In the hills of Tigullio houses with a sea view are in great demand

Sea

In the hills of Tigullio houses with a sea view are in great demand

A desire for privacy and outdoor space is growing, coupled with an emerging trend for purchasing period properties that exude a certain charm. Liguria, the traditional destination of choice for residents of Lombardy and Piedmont, is becoming increasingly

Prestigious houses, ideally overlooking the sea, with outdoor space like a garden, terrace or pool, perhaps renovated and in a period property. According to Eugenio Del Gaizo, President of the Genoa Italian Federation of Professional Estate Agents (FIAIP), this is, in essence, the wish list for the perfect second home. But what is meant by prestigious? Is it simply an ultra-expensive property? Fabrizio Campanella, owner of the Campanella Estate Agents of Santa Margherita Ligure, explains the concept: “It could be a luxury four-million euro villa or a 60-square metre apartment. Prestige depends on liveability, a location close to the historic old town or the sea and outdoor space such as terraces.” Having spoken with numerous architects, Ville&Casali has found that buyers are actually becoming increasingly selective. According to Elena Cappellari of the Living Solution Group of Santa Margherita Ligure, a design and architectural studio that specialises in the comprehensive design and restoration of historic villas, yacht interiors, interior design and construction projects, “the emerging trend is towards a smart and ecological home powered by renewable energy and with a strong focus on security, as well as the essential requirement of large outdoor spaces. In short, a property in which every last centimetre of space is exploited”. The Ligurian-based architect has overseen some significant restoration projects, including villas on the Riviera di Levante belonging to the Malacalza and Garrone families. “I am currently working on two important construction projects”, she continues, “A client from Dubai has bought a 150-square metre apartment overlooking the Santa Margherita Ligure marina, which will be completed by May and made very bright, with parquet flooring, large windows and a covered loggia for summer dining. It will also be an extremely smart home, given that they buyer will be able to adjust the temperature of the rooms and oversee security through the installed video cameras all the way from the United Arab Emirates”. The second building project is a 300-square metre, 2-storey villa that is being completely refurbished, with infinity pool and carefully selected materials, such as sustainable, chemical-free, clay-based paints. According to the Milanbased architect Clara Bona, who has had a second home in Santa Margherita Ligure for years, “my clients usually look for a renovation project because it is very difficult to find a house that meets their exact requirements. The living area is usually the priority, with a kitchen boasting direct access to the outside, be it a garden or terrace, for al fresco dining whenever possible. Another requirement is an ensuite bathroom for every bedroom, no matter how small”. In terms of style and decor, “today’s most popular trends revolve around a style that mixes designer pieces with old salvaged furniture, natural fabrics, light tones, local materials like slate, or white marble for the kitchen worktops, and traditional Chiavari chairs”. These are the trends, but where are the most sought-after locations to buy a second home on the Gulf of Tigullio? First choice are the hills of Santa Margherita Ligure.

San Lorenzo della Costa, a district of Santa just five minutes by car from the historic old town, is the most soughtafter location in terms of proximity and the views it offers. “Here, three- or four-bedroom, 100- to 150-square metre apartments with garden, terrace and communal pool in new or renovated villas divided into small units are in great demand”, explains Niklas Blom, Ceo of Apolloni & Blom Real Estate. “Seafront properties are still preferred, but now the hills of San Lorenzo and Nozarego are considered”, the expert adds. We are talking about properties with spectacular, if not cinematic, features. Like the reconstruction of an old villa in San Lorenzo, to be completed in June, “regenerated” into six units of between 70 and 100 square metres each, with garden and private terrace, communal pool and two covered parking and a cellar for every apartment. Only two apartments are still available, at an asking price of close to €900,000, but they can joined on request in order to get more space. The second development project concerns a more modest period villa just a short distance away, divided into three units ranging from 95 to 137 square metres. Only the penthouse is still available, at an asking price of €1.5 million. This property benefits from a lift that takes you directly from the garage to the penthouse, just like in some villas in Portofino or something straight out of a James Bond film. There is also limited available stock in Nozarego, another hilly district of Santa, where a building ripe for renovation could cost up to €10,000 per square metre plus an additional €1,000 per square metre for refurbishment. Does that seem steep? “Value is driven by availability”, explains Fabrizio Campanella.

In three years, following completion of the Tortona–Genoa high-speed railway link that is currently under construction, if you can get to Genoa in 50 minutes instead of the 1 hour and 39 minutes it currently takes, “property prices for second homes in Tigullio could increase by at least 30 percent”, predicts Cristiano Tommasini, director of Sant’Andrea, Gabetti’s prestigious real estate brand. “There is great excitement among estate agents because the tourist property market offers numerous opportunities to redevelop old stock and to convert former hotels into residential. And the fast links to Genoa could be the driving force that relaunches the construction industry throughout all of Liguria but particularly in this region”. This confirms the trend that has emerged over the last year: that the pandemic has changed prospective buyers’ requirements for a second home. “On the one hand, there are those who buy a second home to spend six months of the year working from home, while on the other there are investors from all over northern Italy who are choosing to spend the winter in Santa Margherita Ligure or Rapallo, which enjoys a mild climate and average winter temperatures of 14-15°C, instead of buying in Portugal or the Canary Islands”. In short, purchasing a retreat in Levante is really catching on, especially if you consider that some buyers come from as far away as Bolzano. “From here, Monterosso, one of the five villages of the Cinque Terre, is just thirty minutes by train, while Santa Margherita Ligure, the pearl of Tigullio, is an all-year-round destination with property prices that are extremely stable”, concludes Tommasini. A safe investment if ever there was one, at prices that will not break the bank. A two-room apartment dating from the 1950s or 1960s with terrace overlooking the sea in Zoagli, perhaps in need of slight modernisation, would go for €200,000 and could even be rented out in August to generate a bit of extra income. Newer properties are hard to find and therefore come at a premium. Like Villa Solari, for example, in great demand particularly with smart workers from Milan. This 1920s period property lies in the Zoagli hills and features a spectacular aristocratic staircase maintained in its original style. Covering more than 700 square metres over three storeys, it has been divided into seven modern apartments ranging in size from 70 to 200 square metres, with garden, terraces and breathtaking views from Sestri Levante to Portofino. A typical apartment costs around €750,000.

The alternative Tigullio

You only have to travel a short distance to be able to purchase a waterside property at a more modest price, saving up to 30 or 40 percent. In Tigullio Rocks, between Chiavari and Zoagli, a two-room apartment in a 1970s apartment complex in good condition, on the seafront and with lift, could be yours from €165,000. They are managed by Gian Marco Bozzia, owner of La tua casa al mare, an estate agents with a portfolio of more than 110 properties for sale in Tigullio, including a range of second homes for potential buyers with an average budget of around €200,000.

Luxury for sale and for rent

Demand for properties in excess of 1 million euros is as high as ever. According to Alessandro Ferraris from Immobiliare Marrè, the most exclusive area is San Michele di Pagana, a district of Rapallo, followed by Zoagli and Portofino, where the most sought-after second home must at the very least benefit from a sea view, garden or terrace. “In Rapallo, the area around the harbour is particularly coveted, but the apartments must also be exquisitely finished”, explains Ferraris. “Period buildings with outdoor space on the same level as the apartment are preferred. Let me clarify: the style must be meticulous, rationalist, eclectic or neoclassical, but not the result of 1970s speculation. The ideal size is around 100-120 square metres, with 2-3 bedrooms, two bathrooms, a living room, kitchen and outdoor space”. Demand is increasing, particularly from buyers from Lombardy who are attracted by the proximity of the area and are looking for somewhere to work from home. It is no coincidence that the demand for luxury leases has also changed. “Italians are increasingly looking for contracts from three to twelve months, which my owners are not willing to grant for such long periods”, explains Elana Okun, director of At Home, a company specialising in premium property rentals since 2011, including villas with pools or spectacular towers overlooking the sea in Portofino, with prices that shoot up to €25,000 per week in high season. Finally, Chris Ostet, head of the estate agents AR92 of Santa Margherita Ligure and Camogli, affiliated with the prestigious international brand Savills (www.ar92.com), only deals with overseas investors, predominantly from northern Europe. “They are looking for a lifestyle and a thrill that comes not just from the home itself, but also from the region that offers excellent cuisine, premium wine and clean beaches, somewhere to spend perhaps six months”. And they do not seem to mind the expense. “Years ago, a client of mine from the UK came here with his son with the idea of setting up a mini property fund. He bought a villa in Camogli in need of total refurbishment for 1.2 million euros and spent a further 3 million doing it up”. The charm of Tigullio.

Published on Ville&Casali April 2021

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