All these projects will breathe new life into the town by reviving the historic centre and making itconvenient and accessible for people. This is yet another reason why buying a property in the centre would not just be a good investment (prices are still low) but also an experience and change of lifestyle. In an interview with Ville&Casali, Luca Giovannelli, head of Casaitalia, an international brokerage agency, confirmed that there is international interest in Umbria in general and Todi in particular. In 2020, his agency closed some major deals in the region, with 80% of properties selling for the full asking price. House prices are currently stable and the right properties are selling well without much negotiation. For midrange villas in the countryside, prices vary from €1,800 to €2,300 per square metre, while luxury properties sell for €2,000-3,000. The primary requirements for people looking for a house in the country are a hilly location, a good view and proximity to the airports. “The market is now transparent, which has increased the professionalism of estate agents in terms of use of technology and remote verification”, explains Giovannelli. “Developing a relationship of trust is vital. This explains why many American, North European, Australian and Brazilian clients have signed on the dotted line without ever having set foot in their new property. All thanks to technology and virtual viewings!”. During the lockdown of spring 2020, the rental market, monitored by Luana Giovannelli, recorded an enormous increase in demand from Italian families who wanted to leave the difficulties of the cities behind them, as well as by citizens of neighbouring European countries. Daniela Bigaroni of Tecnocasa defines the phenomenon triggered by COVID as “almost transferred” people. She explains that “what families used to do outdoors - working, playing, school, gymnastics, sport - they are now doing indoors. The need to move around in larger rooms and surrounded by greenery has become a must. This has led to interest, rentals and quick sales. People are trying it out, in the sense that they are moving out of the big cities for a while to see what living in the countryside or in the centre of a town on a human scale is like. This has so far resulted in an increase in sales that will certainly be consolidated in the near future”. Claudio and Sara Santi of Tudercasa explain how lockdown has changed the property market. “It is a wide-reaching phenomenon that impacts most families”, they explain. “People want to move out of apartment buildings where they live on top of their neighbours. They dream of living in their own house with a small garden and a view. Here in Umbria people move to live, in the true sense of the word, rediscovering a human dimension”. A trend that also seems to involve large multinationals that are actively deciding to relocate their offices and benefit from remote working, which has been found not only to be possible but also profitable. Fewer commutes and lower costs for everyone. According to Claudio Santi, “Huge investments are being made and this will not be a flash in the pan”. “You just need to see how busy lawyers are at the moment drafting multi-million euro contracts”.
Umbria could be bearing witness to an actual social revolution. A large influx from European countries is expected. Prices have begun to rise, but only for large properties in the country and for some historic apartments in the centre of the town. This means that there are still lots of good opportunities to buy. Stefano Petri, CEO of Great Estate, an international brokerage company, disclosed that its turnover in 2020 increased by 30% on the previous year. Moreover, given the shorter working year due to lockdown, it could be argued that the company doubled its turnover and productivity over an eight-month period. The medium to high end market held up very well. In Todi alone, Great Estate recorded a turnover of 12 million euros, with properties selling for €800,000 euros on average. A villa dating back to 1700 that has been on the market for years has just been sold for a multi-million euro figure. According to Petri, “Our most important decision has been to invest in technology that allows prospective buyers to take part in incredibly accurate and realistic virtual tours, enabling them to visit properties from the comfort of their own homes. Great Estate currently offers its clients 10 different types of virtual viewing. This is a great way to overcome geographical and time-related obstacles, and prospective buyers can view properties from the comfort of their own sofas during the COVID pandemic or even in the event of unfavourable weather”. This year, international buyers are flocking to Todi. Israeli, German, British and Dutch prospective buyers have booked immediately in search of a very particular property offering privacy and views over the Umbrian countryside and/or the town. Thanks to its privileged location and the lifestyle it offers, Todi is popular with the extremely wealthy, and counts a number of well-known celebrities among its inhabitants. Foreign buyers are continuing to invest in high-end properties where a swimming pool, good views and large garden are a must. Yet the historic centre is also highly sought-after, specifically premium properties with outdoor space. “Although forecasts for 2021 are currently rather complex, it is hoped that this year will pick up where last year left off. Overall, prices will only rise if the Italian economy recovers. If not, it will be a Utopia”, concludes Stefano Petri. Beatrix Fostner from Gabetti estate agents also confirms that the property market is growing. Prices are still stable for the moment but she concedes that she has been receiving multiple offers for the same property for the first time in years. A buyers’ market like one that has not been seen for a long time.
Published on Ville&Casali February 2021
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