What's behind Tuscany's 30% increase in enquiries?
A perennial favourite, the region ticks even more boxes for the pandemic-weary global buyer.
1 minute to read
Since 2018 prime prices have nudged higher across Tuscany, following a decade of largely static growth in the wake of the financial crisis.
In 2021, Lucca, Val d’Orcia and Florence recorded price growth of 6%, 4% and 3% respectively, as demand strengthened, and travel rules were relaxed.
Knight Frank recorded a 30% increase in enquiries for Tuscan homes in 2021 year-on-year and Tuscany accounted for 66% of all enquiries for Italy.
The core market of Florence and the wider Chianti region dominate sales activity. Some 31% of the enquiries received in 2021 were focused in this area, while Lucca, Pisa and Bolgheri together generated 24% of buyer requests.
The average property price sought by Knight Frank’s Tuscan buyers stood at €3.7m, up 8% compared to 2020.
By comparison, in Lucca and Pisa the average property price was significantly lower at €1.7m.
Holiday rentals
Traditionally, August sees a lull in sales activity but in 2021 it was the busiest month for enquiries as lockdowns ended across European markets.
The holiday rental market is recovering. In 2021, some 47 nationalities owned holiday lets in the region with the average overnight prime rental price standing at €471. The region is popular with US and UK buyers as well as those from Germany and France.
Foreign residents
The number of people classified as non-residents residents in Tuscany continues to climb.
Despite the pandemic, between 2019 and 2021, the total climbed 2% to almost 426,000 according to Istat, Italy’s Statistics Office. Florence has seen one of the largest increases over the last decade with the number of non-residents rising by 37%.