The buoyancy of the luxury property market is evident by the fact that the development has already almost entirely been sold off plan. Professionals from Emilia and Lombardy are among the most prevalent investors. “70% to 80% of new developments currently under construction have already been sold off plan, with prices ranging from 6,000 to 7,000 euro/m2 on the beach side of the railway line, and 4,000 to 5,000 euro/m2 on the other side”, explains Luciangela Paiano, Vice President of the Romagna Italian Federation of Professional Estate Agents (Fiaip). And there is more. According to Nico Gaddi, owner of the property advisory office Galleria, a historical estate agents founded 32 years ago, interest in a second home of a certain standard has also grown among Umbrians who visit the Romagna coastline. “Both the number and value of sales have increased”, he confirms. “I have sold a lot more apartments in the €700,000 price range”. One of the most highly anticipated “gems” are the San Martino residences, a development of the Gilardoni Group of Milan comprising the purchase of two seafront hotels covering some 3,000 square metres and around 100 rooms. “An investment in the region of 10 million euros, with demolition set to begin at the end of the upcoming summer season”, recounts Filippo Angelini of the Angelini estate agents and advisory service of Cattolica. “Work is scheduled to begin in October, with completion of a new glass and steel 5 star hotel, boasting 50 rooms and a spa on the fifth floor, set for the summer of 2023 (Riccione’s third after Des Bains and the conversion of the Promenade). Above the hotel will be at least another five floors housing 12-13 luxury 100-120-square metre apartments boasting sea views, luxury finishes, whirlpool and home automation, available from €7,000 per square metre. From there you will be able to enjoy spectacular views stretching from Gabicce to Ravenna”. The San Martino complex is also vital in terms of urban regeneration, as it will involve the redevelopment of an important part of the city that has direct links with the thermal baths and shopping streets.
Published on Ville&Casali May 2021
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