties" such as historic estates. "The most dynamic areas for the premium real estate market in Italy are definitely the artistic cities, as well as their historic centers, and the most sought-after sea, lake and mountain resorts," says the CEO, citing some examples.

A new approach to finding luxury real estate

But what do potential buyers look for in luxury real estate?

Engel & Völkers' strategy in Italy

In 2024, Engel & Völkers Italy is focused on expanding its operations in strategic cities across the country, strengthening its sales force and local real estate consultant teams. "We plan to enhance both our direct network and our franchise," says the new CEO. "As a direct business, we will open an Engel & Völkers marketing center in Florence by summer, where we expect to attract around 30 employees over the year. As an indirect business, we will open new franchise stores in Trentino-Alto Adige, Lombardy, Liguria, Tuscany, Sardinia, Apulia, and Umbria."

An ambitious plan to develop the brand in Italy

It involves recruiting 200 real estate agents across the country. "As a participant in the real estate sector, we also want to raise the level of professionalism of property consultants, putting our clients first," concludes the manager.