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A Guide to the Property Market in Florence Italy


A Guide to the Property Market in Florence Italy

 Are you planning to sell your property in Florence Italy online? Florence is one of the most beautiful cities in the world with a great history behind it.

It is a city with great monuments and structures from the medieval and Renaissance era, which are still very well preserved such as Cimabue’s “Crocifisso”.  Florence attracts a large number of foreign tourists and has a massive student population. It is a hub of artists and art connoisseurs.

Florence also has a flourishing residential property market. There are a number of wealthy foreign investors who want to buy a house in Florence, Italy fast. As Jelena Cvjetkovic of Savills says in an interview with the Financial Times: “Florence is one of the tourism capitals of Europe and has an international student population, especially from the US, as well as art and fashion schools that are feeding the rental market.”

Amy Redfern of Knight Frank adds, “There is a growing trend in Italy and globally for second homes in cities rather than the countryside. People are time-poor and want no hassle, so they look for a pied-à-terre in the city to lock-up-and-leave rather than, for example, a farm near Lucca.”

Winfried Mauthner of Engel & Volkers explains why Florence is such an attractive city: “The city is not too big and chaotic, it’s got a great lifestyle with shopping and restaurants because of the tourists.” He adds that the city is just an hour from the coast. Florence is well connected to Rome and Milan by a high-speed train.

Florence is much quieter and calmer than other cities in Italy. It is a bit off the tourist track, although the interest from international buyers has been increasing.

Another reason for the massive increase in demand for any property for sale in Florence, Italy is that because of online platforms such as AirBnb which connect homeowners with tourists who are looking for a place to stay, the rental market in Florence has shot up.

Suddenly, any home in Florence is a great investment as it allows homeowners an opportunity to earn an excellent passive income by lending a room or two to foreign tourists on AirBnb. Indeed, Florence is the third biggest market for Airbnb in Italy.

In fact, this is the right time to invest in properties in Florence as the housing market has recovered after a severe recession that lasted many years. Home prices rose by 2% in 2016 and the number of property sales were up by 16%. This is good news indeed.

Florence is doing well at a time when the property market in Italy has been suffering because of the political uncertainty in the country. The Italian economy has been suffering from deflationary forces and the government has been struggling to give a fresh impetus to the economy.

Home prices are expected to remain flat at least until elections are held in May 2018, which could decide the political future of Italy. If the Eurosceptic Five Star Movement triumphs in the elections then that could add to the uncertainly in Italy and affect investor sentiment as well.

 




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