Livigno and Bormio are the most expensive places to buy but there is no shortage of alternatives
While properties can cost more than €10,000 per square metre in the free trade zone of Lombardy and €8,000- €9,000 in Bormio, you can get twice the property for your money just a few kilometres down the road. For example, in Oga
“Bormio is the ‘living room’ of the Alta Valtellina mountains, while Santa Caterina could become a real ‘gem’ if it were completely closed off to traffic and pedestrianised.” This is according to Cristina Urbani, owner of Secondacasa in Bormio in an interview with Ville&Casali, who further explained that “the second-home market is more buoyant than ever, with demand on the up since 2022. Things really took off after the pandemic, when some who were already here on holiday rediscovered the mountains”. However, housing stocks are relatively low because we are in the middle of Stelvio National Park, a protected area with stringent environmental restrictions, meaning that construction permits are granted less freely here than under other municipal master plans. “The most sought-after property in Bormio is a 1970s, 70-90-square metre apartment ripe for renovation,” the expert continues, “in a leafy setting and just five minutes from the centre: Santa Barbara or Funivia (Cable car), for example”. Prices range from €7,000 to €8,000 per square metre for apartments in good condition, “up to €9,000 per square metre for special properties. For properties in need of complete modernisation, prices typically drop to around €5,500 to €6,500”. The Bormio, Valdidentro and Livigno markets are particularly healthy, primarily thanks to the year-round influx of tourists. “Demand for holiday homes and second homes is strong among both Italian and overseas buyers alike”, explains Cristian Porta, president of the Sondrio branch of the Italian Federation of Professional Estate Agents (FIAIP), responsible for tourism in the Lombardy region. “Because of its favourable tax regime, Livigno in particular continues to attract property investments, while Bormio and Valdidentro are benefitting from the growing interest generated by spa and sports tourism. Livigno is a draw for tourists all year round thanks to its ski slopes and duty-free shopping, while Bormio is popular for its thermal baths and historical heritage, as well as its wealth of indoor activities. In contrast, the popularity of Valdidentro is growing as property prices are slightly lower here than in Livigno or Bormio, yet it is still close to the main tourist hubs”. According to FIAIP’s regional president, “the most popular property at the moment benefits from a panoramic outlook, perhaps a penthouse or an apartment with a view of the mountains close to the ski slopes or the thermal baths. New or recently-renovated properties with a modern design, a good energy efficiency rating and high standards of comfort are preferred. Having said that, there are also many homes ripe for renovation on the market, particularly in the more central and historic areas, where the charm of period property attracts buyers willing to invest in a project”.
Interest from overseas is growing, while Italians account for a significant proportion of buyers, interest from Swiss, German and British investors is on the up, particularly in Livigno. “The real problem is the lack of housing stock”, admits Aldo Moretti, who runs his own estate agents in Bormio. “There are not even any brokerage agencies, but despite this, buyers from Northern Europe are increasing, in large part because the Munt La Schera tunnel (also known as the Drossa tunnel or Livigno tunnel) connects the valley of Lake Livigno to the south with the Forno valley to the north, providing a gateway from Livigno to Switzerland. But it really is a market unto itself, with villas and chalets for rent and newbuild apartments”. “It is a very limited market, with very low housing stock”, confirms Alessandro Ghisolfi, head of the Abitare Co Research Centre, a property brokerage and services company that specialises in newbuilds. “ As a result, fewer than a hundred properties on average are bought and sold each year. Having said that, 113 homes were sold in 2023, marking the highest number of sales since 2015. With such low stocks, it is a seller’s market and newbuilds, which are extremely few and far between, can go for more than €10,000 per square metre. The vast majority of interest from overseas comes from Switzerland, attracted to Livigno thanks to the lower cost of living”. In contrast, in Bormio, “there are almost four times as many properties on the market as in Livigno, many of which are much more affordable”, Ghisolfi adds. “Yet sales figures are similar to those seen in Livigno. According to the latest official data from the OMI (the Property Watchdog of the Revenue Agency), 81 properties were sold in 2023, significantly fewer than in Livigno. But the population of Livigno is bigger than Bormio. Many people from Milan, Brianza and Como (who also love Livigno) buy second homes here”.
AFFORDABLE ALTERNATIVES
About 5-6 kilometres (3.5 miles) from Bormio is the village of Oga, a panoramic and more affordable alternative and, according to Cristina Urbani, “the true terrace of Bormio”. “Particularly popular among the Swiss from the Canton of Ticino, as well as Italians from Milan and Brianza, it is ideal for anyone who wants to be in the upper valley but in a more panoramic and secluded setting, with apartment prices ranging from €3,500 to €4,500 per square metre”. Oga is a small village in Valdisotto situated 1,500 metres above sea level. As yet untouched by mass tourism, it is surrounded by large coniferous forests and by the most beautiful peaks of the central Alps. “The Valdisotto property market is interesting and unique”, explains Aldo Moretti. “For example, there are ski lifts connecting Isolaccia to Oga, where the slopes are located, as well as trails that lead to the spectacular Cancano lakes. Here, prices for a newbuild are around €4,000 per square metre, while a property in relatively good condition would cost somewhere between €2,500 to €3,500 per square metre”. In contrast, Santa Caterina Valfurva represents a small slice of the Alta Valtellina tourist property pie. “On average, only 3 out of every 100 apartments sold in the area are in this small tourist resort, popular solely among those who truly love the mountains owing to its lack of amenities”. Yet it is right here in the centre that Urbani has a dream property for sale: a 150-square metre apartment boasting 3 bedrooms, including a suite with sauna and Turkish bath, as well as a large, bright living room. Recently renovated and benefiting from a designer finish throughout, it is near the ski slopes and also comes with two covered parking spaces. Price: €950,000.
Published on Ville&Casali December 2024
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