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“A villa in good condition could be worth between €10,000 and €20,000 per square metre. This would increase to €20,000 to €30,000 per square metre for a well-renovated house, and peak at €50,000 to €100,000 per square metre for a coastal property.” This is how Carlo Panciroli views the luxury property market, which is only accessible to the privileged few. “There are currently two distinct sides to the market,” continues Panciroli, “On the one hand, the Italian investor from Milan or Rome, who has returned in search of a €3 million villa within 800 metres of the sea in Pantogia or Liscia di Vacca, to carefully renovate and sell on for twice the original sale price; and on the other, the overseas client who is looking for a spacious 300- to 400-square metre, 5-6 bedroom, €5 to €10 million villa in good condition to rent out, with panoramic views of the sea in Pevero, Porto Cervo or Liscia di Vacca.” According to Lorenzo Tanda of Lorenzo immobiliare in Porto Cervo, small 150-200-square metre villas to restore or already in good condition are in great demand from Italians from Lombardy, Venice, Piedmont and Emilia-Romagna looking to spend between €2 and €5 million. The most sought-after locations? “The Pevero Golf Club, and the Marina and centre of Porto Cervo. In short, there is optimism and a great desire to invest,” the property expert concludes. “Porto Cervo is the most soughtafter location for family villas,” confirms Maurizio D'Auria, Sardinia Area Manager for Frimm Island of Olbia . However, “we are starting to receive more and more requests for penthouses worth €2,500 to €2,700 per square metre in the rejuvenated Olbia old town or on the seafront, particularly in via Veronese and via Aldo Moro, from Italians from the regions of Lombardy and Lazio.” In other words, a niche in the holiday home market is developing in Olbia, the ideal place to spend the winter just half an hour from Rome and less than one hour from Milan. Still in Gallura, the expert from Frimm Island also observes that the “Gulf of Aranci is in great shape following the modernisation and redevelopment of the area’s streets over the last few years. The last villa that I sold here in Baia Caddinas, a private marina on the Gulf of Aranci, was a 280-m2, two-storey property just 5 minutes from the coast that cost €1.2 million. In Porto Rotondo, the same property would have sold for 30 percent more”. The Gulf of Aranci boasts fantastic beaches, a spectacular seafront promenade and new plots of land ripe for construction. Buyers seem to be getting younger, with an average age of 40 to 50 years.
The housing stock of villas for rent is depleted
Demand may be increasing, “but owners this summer are very reluctant to rent out their spectacular villas with pool, sea and garden views,” explains Marco Solas, Partner & Managing Director of Von Der Heyden Real Estate. “Many are now opting to spend the summer in their own villas with their families, often despite significant amounts of money being offered to rent their villas out”. Generally speaking, to rent a luxury property with all the modern conforts for 2-3 weeks in Cala di Volpe would cost in excess of €100,000. In great demand from Europeans and Italians alike, Russian interest is lacking due to current EU regulations that block such transactions.
Published on Ville&Casali August 2021
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